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Internet banking use in Norway up more than three-fold in 4 years

EDB Business Partner's annual statistics for 2007 show that the number of invoices paid through Norwegian Internet banks increased by 21% in 2007, and is up more than three-fold since 2003. Virtually every adult in Norway now uses Internet banking.

(Oslo, 21 February 2008) Internet banking use in Norway is growing very strongly. EDB Business Partner's annual statistics for 2007 show that the number of invoices paid through Norwegian Internet banks increased by 21% in 2007, and is up more than three-fold since 2003. Virtually every adult in Norway now uses Internet banking.
 
"Internet banking is very definitely the dominant channel that Norwegians use to manage their personal finances. Users are becoming ever more professional, and we see increasing customer need and preference for new service opportunities to be added to Internet banking", explains Helge Moan, director for Solutions and Services Bank & Finance in EDB.
 
The Internet bank of the future is just round the corner
Over the course of 2007, EDB developed new solutions that will form the basis for the Internet bank of the future and that open up entirely new opportunities for Norwegian banking customers. The new generation of Internet bank will pave the way for more interactive and user-driven communication between the customer and the bank, based on each customer's individual preferences and needs. It will also make it possible to for the bank and customer to enter into agreements electronically.
 
"We are convinced that we have only seen the start of trend for a bank's customer service and dialogue with its customers to be much more customised to meet individual preferences and needs. In the future, the development of Internet banking services and customer dialogue will be driven by the customers themselves", adds Helge Moan.
 
Internet banking trends in 2007
EDB estimates that by the start of 2008 there were around 4 million Internet banking accounts in Norway. This represents an increase of 10% from the previous year. Total use of Internet banking, including payments, checking account balances, account history enquiries, transfers between accounts and other services, grew by all of 20% in 2007. Over the period 2003 to 2007, the number of transactions carried out through Internet banking increased by 144%.
 
Tuesday evening between 21:00 and 22:00 is the period of the week when Norwegians make most use of Internet banking to pay their bills, with 30,000 Norwegians going online to make payments. EDB estimates that Norwegian users pay on average almost 60 bills from their Internet bank accounts each year. Six out of ten Internet banking users are male, and the average Internet banking user is a 41-year-old man. The proportion of female users is increasing, and for the first time the number of women in the 15 to 20 age group using the Internet has exceeded the number of men.  
 
Minibank use in 2007
After a slight decline in 2006, minibank use increased again in 2007, by 4%. This reflects greater use of services such as depositing cash through a minibank terminal, buying mobile phone credit and other new services. Figures estimated by EDB show that in 2007 minibank terminals in Norway dispensed more than NOK 100 billion of cash. Norwegians used minibank terminals about 98 million times in 2007, and the average cash withdrawal was NOK 1,200. The average Norwegian minibank dispenses around NOK 140,000 every day. The busiest period for cash withdrawals from minibanks is Friday afternoon between 15:00 and 16:00.
 
New record for card transactions
2007 was a record year for the use of cards to make payments. The number of transactions passing through EDB's systems was up by 15% from the previous year. Card use has increased by 131% since 2003.
 
Explosive growth in secure payments over the Internet
More than 1 1/2 million banking customers have registered for secure card payments via EDB's system in 2007. This represents growth of 113%.
 
EDB's annual statistics
EDB is responsible for IT operations for the major part of Internet banking and minibank traffic in Norway. EDB also provides operating services for a range of other banking applications. EDB's statistics relate to traffic handled by EDB's systems, which represents a large proportion of the total number of transactions carried out in Norway annually. EDB has estimated total figures for Norway based on EDB's market share and the assumption that the remainder of the market has experienced the same trends as those seen for the transactions handled by EDB's systems.

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