When crises meet digital payments: Lessons from Nobel research

As payments become increasingly digital, new questions arise about how societies can prepare for disruptions, maintain public trust, and ensure that essential financial services remain available during crises and war.

These challenges were at the center of When crises meet digital payments, an event held at the Stockholm School of Economics as part of Nobel Calling Stockholm 2026.

The discussion brought together perspectives from economics, financial stability, crisis preparedness, and cybersecurity, connecting insights from previous Nobel Prize-winning research with challenges facing today's payment systems.

What can Nobel research teach us about crises?

Financial crises, bank runs, and the COVID-19 pandemic have demonstrated the importance of trust, institutions, and human behavior in determining how economies respond to disruptions.

Research recognized by the Nobel Prize in Economic Sciences has contributed to our understanding of financial crises, the role of banks, and how individuals and institutions make decisions under uncertainty.

During the event, researchers and experts explored how such insights can inform efforts to strengthen financial stability and prepare for future disruptions.

The discussion also highlighted the importance of connecting established economic research with emerging challenges in an increasingly digital society.

Building resilience in a digital payment system

Digital payments have transformed how individuals, businesses, and institutions exchange money. But growing reliance on digital infrastructure also raises questions about vulnerability and preparedness.

What happens when payment systems are disrupted? How can essential financial services remain available during a crisis? And what role do public institutions, private companies, and individual behavior play in maintaining trust?

These questions formed an important part of the conversation, linking financial stability and crisis preparedness with cybersecurity and the resilience of critical societal functions.

The event also addressed the importance of collaboration between researchers, policymakers, and practitioners in understanding and responding to these challenges.

Bringing research and practice together

The panel featured Olof Sandstedt, Head of the Financial Stability Department at Sveriges Riksbank, and Maria Lundström, Head of the Preparedness Unit at Sveriges Riksbank.

They were joined by Annika Andreasson, researcher at the Center for Security and Resilience at the Stockholm School of Economics, and Roine Vestman, Professor of Economics at Stockholm University and Visiting Researcher at the Swedish House of Finance at SSE.

The discussion was moderated by Åke Freij, Research Fellow at House of Innovation and Affiliated Researcher at the House of Governance and Public Policy.

Together, the speakers brought perspectives on financial crises, payment preparedness, cybersecurity, and the relationship between technological development and institutional resilience.

Making research relevant to today's challenges

Nobel Calling Stockholm brings together researchers, universities, cultural institutions, and the public to explore the ideas behind Nobel Prize-winning research and their relevance to contemporary society.

The October 6 event provided an opportunity to revisit research on financial crises, trust, and human behavior while considering how these insights might help societies prepare for future disruptions.

It also reflected the importance of dialogue between academic research and the institutions responsible for maintaining financial stability and societal preparedness.

The event was organized by the Stockholm School of Economics, Sveriges Riksbank, and Stockholm University. At SSE, it was presented by the House of Governance and Public Policy (GaPP) and the Center for Security and Resilience (CfSR), as part of Nobel Calling Stockholm 2026.