Smarter banking built on technical innovation

Landsbankinn takes full advantage of digital service channels to advance its operation and simplify life for customers. In recent years, development of Landsbankinn’s app has been one of our main priorities. We want our customers, both retail and corporate, to be able to tend to their banking business easily, anytime and anywhere.

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The app has changed considerably in 2023. No longer limited to conventional banking service, it now links work, personal overview and finances in a new way. Landsbankinn’s app has also become the Bank’s main distribution channel and we are more successful than ever in providing service through the app.

Leading the open banking system

In 2023, we introduced the option of showing bank accounts with all the other Icelandic commercial banks in our app. Our customers can view all their finances in the app, including the balance and movements on their payment accounts in other banks, and they can transfer funds from payment accounts with other banks - all in Landsbankinn’s app.

By leading the way and being the only bank to offer this link to bank accounts with other banks, strong customer authentication in the log-in process and payments, and shared access to finances through access authorisations in the app, Landsbankinn's app ushers the domestic market into the open banking system.

Part of implementing new payment service legislation was to allow such connections through APIs. Now other banks and fintechs can link to the Bank and, through their own solutions, offer own customers access to information about bank accounts, movements and main payments.

Shared view of finances connects us

We have introduced several features in the app that let families share access to their finances. This service is unique to Landsbankinn.

We created a function that lets customers grant others access to their bank accounts, payment cards, unpaid invoices, securities assets and electronic documents. Customers can also authorise others to transfer from their accounts and, conversely, it is easy to revoke such authorisation.

Parents and legal guardians now automatically have access to information about their children until the age of 18, regardless of legal domicile.

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New look and redesign

In 2023, we took a new design system into use to continue development of the app and used the system to update the look of all pages in the app. The system is a collection of units designers organise to ensure good flow. A UI kit is a collection of predefined components that reflect the units in the design system. The kit is used to build the final solution.

We took the opportunity to improve most processes by synchronising the entire user interface, ensuring a uniform design and smooth user experience.

The design system allows us to develop new solutions faster. This supports our aim to publish new solutions quickly through smaller releases. This also provides rapid feedback that again allow us to respond promptly.

In all, 19 new versions of Landsbankinn’s app were released in 2023.

Strong customer authentication 

"In the past two years, a great deal of work has gone into changing online banking and the app to enhance customer security in payment transfers. The changes are extensive and implemented in stages.

They are fully realised on the retail side and work is under way on similar changes for legal entities. The main change involves the addition of so-called strong customer authentication (SCA) in all main payment processes in the app and online banking, online payments with payment cards and the log-in process for both the app and online banking.

Stable growth in contactless payments

Payment card turnover in 2023 exceeded ISK 500 billion for the first time and the year-over-year increase amounted to ISk 61 billion. Of this figure, ISK 100 billion was non-domestic turnover, which is up by ISK 16 billion between years.

In 2023, there were more than 76 million card transactions, up by 5 million from the previous year.

Per month
Per day
Per second

Of these 76 million transactions, 19.5 million took place on ecommerce platforms Around 57% of point-of-sale transactions are made using phones or watches, which is a considerable increase from 40% the previous year. We are increasingly leaving our physical cards at home, which increases security in card commerce.

Robust infrastructure

Two comprehensive updates to material systems were made during the year. The Bank’s CRM system was updated and moved to the cloud. The update creates opportunities to simplify and integrate with other solutions and moving the system into the cloud ensures that the Bank always operates on the newest version. The Murex system, used in FX and derivatives transactions, also underwent a large update.

Public registration in six seconds

Landsbankinn finalised public registration of a pledge agreement via electronic means on 23 November 2023, first in Iceland. Electronic public registration of pledge agreements is an important milestone for Landsbankinn’s customers as the turnaround time on loans secured with electronically registered pledge documents is shortened many times over.

Public registration of the first pledge agreement took around 6 seconds instead of several days or even weeks.

Straight-through processing of car loans

A new solution for car loans for used cars was introduced in 2023. The customer is in the front seat and tailors the loan to fit their needs, either in the phone or computer, once the car dealer has sent the application. The customer can adjust the loan amount and term, review debt service and the cost of borrowing, and sign the required documents. The new solution also makes it easier to initiate the financing process on behalf of Landsbankinn customers as the loan application is sent directly from the car dealer’s system. 

Occupied square metres down by 40% 

In recent years, we have worked towards moving Landsbankinn’s operation from older facilities, often impractical and too large, to better suited and more efficient housing. We have sold our old buildings in Akureyri, Ísafjörður and Selfoss. In 2023, the Bank reached a milestone when we moved from Austurstræti 11, eleven nearby buildings in Kvosin and two in Borgartún, and joined forces under one roof in Reykjastræti 6. Since 2017, total square metres occupied by the Bank have decreased by almost 40%, from over 40,000 to around 24,000 square metres. 

Ever-smarter Customer Service Centre

We have taken systematic steps to enhance quality and efficiency in Landsbankinn’s Customer Service Centre. Customer expectations as regards service quality have increased and, alongside more self-service features in the app and online banking, simple requests grow fewer while more complex matters become more frequent. Where self-service ends, the human touch is needed and this calls for changes in both organisation and approach.

In 2023, we merged the teams from the Customer Service Centre, the Corporate Call Centre and User Support in one Customer Service Centre. The aim is to improve the service experience and ensure quick and effective service. The team in the Customer Service Centre has extensive experience of financial service, tech support and comprehensive product knowledge.

The Customer Service Centre aims to resolve as many issues as possible at first touch and, to help us attain that goal, we also began using a new system. The system provides employees with a holistic overview of all customer interactions, i.e. requests communicated over the phone, web chat, email and social media. The system facilitates access to data-driven information through links to internal systems like CRM. This strengthens the business relationship as it enables us to provide even better service and shorten wait times.

A modern work environment and organisation that encourages development and flexibility forms the foundation of improved and more efficient work processes.

We consider these changes to have strengthened the Bank’s competitive position even further and a positive attitude among employees as regards the new system and organisation ensures modern work practices.

Account monitoring and notifications

Push notifications have developed by leaps and bounds. Customers can now set up monitoring of all their bank accounts, receive notifications when payments are deposited to accounts of in case of insufficient funds, monitor their savings goals and request notifications about new, unpaid invoices and due dates.


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