Nordic Finance and the Good Society: Building knowledge through cooperation
Nordic Financial Unions (NFU) supports research on the Nordic finance sector. Through the research project Nordic Finance and the Good Society, led by Copenhagen Business School, NFU has worked together with researchers and stakeholders to build knowledge on the Nordic finance sector in society. Finding solutions to maintaining a prosperous finance sector has been the common goal.
Global trends and developments are continuously shaping the future of the Nordic finance sector. The recently completed research project Nordic Finance and the Good Society (NFGS) has taken a multi-disciplinary approach to some of the fundamental opportunities and challenges the Nordic finance sector in the post-crisis era.
The four-year project has resulted in 25 research publications and 18 academic seminars. It has also involved 24 researchers from different research institutions and disciplines. The concluding project report highlights that the fundamental values of the Nordic corporate governance; trust, transparency, engagement, and cooperation between the stakeholders, have been vital for the sector’s prosperity.
“[The Nordic model] has served the Nordic countries well and has aided in creating some of the richest countries in the world, societies with little corruption, and some of the most satisfied citizens globally. There is no evidence that any other corporate governance model should be used in the Nordic financial sector.” – NFGS project report
The research project also concludes that the increase in finance sector regulation has impacted customers to a great extent. In addition, the researchers shed a light on the challenge facing finance sector employees when communicating and explaining the regulations and their rationality to customers.
NFU has together with the Financial Sector Union of Denmark and six other sponsors played a key role in bridging the gap between academia and policy making. As a member of the Advisory Board, NFU has provided expertise and input on the role of the Nordic model, crucial elements to consider when studying the Nordic financial sector.
A follow up to the research project, NFGS II, has just been launched and it is taking on an even more ambitious task. It will concentrate on the internal and external challenges of the Nordic financial sector and on the importance of financial institutions for society and sustainability.