The Future of Banking as Seen by Blomfield and Grech

The future of banking.

The video above introduces a debate and visions on the future of banking by Blomfield and Grech. The video is from 2018 though the visions are still relevant for how the banks will be operating in the future. When speaking of the future of banking, then the concept of the future of payments:

  • Transactions to and from accounts.
  • Transactions of goods among suppliers and purchasers.
  • Security and overview of monetary transactions.

P27: A unified approach for payments for the Nordics

Major Nordic Banks like Danske Bank Group, Nordea Bank Oy and similar have formed an organization to establish a new payment infrastructure (for banks) in the Nordics. The slightly cryptic name is relation to the 27 million citizens across the Nordics.

The vision of the joint payment organization is to create a unified platform and approach to process payments (also between financial companies). This is with some respect in competition to the existing infrastructure that Scandinavian companies already has developed and operates today. If it was not due to the ownership of the P27 then it likely could be assumed to be a FinTech. The website ( is still slightly cryptic regarding how and when the new digital payment platform will be available and how it will be constructed.

The problems with the current IT-architectures for the existing Digital Payment platforms is many of the digital platforms (across geographically separated markets) where developed and put into operations rather early, which enables some technical debt e.g. the use of “mainframe” technologies that enforces a rather standardised approach to programming, but also a rare to find resources.

Developing a cross-region digital payment platform can prove to become rather difficult to develop with Scandinavian resources. This is because the subject matter experts are to some extent already allocated to projects that the finance-companies already have launched in their respective portfolios. However, with the right amount of capital, the right sourcing approach and the right approach for enterprise architecture (and solution architecture) then it is likely that P27 will be able to deliver a usable digital payments platform, though the investments needed would not be without risks:

  • Lack of resources available for developing a platform for real-time payments processing.
  • Lack of resources available for creation of a platform with high-availability and high-scalability.
  • Strict governance for new features based upon input from the owners and customers can lead to a long time to market.

Further information can be found at