Swedbank trials Internet bank for the young

Swedbank trials Internet bank for the young

Swedbank is to open an Internet bank specifically for young people.

In a pilot project, some 3000 youngsters from 15 to 17 years of age will be testing the system until the turn of the year. A full-scale launch is expected to follow in early 2002.

"Young people are a large and important customer group, and many of them already need the bank's services. On the whole, the group is highly computer-literate, which makes it natural for us to commence this service on the Internet," says Hakan Nyberg, manager of Swedbank's Internet operations.

Banken via Internet-Ung (The Bank via Internet-Young) requires parental approval and will aim to provide account-holders with an overview of their personal finances and facilities for making intra-account transfers. The service will also include calculation and budget tools.

Financial services will be backed up by current newspaper and magazine articles on travel, music, IT, finance and entertainment.

The new service is the first to be based on a wholly new technology platform which will underlie Swedbank's future development and provision of services across a range of digital channels, including Internet, mobile services and digital TV.

"Efficient recycling of the services in our third-generation Internet platform and use of a new working method are minimising the time and costs of moving from business idea to up-and-running service in both new and existing channels," says Gert Engman, executive vice president, CIO and head of e-business at Swedbank.

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