The key to convenient banking 

Landsbankinn's app is the channel customers prefer to use to access the Bank’s services, with over 146,000 users logging into the app each month. App usage is high, with an average of 3.5 million logins per month, representing a 13% increase year-over-year. This growing usage reflects the increasing demand for digital solutions that simplify everyday life and provide better financial oversight. 

App for everyone

Now everyone can use Landsbankinn’s app, both customers and others. It can be installed and accessed with electronic ID or the Auðkenni app, without any commitment, to view and test out various services. We’ve also made it much easier to become a customer and access all the app’s functions. 

In Landsbankinn's app, users can monitor account balances at other banks and transfer funds from their accounts held at other banks, a feature available exclusively in our app. This functionality makes it easier for customers to gain a full overview of their finances and manage all their accounts conveniently in one place. 

Ellí: Landsbankinn’s chatbot 

We launched the Bank’s new chatbot, Ellí, in February and it has quickly become an important part of our customer service. Ellí answers questions about banking services and finance, provides guidance on using self-service solutions, and draws from a continuously evolving data base. The name Ellí is a nod to the Bank’s heritage, as Landsbanki Íslands (L-Í) was its former name. 

Ellí is available around the clock. From February to the end of the year, she engaged in 976 hours of conversation with customers and successfully handled nearly 60% of inquiries received via web chat. Ellí speaks Icelandic but is increasingly capable of responding to inquiries in English as well. We continue to develop Ellí with the goal of enhancing customer service and making interactions with the Bank even easier. 

New avenues of communication in the app

This year, we introduced numerous innovations in Landsbankinn's app aimed at enhancing digital services and improving customer communication. 

One of the most significant additions is the inbox, which allows us to deliver important information and notifications to customers in a simple, visible and accessible way. Messages sent via the inbox can guide customers through self-service processes, saving time and increasing efficiency. To ensure even better visibility, messages can also be reinforced with notification banners or push notifications.

Another new feature is recommendation banners, designed as a targeted way to introduce banking products and services. These banners allow us to send personalised messages to specific customer segments with a prominent visual format, strengthening engagement and customer connection.

Finally, we introduced product cards, which appear on the app’s home screen, providing customers with quick and easy access to services they may not yet be using. With a single click, customers can start a self-service process and complete it quickly and securely. The product cards are personalised for each customer and showcase various services, including bank accounts, cards, savings, loans and securities. These cards are part of the Bank's policy to enhance digital services and strengthening customer communication. 

These innovations highlight the Bank’s emphasis on utilising technology to boost service quality and enhancing the customer experience. 

Security settings for payment cards in the app  

Online fraud and scam attempts are an ever-growing problem and we have responded in various ways through both technological solutions and customer education. In July, we introduced new security settings in the app to further improve payment card and banking security. These settings allow cardholders to control their card usage by blocking physical card transactions, contactless payments, foreign transactions, online purchases, and ATM withdrawals.  

By limiting card usage, customers can increase security and prevent misuse if fraudsters gain access to their card details or the card itself.   

To further enhance security, we also introduced the emergency closure feature. This allows customers to immediately block access to their accounts in the app and online banking at any time, for example, if they suspect that an unauthorised person has obtained their login credentials. Access can be restored with the assistance of the Bank's employees. 

We took more authentication channels into use for customers. Customers can now use biometrics to verify transfers and other payments in online banking.  

Numerous new features for companies 

Among the new business solutions introduced this year is the straight-through processing of credit card receipts to accounting systems. This feature enhances efficiency in corporate bookkeeping by allowing users to attach payment receipts or invoices, add notes, and select the appropriate ledger key, all with a single click on a card transaction in the transaction overview. The solution is simple and user-friendly, saving businesses significant time while improving processes and traceability. Companies responded with strong interest and quickly adopted the feature. 

Another innovation we introduced allows businesses to receive notifications in the app. Companies can now easily track account deposits and receive alerts for unpaid invoices, simplifying financial management and providing real-time oversight of transactions. 

The corporate online banking platform offers extensive self-service options, which companies are using more than ever.  

Additionally, more companies than ever before opened bank accounts through self-service, accounting for 83% of all new accounts. We expect these figures to continue rising in the coming years.  

Among other innovations introduced this year is the ability for businesses to easily apply for overdraft loans via self service. This solution is ideal for companies needing short-term financing with flexible terms, allowing them to manage cash flow according to their needs. 

New online banking for corporates  

Many new features are on the way for the corporate online banking platform, including a new interface, improved workflows and upgraded technology. In essence, this will be a completely redesigned and more user-friendly online banking environment, with simplified access and an updated look and feel similar to what users are accustomed to in Landsbankinn’s app. Among the innovations developed in 2024 and launched in early 2025 is the ability for users to perform all key payment actions from a single location. Additionally, RSA tokens and PINs will be replaced with more modern authentication options, allowing users to choose between fingerprint or facial recognition, electronic ID or the Auðkenni app for login and transaction approval.  

We believe these changes will be very well received, as they have been developed in close collaboration with a strong group of business clients who provided valuable feedback throughout the process, from concept development to final testing.   

Landsbankinn also remains at the forefront of open banking, in compliance with the PSD2 regulation. We continued to develop and add to web solutions to enhance service, simplified access to financial solutions and contribute to innovation and competition in financial services. We introduced new web services for credit cards and collection claims. 

More convenient pension savings in the app 

Retirement planning can be complex, but with new features in Landsbankinn’s app, we have taken a major step toward making it much simpler. Since June 2024, customers have been able to apply for mandatory and supplementary pension savings directly in the app, as well as modify their existing agreements. The application process is now much simpler and more user-friendly. Applicants for mandatory pension savings can choose from the most common investment combinations or customise their own plan. In supplementary pension savings, customers can stick with the Lífsbrautin investment plan or select from other diverse investment plans. Alongside these changes, the user interface was updated to provide customers with detailed insights into the development of their pension savings. A pension calculator has also been introduced, showing estimated retirement benefits. With this calculator, customers can adjust different assumptions and see how their pension savings will evolve under various scenarios. 

Following these changes, the self-service rate for mandatory and supplementary pension savings began to rise. By the end of the year, the self-service rate had reached 81% per month, which is a very strong result, clearly demonstrating that customers appreciate this option.  

New pension customers continued to join us in 2024, up by 6% from the previous year. It is interesting to note that the increase in mandatory pension savings agreements among individuals aged 16 to 24 was 23% year-over-year.