Norway’s largest bank set to monopolise country with all-access mobile banking app
DNB, Norway’s largest financial services group with combined assets of more than NOK 1.9 trillion (US $207.4 trillion), has launched the new version of its mobile banking app on Nordic API Gateway.
Last year DNB and Danske Bank became co-owners of the fintech. Now this joint acquisition is seeing Oslo-based DNB seek the “favoured” spot for Norway’s mobile banking app champion.
“With access to every bank in Norway, DNB can now digitally tap into the large portion of Norwegians who bank with more than one financial institution,” says Nordic API Gateway’s CEO and founder, Rune Mai.
On average, Norway is one of the top countries in the world with the most active bank accounts per inhabitant, giving financial giants such as DNB a monopolising reach if they can access all these points.
“We’ve been working closely with DNB to aggregate a broad range of financial data and we’re happy to see it live in the new version of their mobile banking app,” says Mai. “We’re already seeing that using account aggregation in banking is becoming a huge competitive advantage in the Nordics.”
DNB is now the first Norwegian bank to gain access to all banks in Norway.
The bank’s head of open banking Per Kristian Næss Fladset says DNB wants to be “a leading player” in creating new opportunities and increasing competition following the Revised Payments Services Derivative (PSD2).
Fladset continues: “It’s a unique opportunity to aggregate account information from other players to give our customers a full financial overview of our new mobile bank. Now, we have a clear chance of owning the relationship with our customers no matter how many banks they have. This is an important step in the direction of becoming the mobile bank for all Norwegians.”
Last month Nordic API Gateway partnered with smart company card fintech Pleo, and it also more notably secured its payment initiation service provider (PISP) licence, becoming one of the first Danish companies to be PISP-approved. The new licence allows the company to offer account-to-account payments to online retail clients – all the clients need to do is drop in one line of code.