Accelerating Bank Processes with IoT: A Case Study of Landsbankinn
Technology Category
- Application Infrastructure & Middleware - Event-Driven Application
- Cybersecurity & Privacy - Security Compliance
Applicable Industries
- Finance & Insurance
- Retail
Applicable Functions
- Human Resources
- Quality Assurance
Use Cases
- Leasing Finance Automation
- Time Sensitive Networking
Services
- System Integration
About The Customer
Landsbankinn is the largest bank in Iceland, serving 143,000 retail and corporate customers. The bank operates with a vision to be exemplary in everything it does, continually enhancing customer satisfaction and loyalty, and improving operational efficiency. It has over 900 employees working at its headquarters in Reykjavik and 37 branches across the country. The bank operates in a strict regulatory environment and needs to comply with numerous national and international financial industry regulations, including the GDPR.
The Challenge
Landsbankinn, the largest bank in Iceland, was grappling with outdated, manual, and paper-based processes that were slowing down its operations and affecting customer service. The bank's back-office banking processes had remained unchanged for years, relying heavily on paper forms that had to be physically moved around the organization. This was particularly evident in the loan authorization process for employees, which involved multiple departments and took up to five days to complete. Additionally, the bank's reliance on handwritten signatures for loan applications was inconvenient for customers and slowed down the process. The HR department also faced challenges managing requests from over 900 employees, as the paper-based system was prone to loss and delays. Lastly, the bank needed to ensure strict compliance with national and international financial regulations, including the GDPR.
The Solution
Landsbankinn turned to Nintex K2 Five to automate its processes. The bank developed over 40 automated solutions, significantly speeding up services for customers and improving back-office banking and HR operations. For loan authorizations, the bank created automated processes that reduced the time from five days to just one. The bank also introduced digital signatures, allowing customers to sign documents online, thereby speeding up the loan application process. The HR department used K2 Five to transform paper-based processes into automated digital ones, enabling faster approval of HR requests. To ensure regulatory compliance, Landsbankinn used K2 Software to ensure all steps in every process adhered to relevant regulations. This included a workflow to manage customer requests for personal information, ensuring compliance with GDPR.
Operational Impact
Quantitative Benefit
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