Norwegian Savings Banks Association implements BankID national electronic ID system
OLSO, 2 April 2015 – The Norwegian Savings Banks Association has implemented the national electronic ID system called BankID, which has made it possible to digitise services and processes and create digital interaction between private and public sectors.
The initiative has been very successful for the population over the age of 15 – 73 per cent of them have access to electronic financial services, what makes some 3 million people – and around 300 million transactions a year are now authorized in this way. To give a specific example, approving a mortgage takes now only 1-2 days compared with the previous protocol: 16 days, 70 sheets of paper and nine letters by traditional mail.
According to national authorities, payments with Norwegian cards have tripled since 2001. Online bill payments quadrupled from 2003 to 2011 meanwhile mobile banking has now taken over as the most widely used channel.
The Norwegian Savings Bank Association is a trade and professional organisation for the 106 savings banks in Norway and several foundations. These savings banks have total asset of NOK 2 517 024 billion in 2009. Group costs averaged 1.65% of average total assets and 42.98 per cent of operating revenue in 2013. Core capital averaged 18.2 per cent in 2013. NSBS has always promoted different online services and electronic payments solutions in its 700 branches across Norway, more and more of them cashless.