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EDB - Now Norwegians can change bank in just a few seconds
Nov 20, 2009 (Hugin via COMTEX) --
(Oslo/Trondheim, 20 November 2009) Norwegians can now change bank and
set up new bank accounts over the Internet by using BankID and a code
calculator for electronic authorisation. This was previously a very
time-consuming manual process that often took many days. By using a
new software solution, banks can give new customers full access to
Internet banking in just a few seconds.
Norway is the first country in the world to offer this automated
facility to open accounts for new customers. The technology has been
developed by the Norwegian IT company EDB working in collaboration
with BN Bank, and BN Bank is now the first Norwegian bank to offer
this solution for its customers.
A Regulation issued by the Norwegian Ministry of Finance in April
this year paved the way for this new opportunity. The Regulation made
it possible to use electronic authorisation to open a new customer
relationship with a bank or an insurance company.
Quick and simple to sign up with a new bank - at last
"This solution creates a new and simpler banking experience for
Norwegian customers. Many people find it very tedious to change bank
or open an account with a new bank. This new solution makes it
possible to do this in the blink of an eye, and is just as quick
whether you want to open a savings account with a new bank while
keeping your main account with your current bank, or whether you want
to move everything to a new bank", explains Laila Solheim, who is
responsible for the EkstraKonto service at BN Bank.
"This marks an important milestone in Norwegian banking history.
Opening an account with a new bank is a very time-consuming process,
and although many people would like to change bank only a few
actually make the change. This solution makes the process of changing
bank much easier, both for customers and for the banks. This in turn
will help to encourage greater competition in the Norwegian banking
market, and we expect to see an increase in the number of Norwegians
changing bank as the new solution comes into use throughout the
country", explains Wiljar Nesse at EDB.
There are considerable barriers to changing bank in the Norwegian
market. Figures from the Norwegian Financial Services Association
show that in 2008 as many as 60% of Norwegian banking customers
considered changing bank, but only 6% actually moved to a new bank
during the year. BN Bank estimates that around 1/3 of customers who
start the process of changing bank do not complete the task.
A new solution from EDB
The new solution that makes it possible to use the existing BankID
system to open an account with a new bank has been developed by the
IT company EDB. BN Bank is the first bank in the world to use this
new solution for its EkstraKonto service. The customer enters
personal details on an encrypted web browser form, and the bank then
produces a new customer agreement for the customer, who accesses the
agreement through his or her BankID display and signs the agreement
electronically using a code calculator. The agreement can be stored
locally on the customer's computer, and can also be downloaded again
in the future if necessary. Once the agreement has been
electronically signed, the customer can immediately login to use the
Internet banking service.
A change of bank that took days now takes just a few seconds
Until now, Norwegian banking customers have faced a very
time-consuming process to change their bank, and it has taken several
days to open an account with a new bank. Customers have either had to
visit a branch of the new bank to sign all the necessary forms before
the bank could start the process of setting up a new customer
relationship, or they could submit an application over the Internet,
receive the agreements to sign in the post and finally make a visit
to the post office to collect their pin code card or digital
passport. Now all of these formalities take place automatically in
just a few seconds thanks to the new electronic solution.
For further information, please contact:
Wiljar Nesse, Executive Vice President - Bank & Finance, EDB. Tel:
+47 934 48 116
Erlend Drilsvik, Executive Director, Retail Market and Corporate
Communications, BN Bank. Tel: +47 922 36 813
Torgeir Kristiansen, Information Director, Corporate Communications,
EDB. Tel: +47 901 27 909
About BN Bank and EkstraKonto
EkstraKonto is offered by BN Bank ASA. BN Bank is a Norwegian bank
with 110 employees working from offices in Trondheim and Oslo. BN
Bank is committed to being a straightforward, profitable and
transparent participant in the markets for savings and mortgage
lending. In the corporate market, BN Bank is recognized as a
specialist in commercial property financing. BN Bank's savings
account products have been voted best in Norway by the 'Dine Penger'
financial magazine for several years, most recently in 2007 and 2008.
EkstraKonto is a service for customers looking for a straightforward,
profitable and transparent alternative home for their savings. The
service offers accounts that are extremely easy to set up and
operate, and is ideal as a savings alternative to supplement the
services customers use from their main banking connection.
EkstraKonto is a 100% self-service product, and currently offers an
interest rate of 3.20%.
About EDB
EDB Business Partner is one of the leading IT groups in the Nordic
region. The company offers solutions for the full range of
business-critical IT services. EDB aims to be a close and attentive
partner that leverages its deep industry knowledge and international
capabilities to help its customers realise the full potential of IT.
The company has local presence in 13 countries, 6,200 employees and
an annual turnover of around NOK 8 billion. EDB Business Partner is
listed on the Oslo Stock Exchange. www.edb.com
This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.
SOURCE: EDB Business Partner ASA
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