As Nordic banks step into 2026, they face a challenging backdrop. Analysts from institutions such as UBS have warned that lenders in the region are likely to underperform their European peers over the coming years, squeezed by cost pressures, maturing digital strategies and slowing gains from traditional automation. Yet this environment is not without opportunity. nCino argues that artificial intelligence offers a credible route forward and has put together a five-step guide designed to help Nordic banks move from stagnation to sustainable growth.
The central issue confronting many institutions is what analysts have described as an “efficiency wall”.
Years of digitisation and process automation have already delivered easy wins, leaving banks struggling to extract further value. Against this backdrop, AI is shifting from hype to practical application. According to nCino, success now depends less on experimental pilots and more on getting the fundamentals right, particularly around data, workflows and people.
- Laying the foundations
The first step is laying strong data foundations. No AI model, however advanced, can compensate for poor-quality or fragmented data. Nordic banks often operate across siloed systems that limit visibility of customers and risk.
Consolidating these datasets, standardising formats and strengthening governance are essential prerequisites. Institutions that invest in clean, well-structured data will be better positioned to overcome the “efficiency wall” and unlock competitive advantage, especially as valuation pressures continue to mount.
2. The rise of agentic AI
The second consideration is the rise of agentic AI partners. These tools, trained on complex financial services data, are designed to enhance human capabilities rather than replace them. In areas such as commercial lending, agentic AI can streamline credit analysis, assess risk factors, improve onboarding and remove workflow bottlenecks.
By handling time-consuming operational tasks, these “Digital Partners” allow relationship managers to focus on strategic conversations and high-value advisory work. The result is a smarter balance of efficiency, automation and value creation.
3. People power
Third, nCino stresses the importance of keeping humans in the loop. This is not a technological compromise but a strategic choice. AI may recommend actions, such as adjusting credit limits or flagging suspicious activity, but final decisions should remain with experienced professionals who can apply judgment, empathy and broader context. Nordic banks that strike the right balance between automation and oversight are more likely to build trust, ensure transparency and maintain regulatory confidence.
4. Tailored offerings
Personalisation remains the fourth priority. While Nordic banks are known for strong customer service, digital-first clients increasingly expect tailored experiences. AI enables banks to analyse behaviour, preferences and risk profiles at scale, delivering timely and relevant interactions across the customer lifecycle. Used effectively, these insights can deepen engagement, reduce churn and differentiate banks in an increasingly competitive market.
5. A holistic approach
Finally, the guide calls for a fundamental rethink of how work gets done. Across Europe, a widening gap is emerging between banks that embrace AI-driven transformation and those that rely on incremental change. Large volumes of financial data remain unused, workflows are inefficient and revenue is still lost to manual processes. The next wave of productivity gains will come from re-engineering end-to-end journeys — from acquisition to retention — by unifying people, data and AI. For Nordic banks, this holistic approach could be the key to restoring growth and performance in 2026 and beyond.
Read the full blog from nCino here.
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