Press Release, 10 April 2018

Íslandsbanki achieves key app integration in record time

  • Cristina Danila
  • April 10, 2018

Íslandsbanki, an Icelandic bank with roots tracing back to 1884, has gone live with a crucial credit card management app. The bank worked with Backbase to create a new app that facilitates card management and delivers clear overviews of transactions and loyalty points. The project was completed to deadline and acceptance rates have so far exceeded expectations.

Íslandsbanki faced the challenge of migrating data, including loyalty offerings, from American Express to Mastercard. This project had a very ambitious timeline, as implementation had to dovetail with the closure of American Express’ operations in Iceland. This was successfully reached, with go-live accomplished within six months. Results have been positive in the short-term, with the app achieving high penetration rates.

Reaching go-live between June and early December was additionally impressive as the August holiday occured in the middle of the project. Acceptance rates for the app have been high. Within the first six weeks, over 4,000 cards were activated and the PIN was retrieved over 12,000 times.

“Acceptance rates have been high, in the six weeks since go-live, over 7,500 customers have come on board.” Jóhann Friðgeir Haraldsson, Executive Director – Digital Business Partner, Íslandsbanki

Amongst the functionalities required were real-time status, real-time transactions, card activation, PIN retrieval and freeze and unfreeze card. Airline loyalty points earned on the American Express platform also had to be migrated over.

The project team consisted of around 20 people, including business analysts, backend, frontend, UX and mobile specialists. Training of the bank’s team was done internally, with a workshop being run for developers in Ukraine. Backbase provided onsite support for the first month, along with further training and support through to completion. Following completion, all that was required was some remote Q&A, which Backbase also provided.

Having seen such success amongst the initial base of customers, the app will be rolled out to all segments. The relationship with Backbase will continue into the future, with commercial banking and the public website on the roadmap for potential areas of collaboration.

About Íslandsbanki

With over 860 full-time employees and total assets worth ISK 1.036 trillion, Íslandsbanki has a 20 – 40% market share across all domestic franchise areas, and operates an efficient branch network in Iceland.

The bank offers Retail Banking, Corporate Banking, Markets, Wealth Management, Treasury and Subsidiaries and Equity Investments.

About Backbase

Backbase are the creators of the Backbase Omni-Channel Banking Platform, a state-of-the-art digital banking software solution that unifies data and functionality from traditional core systems and new fintech players into a seamless digital customer experience. The company believes that superior digital experiences are essential to stay relevant, and their software enables financials to rapidly grow their digital business.

More than 100 large financials around the world have standardized on the Backbase platform to streamline their digital self-service and online sales operations across all digital touchpoints. The customer base includes HSBC, ABN AMRO, Barclays, CheBanca!, Credit Suisse, Fidelity, Hapoalim, HDFC, Hiscox, ING, KeyBank, Legal & General, NBAD, OTP, PZU, PostFinance, Societe Generale de Banque au Liban and Westpac.

Industry analysts Gartner, Forrester and Ovum recognize Backbase as an industry leader in terms of omni-channel banking platform capabilities. Forrester named Backbase a leader in the Forrester Wave for Omni-Channel Banking and Ovum nominates Backbase as the market leading provider of next-generation digital channel banking platforms.

Media Contact

If you have any questions on Backbase or want to schedule an interview, please contact:

Cristina Danila
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1018LL Amsterdam
The Netherlands

[email protected]
+31 20 465 88 88