Landsbankinn was ranked highest by banking customers in the Icelandic Performance Satisfaction Index 2019. During the year, Landsbankinn presented several innovative digital service solutions to both private individuals and companies. Customer satisfaction is an encouragement to strive to develop even better services and to improve across the board.
Landsbankinn has focused on the development and creation of digital solutions. Special emphasis was placed on digital payment methods and automatization of applications for short-term loans for private persons. Apple Pay was extremely well received and there is growing use of all self-service solutions offered by the Bank.
In early 2019, Landsbankinn launched an API marketplace. Launching the marketplace was an important step towards open banking, provided for in a recent EU Directive, PSD2. The Directive has not been transposed into Icelandic law but will involve considerable changes to the banking practices of customers in the future.
Open banking technology is based on application programming interfaces, or APIs. Landsbankinn’s API marketplace grants fintech entities access to information from the Bank’s systems which can be used to develop new financial service solutions.
Initially, information accessible via the API marketplace included currencies, interest rates and the price tariff, with the first Icelandic A2A payment solution being added in July. Landsbankinn’s A2A payment solution allows fintechs to enable customers to make payment direct from their accounts without utilising any of the Bank’s other solutions, such as the Landsbankinn app, online banking or payment cards.
Landsbankinn’s A2A payment solution is a forerunner of the payment solutions provided for by PSD2 and is based on the requirements of the Directive. Landsbankinn was the first domestic bank to offer an A2A payment solution and remains the only bank to do so. The Bank intends to continue to lead in the development of open banking.
Landsbankinn places strong emphasis on offering corporate customers the best financial services available. Companies desire good access to digital banking services and the Bank emphasises providing robust and reliable online banking, as well as suitable self-service solutions for corporates. Numerous new digital service solutions for companies were introduced in 2019.
Landsbankinn takes cyber security extremely seriously and participates in various collaborations with organisations and institutions in the field, both in Iceland and abroad. The Bank’s experts are active participants in debate about these issues and continued to produce accessible educational material published to Umræðan and to social media in 2019.
In 2019, the Bank’s cyber security experts participated in around 30 events on cyber security, including conferences and morning meetings, and hosted educational events for companies. Over 200 individuals attended the Bank’s information session on cyber security in October 2019. At the session, Landsbankinn’s cyber security managers discussed how to identify attempts at fraud, the methods companies can use to prevent financial loss from cybercrime and how Internet fraud has developed in recent months.