EDB, a Norway-based IT services provider, in collaboration with BN Bank, has introduced a new software solution. It enables customers to change bank or to set up new bank accounts over the internet by using their existing BankID and a code calculator for electronic authorisation.
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.
Laila Solheim of BN Bank, said: “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.”
Wiljar Nesse, executive vice president of bank & finance at EDB, said: “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.”
