Multi-banking services – the ability to view all accounts in one interface – are about to go live in a big way across the Nordics. And for good reason. Around 75% of people in Norway and 25% in the rest of the Nordics have accounts with more than one bank. For these customers, managing their finances can feel messier and more time consuming than it should.
In practice, it means that SDC’s 120 member banks can be among the first in Sweden, Norway, Denmark and the Faroe Islands to seamlessly integrate account information from more than 220 Nordic banks into their mobile apps. It gives customers a complete overview of their finances – all in one place.
That’s phase one, set for launch in August 2019. In phase two, aggregation will also be rolled out to banks in Finland, and our payment initiation technology will go live across the board.
Adding payment initiation to account aggregation is a game changer for the types of services banks can offer customers. Because once you can gather account information from different banks and make payments from any of those accounts in one app, any recommendations or advice a bank gives to their customers becomes instantly actionable.
SDC has been around for more than 50 years, with the aim of giving individual banks lower costs through shared economies of scale. Using our tech to develop a new self-service platform will help banks with the mounting pressure to innovate, as PSD2 comes into force, and will help banks empower their customers to make smarter decisions about their finances.
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