Digital banking has made financial services more accessible and convenient, but does greater access necessarily mean greater financial inclusion?
As banking becomes increasingly digital, financial institutions face a growing responsibility to ensure customers can understand, manage and improve their financial wellbeing. Having a bank account is only the beginning.
In this episode of FinTech's DEI Discussions, Nadia Edwards-Dashti, speaks with Soren Rode Jain Andreasen, Head of Daily Banking & Channels at Nordea and on the Advisory Board at FinTech Connect, about financial literacy, open banking and the role of financial institutions in building more inclusive societies.
Recorded ahead of FinTech Connect 2026, the conversation explores how banks can move beyond providing financial services to helping customers make better financial decisions.
Why Financial Inclusion Must Go Beyond Banking Access
Financial inclusion has traditionally focused on providing access to essential banking services. However, Soren explains that in highly digitalised Nordic societies, the challenge is increasingly about ensuring people understand how to use those services effectively.
Access to a bank account does not automatically provide the knowledge needed to manage spending, understand financial products or make informed decisions.
For banks, this means financial inclusion must extend to financial literacy, customer education and practical money management support.
It also changes how financial institutions approach digital transformation. Developing accessible technology is important, but ensuring customers can benefit from it is equally significant.
For organisations operating across retail banking and digital financial services, this creates opportunities to rethink customer experience, digital product development and the specialist skills required to deliver inclusive banking solutions.
Why Financial Literacy Matters in Cashless Societies
One of Soren's strongest arguments concerns the challenges of teaching financial literacy in increasingly cashless societies.
In the Nordic countries, digital payments have become embedded in everyday life. However, when children rarely encounter physical money, understanding its value can become more difficult.
Soren highlights the uncertainty surrounding responsibility for financial education.
“We often assume somebody else is responsible for financial literacy. Schools assume parents will do it, parents assume schools will do it, and governments hope the financial sector will contribute.”
His message is that banks, parents, schools and governments all have a role in helping younger generations develop practical financial skills.
How Nordea Is Helping Children Understand Money
Nordea has invested in financial literacy initiatives that, according to Soren, have reached more than one million children and young people since 2016.
He discusses a mobile application developed through a partnership that helps children learn about money through practical activities.
Children can receive pocket money, establish savings goals and develop an understanding of budgeting, interest and spending.
Rather than relying entirely on theoretical education, the approach allows children to experience financial decision-making in everyday situations.
For Soren, financial literacy is a powerful form of inclusion because the knowledge developed early in life can influence financial decisions throughout adulthood.
How Open Banking Can Improve Financial Wellbeing
Open banking has evolved considerably since its introduction as a regulatory initiative.
Soren reflects on his involvement in launching open banking capabilities in the UK in 2017 and explains how its purpose has expanded beyond compliance.
Today, banks can use open banking technology and partnerships with FinTech companies to deliver more personalised financial services.
At Nordea, this includes digital financial health checks, personalised spending insights and subscription management tools.
Soren explains that customers can cancel certain subscriptions directly through Nordea's mobile banking application, helping them reduce unnecessary expenses and manage their finances more effectively.
These examples demonstrate how banking technology can move beyond displaying financial information to helping customers act on it.
The development of these services also illustrates the opportunities created through embedded finance and connected financial services, where APIs, data connectivity and partnerships help financial institutions deliver more integrated customer experiences.
Why Collaboration Between Banks and FinTechs Is Essential
Soren emphasises that complex societal challenges cannot be solved by individual organisations working independently.
Banks bring established customer relationships, financial infrastructure and regulatory expertise. FinTech businesses contribute specialist technology, innovative products and new approaches to customer experience.
Working together allows these organisations to develop solutions that address challenges beyond traditional banking services.
Nordea's financial wellbeing initiatives demonstrate how partnerships can help banks provide customers with additional tools and support.
This theme also connects with Harrington Starr's earlier FinTech's DEI Discussions episode, Why Have We Stopped Talking About Financial Inclusion, which examines why financial inclusion must remain a priority as financial services evolve.
For financial institutions, effective collaboration also depends on teams that can connect technical innovation with customer needs and commercial objectives.
Can Sustainable Banking Improve Financial Health?
Financial inclusion also connects with the wider responsibilities of financial institutions.
Soren discusses how Nordea uses sustainable lending and investment products to help customers make decisions that may benefit both their finances and the environment.
Examples include green mortgages, financing for energy-efficient home renovations and climate-related investment funds.
Reducing household energy consumption, for instance, may lower ongoing expenses while supporting environmental objectives.
Soren explains that financial health and sustainability can work together, particularly when banks help remove barriers preventing customers from making beneficial financial decisions.
However, the suitability of these products still depends on individual financial circumstances.
The wider lesson is that financial institutions can consider customer wellbeing and societal impact alongside commercial objectives when developing financial products.
Financial Sovereignty and the Future of Payments
The conversation also explores financial sovereignty and Europe's dependence on international payment infrastructure.
Soren raises concerns about the resilience of financial systems during geopolitical uncertainty and the importance of developing greater regional independence.
He identifies account-to-account payments as a key topic for his upcoming FinTech Connect 2026 discussion.
These payment methods allow money to move directly between bank accounts without necessarily relying on traditional card networks.
Soren explains that the Nordic countries have made significant progress in adopting account-to-account payments, although cards continue to play an important role.
He also highlights the importance of reliable payment infrastructure during emergencies, when people still need to purchase essential goods and services.
This demonstrates how payment innovation connects with broader questions of accessibility, resilience and financial inclusion.
What Financial Inclusion Means for FinTech Recruitment and Talent
Delivering inclusive digital banking services requires more than investing in technology.
Financial institutions need professionals who understand customer behaviour, digital product development, financial infrastructure and the practical application of emerging technologies.
For example, Product Management recruitment is particularly relevant as banks develop financial wellbeing tools that must balance customer needs, technical capabilities and commercial objectives.
Similarly, open banking partnerships and digital transformation programmes require teams capable of integrating technologies while maintaining reliable customer services.
Harrington Starr's Financial Services and Financial Technology Salary & Hiring Report 2026/27 provides further context on hiring trends, salary benchmarks and specialist skills across the industry.
The relationship between technology and people is also explored in The Financial Technologist's Top 1% Workplace Awards 2026 edition, which includes perspectives on financial inclusion and technology leadership.
For employers, these developments highlight the importance of recruiting professionals who can connect technological innovation with meaningful customer outcomes.
This is particularly relevant to Change and Transformation recruitment, where organisations need individuals capable of delivering complex programmes while keeping customer needs central to decision-making.
Making Digital Banking More Inclusive
Soren's insights demonstrate that financial inclusion cannot be measured solely by access to banking services.
Financial literacy, personalised digital tools, industry collaboration and resilient payment infrastructure all contribute to helping individuals participate more confidently in the financial system.
For banks and FinTech companies, the challenge is to ensure digital innovation creates practical benefits for customers rather than simply introducing additional technology.
Making banking more digital does not automatically make it more inclusive. Meaningful progress depends on helping people understand and manage their finances while removing barriers to financial wellbeing.
