Working alongside Backbase, Íslandsbanki has now gone live with a new credit card management app.
The bank worked with Backbase, to develop and launch a new credit card management app that facilitates card management and provides clear overviews of transactions and loyalty points.
The project had a tough deadline as the implementation had to go hand-in-hand with the closure of American Express’s operations in Iceland. This posed the challenge for Íslandsbanki to migrate data, including loyalty offerings, from American Express to Mastercard.
The deadline was met and according to Islandsbanki, the acceptance rates have so far exceeded expectations, with the app achieving high penetration rates.
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.
Jóhann Friðgeir Haraldsson, executive director and digital business partner at Íslandsbanki, stated: “Acceptance rates have been high, in the six weeks since go-live, over 7,500 customers have come on board.”
Amongst the functionalities required was 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 to Mastercard in time.
Backbase, the creators of the Backbase Omni-Channel Banking Platform explained that the project team consisted of around 20 people, including business analysts, backend, frontend, UX and mobile specialists.
The training of the bank’s team was done internally, with a workshop being run for developers in Ukraine. Backbase provided the 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.
With over 860 full-time employees, 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