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Swedbank reports rising Internet uptake

23 August 2002  |  3929 views  |  0 Swedbank reports rising Internet uptake

Sweden's Foreningssparbanken (Swedbank) says the number of Internet payments executed by the bank during the first half of 2002 rose to 30 million, from 24 million a year ealier, aided by the addition of a new interface.

Using ForeningsSparbanken by Internet, customers can order new cards, apply for loans and arrange an individual pension savings plan.

Since a new interface was introduced in April 2002 the number of orders has increased significantly, reports the bank. As an example, the bank says that 31% of mutual fund purchases and redemptions within the group were made online in H1 2002, up from 20% in the corresponding period last year.

The bank has also witnessed a rise in the use of electronic bill payments, with 209,000 e-bills sent during the first half of the year, compared with approximately 78,000 in the first six months of 2001.

Swedbank claims to have signed up 3 more companies for the service during the last quarter, bringing the total to 106. Another 20 companies are waiting in the wings says the bank.

The bank is also recording an upsurge in customers switching from paper-based giro payments to an electronic, Internet-based giro system through ForeningsSparbanken by Internet. The number of private customers with giro accounts has risen to 2.7 million, of whom 848,000 are Internet-based. The share of Internet-based giro transactions during the first half was 36%.

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