Senior executives at Telenor have been discussing innovation in a series of videos, titled "Summer of Innovation", that revealed more financial service products are on the way in Europe.

Jon-Fredrik Baksaas, who last week handed over the CEO reins to Sigve Brekke, said in one of the videos, which are all available on Facebook: “In the future, more and more of our customers will be dependent on services [and will take] connectivity for granted.

“We need to be part of that understanding and innovate accordingly.”

[Read more: Baksaas warns Telenor not to end up like Nokia, as he gets ready to leave]

There was broad agreement that innovation was twofold: developing new services for customers and improving existing internal processes.

Hilde Tonne, who was appointed as the CEO of the new joint venture between Telenor and TeliaSonera in Denmark last month, said the former was disruptive while the latter was evolutionary.

“You have to be innovative in what you offer customers and how you offer it to customers,” she said.

Kjell-Morten Johnsen, Head of Telenor’s European operations, said it was all about delivering new services on the old continent.

“We will develop new products in financial services," he revealed. "We’ve had a very nice start with our banking in Serbia. We are trying now in Hungary and Norway.”

[Read more: Telenor Banka hits current account milestone, but growth is already slowing]

He added the operator “needs to address” the “big issue” of security and privacy.

In terms of how Telenor operates, Johnsen said: “It’s about how we change our stacks and make ourselves ready for a world where its not about voice and SMS only… [and] where we are ready to provide services on top of our networks.

We are working on it and we will deliver on it.”

According to Berit Svendsen, Head of Telenor Norway, the operator “needs to take decisions faster”.

She said: “We are competing in one of the most dynamic industries.”

Baksaas said the operator needed to work with the rest of the telecoms industry as well as new players who have “good ideas to bring to our customers”.

He concluded: “Failure is OK, as long as we learn from it. But it’s not ok to fail twice over the same principle.”

Telenor reported rising sales and profits in the second quarter, thanks to rapid growth in its overseas markets, notably Myanmar.

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