Landsbankinn named best bank in Iceland by The Banker
Much of the Landsbankinn’s recent success can be attributed to its strength in Iceland’s home loan market. Thanks to a combination of competitive lending rates, coupled with generous support for first-time buyers, the Bank has enjoyed significant growth in this product segment over the past 18 months. In January 2020, the Bank had granted about 700 housing loans but by June of the same year this number had doubled. In addition, around 2000 credit ratings were performed on the Bank’s website in June 2020 against a typical figure of between 700 to 900.
To accommodate this increased demand, Landsbankinn has reconfigured its lending process to ensure that staff in any branch are equipped to handle housing loan applications irrespective of the location of the borrower and the property. In addition, a higher number of summer staff were recruited to handle the demand and keep waiting times low.
Beyond home loans, Landsbankinn has introduced a successful and fully automated process for consumer lending. This involves two data engines that analyse applicants, approves them and then authorises the loan. This permits the Bank to issue a variety of loans through its online banking service and mobile application.
Lilja Björk Einarsdóttir, CEO of Landsbankinn: “We have emphasised offering favourable lending terms and ensuring that the borrowing process is simple and effective. Customers have responded, with many new customers turning to Landsbankinn and a growth in housing loans. The focus on digital development and advancement of our technological platform has allowed us to introduce several new digital solutions. It is safe to say that the Bank’s services have been revolutionised in recent years, both on the corporate and personal side. This award from The Banker is a welcome recognition of our success. We intend to continue offering first-rate digital solutions with a personal approach. That’s how we simplify life for our customers.”