The FinTech Market

Technology is increasing its importance for the financial sector, as any company lacking a strong technology strategy will struggle to succeed. Banks are no longer monopolistic standalone entities. Technological advances drive an ongoing disruption, and incumbents must look at themselves as part of a larger ecosystem.

In 2023, the modernization in the financial sector continued, and the customer experience in the finance sector continues to become increasingly digital and gain importance. An example of this is the trend towards a cashless society. In one of our core markets – Denmark – cash usage has fallen below 10%. Criminal activity is moving into the digital space, posing a significant challenge for the industry to protect itself and its clients.

The sector has experienced critical data leaks, and consequently, we see an increased demand for strengthening security and modernizing systems and infrastructure. Customers also continue to focus on building solutions against money laundering to fulfil regulatory requirements.

Looking outside the Nordic region, online banking is continuing to grow across markets, and a significant untapped potential still exists. The penetration rate varies from 15-96% across Europe and the average is estimated to be around 60% (Statistica, 2023).

The emerging trends in open banking, and platform companies offering banking-as-a-service, are changing the playing field and the structure of the industry, as barriers to entry are lowered. We expect that the banking and insurance sector will continue to invest heavily in digital and user-friendly solutions.

Our FinTech Business

At Trifork, we are specialists in developing customer-facing solutions, digital advisory tools, infrastructure, and ecosystems. With our Inspire-Build-Run model, we empower our customers in banking, investments, and life- and non-life insurance to reach their digital ambitions and cost targets. With 20 years of dedicated industry experience, we have won new customers in Sweden, the UK, Switzerland, and Denmark, thereby increasing our FinTech service offering and geographical footprint.

The FinTech business in Trifork is driven by a range of our Trifork business units but also by our sub-brands. The revenue in Trifork FinTech grew 10.1% to EURm 25.4 in 2023.

Nine digitalizes public and private Denmark by partnering with various public administrations and authorities.

Duckwise brings businesses into the digital age. Their team is experienced, creative, and knows how to make success happen through their proven design process.

Netic makes digitalization happen through secure IT operations. They are an operations partner to business-critical IT solutions.

Erlang Solutions builds transformative solutions for some of the most ambitious fintech companies in Europe and US.

OpenCredo specializes in complex technology problems and has delivered excellence to the UK financial services and FinTech industry since 2009.

TestHuset assures the quality of FinTech software by providing tests and advisory.

Through Trifork Labs, we are owners of &money, a strategic collaboration between Trifork, Spar Nord, Nykredit, and Arbejdernes Landsbank, which in 2023 successfully onboarded other banks to the platform.

In 2023, Trifork acquired Chapter 5, a Danish specialist developing and maintaining mission-critical systems for Danish financial institutions. Chapter 5 has deep domain expertise in pension operations and fund administration.

During the year, our FinTech teams worked on several solutions with different Danish pension providers (see case in the annual report), and banks such as Jyske Bank and Spar Nord.