OP Year 2018

OP Financial Group

A financial services group owned by its customers

OP Financial Group is Finland's largest financial services group, fully owned by its customers. The Group is made up of 156 independent OP cooperative banks and OP Cooperative which they own, including its subsidiaries and closely related companies. Some 1.9 million owner-customers own the OP cooperative banks and thereby the entire OP Financial Group with a staff of roughly 12,000.

OP's business is based on the cooperative principle: cooperation and sharing the fruits of success with customers, meeting the needs of the community. Based on our mission, we create sustainable prosperity, security and wellbeing for our owner-customers and in our operating region by means of our strong capital base and efficiency. Our core values are responsibility, people-first approach and prospering together.

OP's business consists of the following main three business segments: Banking for private and SME customers, Banking for corporate and institutional customers, and Insurance customers.

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Review by the President and Group Executive Chair

All of our actions aim to maximise benefits for our owner-customers.

In today’s changing world, companies need to react fast – the strategy must be kept up to date at all times.

In 2018, we specified our strategic vision on the speed of the financial industry disruption. We also started to reorganise our business in OP Financial Group. At the same time, we performed well in our customer business and further strengthened our market position. Our profits were strong, which makes it possible to further develop our business.

We will reinvent ourselves for the benefit of customers. Our mission is to promote the sustainable prosperity, security and wellbeing of our owner-customers and our operating region. Our vision, updated last autumn, strongly supports this mission. Our goal is to be the leading and most attractive financial services group in Finland – the leading actor in terms of customer volumes, and a forerunner that others look up to.

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We have sharpened our strategic priorities to respond to changes in our operating environment and to the changing needs of our customers. The strategy confirmed in 2016 still forms the foundation for our activities. With the help of the sharpened strategic focus areas, we will build something new on top of a previously created strong basis.

Our new vision is to be Finland’s leading and most attractive financial services group from the perspective of employees, customers, partners and stakeholders. This is why excellent employee experience, best customer experience and an increase in the number of owner-customers to at least two million are now highlighted as strategic focus areas. Two other strategic focus areas support these: faster growth in profits than expenses and maximising development productivity.

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Highlights in 2018

In February 2018, we started to pilot a digital home loan decision service. Towards the year end, over a hundred OP cooperative banks adopted the service and it was extended to cover two borrowers’ loan decisions. Through the automatic service, customers can apply for and receive a home loan decision and offer online, quickly and automatically. By December, over 5,700 applications had already been received through the service.
Increased use of Mobile key and OP-mobile: The Mobile key, a confirmation tool launched in December 2017, was made available in early 2018 to all OP-mobile users. With the Mobile key, you can confirm transactions without a key code list. Half a million OP-mobile users have already adopted the Mobile key. The use of OP-mobile has increased to over 22 million logins a month.
Support for financial literacy and digital skills: During 2018, we supported the personal financial management of a total of 42,000 children and young people in over 500 events across Finland. We also arranged approximately 800 open digital guidance events for seniors. OP is the main partner of the national Financial Literacy competition for ninth-graders. Promoting financial literacy is an important corporate responsibility theme for us.
OP Sijoittajakoulu (Investor Academy), published in August at op.media, deals with saving and investing in a fun and understandable way, through videos, podcasts and articles. The Investor Academy has gathered over 1.5 million viewing minutes. The following themes, for example, are discussed in the episodes: starting investing, the fundamentals of equity investment and responsible investing. See more

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