Leda Irzikeviciene: asked businesses about banks in Lithuania – key differences and similarities with Latvia and Estonia
Businesses across the Baltic States value banks' ability to listen, adapt to unique business situations, and offer growth-oriented solutions – from financial instruments to digital innovations. Sustainability is also becoming an increasingly important component of business strategies. However, Lithuanian companies highlight greater business development and interest from foreign banks compared to Latvia and Estonia. These are some of the differences and similarities we identified in an international study – we surveyed 35 large and medium-sized enterprises across the Baltic States.
Listening, flexibility, and continuity
The results of the qualitative study conducted by Finnish research firm Red Note for OP Bank reveal that it is crucial for businesses in all Baltic countries that banks have a deep understanding of their sectors and specific needs, and that they listen to their challenges. Having experience in financing certain business sectors and successful examples from strong markets, such as Scandinavia and Finland, is seen as a significant advantage.
Banks thoroughly analyse our business. During negotiations, we value their experience gained from foreign markets. This creates a solid foundation for smooth collaboration and long-term relationships,” note the company representatives.
Businesses also emphasise the importance of quick decision-making, which has always been crucial in a dynamic business environment. Speed is supported by investments in advanced technologies that accelerate processes and increase productivity. No one likes excessive and time-consuming procedures, so efficiency is essential for everyone – from banks to governmental institutions.
This sentiment is echoed by business representatives across the Baltic States. They also highlight the need for continuity – although technological solutions are rapidly evolving, the human connection in business banking remains highly significant. Artificial intelligence cannot replace the trust-based relationships and human connections.
Full article in Lithuanian can be found on the Verslo zinios portal. The link is available here.