Satisfaction among Landsbankinn’s corporate customers has never rated higher. The Bank aims to offer quality personal service and increasingly more effective tech solutions to ensure that companies of all shapes and sizes receive excellent service.
2019 was relatively successful in fisheries and seafood. Operations were generally profitable and investment in new vessels and equipment continued. This development presented Landsbankinn with new business opportunities with old customers and also led to new customers establishing business relations with the Bank, which is a very positive development.
Landsbankinn's market share in fisheries and seafood remains strong and its competitive position has improved with lower financing cost and greater operating efficiencies. The outlook in fisheries and seafood is good as the ISK has depreciated, fishing fees decreased and main fishing stocks are strong.
Following significant development in agriculture, the emphasis will be on operating efficiency in coming years. Agricultural practices are generally thriving and the outlook is positive. Landsbankinn will remain a strong partner of Icelandic agriculture.
Landsbankinn’s Corporate Banking Service Centre provides SMEs in the capital region with all necessary financial services. It also provides simpler daily service to larger companies that bank with Landsbankinn. The Corporate Banking Service Centre concentrates a great deal of knowledge under one roof. Communication channels are short, to the customers’ benefit.
Lending growth by the Corporate Banking Service Centre was conservative in 2019, as open collective bargaining agreements and the bankruptcy of WOW air affected demand for credit in the first half of 2019.
Each company that banks with Landsbankinn has a dedicated account manager, their liaison with the Bank. Account managers enable quick and easy access to the Bank’s services and endeavour to respond to requests as promptly as possible. Every effort is made to ensure that the Bank’s employees are well acquainted with each company’s operation to be able to respond quickly to its needs.
In 2017, Landsbankinn introduced 360° corporate consultations, a service that was very well received. During these consultations, company operations are reviewed along with management plans for the future and Landsbankinn’s possible involvement. In 2019, there was a continuation of the dialogue with numerous customers and Account Managers in the Corporate Banking Service Centre, as well as in branches throughout Iceland, receive very positive customer feedback from these consultations.
Alongside emphasis on ensuring good access to financial service, Landsbankinn focuses on monitoring and analysing the business environment companies operate in and to disseminating such information to its customers. For that purpose, Landsbankinn hosted an educational event on cyber security in 2019, a conference on the travel industry and seminar on the sale of Icelandic seafood to international online shops at the 2019 Seafood Conference. Landsbankinn Economic Research is a prolific producer of research and analyses of economic developments, regularly communicated in publications, in meetings and conferences. Landsbankinn employees also share this knowledge through direct interaction with customers.
Further details about analytical work and publication is presented in the chapter on publication.