Customers of Landsbankinn can take care of most aspects of general banking business online or through ATMs and have little need to visit branches, unless they prefer to do so. While the role of banks is changing, the need for financial advice remains current and has even become more pressing.
Company employees increasingly tend to their employer's banking business independently, without seeking assistance from bank employees. In 2016, companies handled 94.5% of all payments independently.
Users of corporate online banking increased by over 12% in 2016. At the same time, logins to corporate online banking increased by 15% and page impressions by 12%. Customers increasingly choose to use an app to log in, instead of the physical authentication token. At year-end, the app was used in 41% of all logins; the token in 59% of logins.
Landsbankinn continuously works to improve its technological environment. In 2016, emphasis was placed on updating corporate online banking. New credit card and securities statements were introduced in 2016, as well as a new and more flexible form of access control.
Various improvements were made to corporate online banking and new features made available. The overarching objective of this overhaul was to increase the information available and improve the presentation of such information.
Use of all online banking platforms increases every year. Use of mobile banking, l.is, increased most, with monthly logins growing by 47% between January 2016 to December 2016; logins increased by 73% on a YoY bases, between 2016 and 2015. Use of mobile banking has increased much faster than that of online banking for individuals.
Landsbankinn's mobile banking platform was chosen the best web app in 2016 by the judging panel of the Icelandic Web Awards. The award was presented on 27 January 2017.
Landsbankinn places a great deal of emphasis on security. The Bank participates in various collaborations on security matters, including the group Nordic Banks for Security. Landsbankinn utilises a security system from RSA, one of world's strongest providers of Internet security solutions. RSA's systems are extremely powerful and the collaboration with RSA also provides the Bank with access to valuable expertise.
In September, Landsbankinn received the prized Best in Class 2016 award from RSA. The award recognises methods and innovative solutions in integrating RSA's security system with the Bank's other security measures.
A new security system from web security firm RSA was implemented for corporate online banking in 2016. The new security system combines risk analysis and the use of security tokens to maximise security and prevent fraud.
The risk analysis involves the security system learning to recognise user behaviour and context for each user in order to identify deviations.
An authentication code can be sourced via two different channels; through an app or by using a physical authentication token. A single user can make use of both the app and the token, based on convenience.
The new housing loan calculator allows customers to compare three different loan types side by side, viewing instalments and the cost of each type of loan. It is easy to set up a basic scenario in the calculator by simply entering the market price of the property and the amount the customer wishes to borrow. It is not necessary to choose one loan of each type, inflation-indexed, non-indexed and mixed; rather, it is possible to compare three non-indexed loans, three indexed loans or three mixed loans (or two loans of the same type and a third of a different type).
The calculator for vehicle financing is similarly simple to use. The customers simply enters the purchase price of the vehicle, his/her available funds and the wished for term of loan or vehicle contract. The calculator will show monthly payments, costs and an instalment plan. The results produced by the calculator change each time the entered assumptions are altered.
The use of ATMs decreased by 5% between years. Conversely, the total amount of withdrawals increased by 13% between 2015 and 2016. As in previous years, the use of ATMs peaked in summer, with more numerous transactions and higher amounts withdrawn.
Landsbankinn has in recent years bought more next generation ATMs. They allow customers to both withdraw and deposit cash. With more deposit ATMs, use of the machines has increased significantly.
As before, Landsbankinn operates the most extensive ATM network in Iceland, with 75 ATMs in 63 locations throughout the country at year-end 2016.