Landsbankinn held a 37.9% market share in the retail market in 2017, according to a Gallup survey. This is a record high. The survey also shows increasing satisfaction among the Bank's customers.
In 2017, a new law on housing loans to consumers was enacted. The objective of the Act is to ensure consumer protection in the presentation, advice, granting and brokerage of housing loans to consumers. A further aim of the Act is to promote responsible lending practices and counteract excessive borrowing by consumers. In general, the impact of the new Act on consumers is positive. The Act stipulates that borrowing charges on all housing loans be a set ISK-denominated figure and tightens the framework for payback penalties on fixed-rate loans. Both provisions should in most cases result in lower costs to consumers and allow them to refinance loans at more favourable terms than before.
In the second half of 2017, Landsbankinn began issuing new VISA credit cards with a contactless function. The contactless credit cards allow customers to pay amounts of up to ISK 5000 by holding the card up to a card reader without inserting it and entering a PIN. From time to time, card holders will be asked to insert the card and enter their PIN even when making contactless payment and this is for the sake of security.