The new service, which is driven by personalised data, offers an easy-to-use and secure solution for everyday banking, helping Swedbank customers to better understand and take control of their personal finances
Swedbank is using the services of fintech company Meniga to provide a new digital banking solution to customers in Sweden, Estonia, Lithuania and Latvia.
The new digital banking solution, now live across all four markets, is the first product to stem from Meniga’s partnership with Swedbank.
Using Meniga’s data-driven digital banking technology, Swedbank’s internet and mobile banking services have been redeveloped to boost customer engagement and improve the overall digital user experience.
The new service, which is driven by personalised data, offers an easy-to-use and secure solution for everyday banking, helping Swedbank customers to better understand and take control of their personal finances.
The solution relies on Meniga’s platform for the categorisation and enrichment of all transaction data and account history. This provides Swedbank customers with a more immersive and interactive experience, granting them access to real-time data on their spending behaviour, while maintaining high customer data integrity.
Added functionality includes personalised insights and reports, budgeting and financial planning, dynamic searching for specific transactions, and a new mobile bank app start page offering a personalised at-a-glance overview of a customer’s finances.
Swedbank’s new digital banking solution is free-to-use and available from major app stores.
Lotta Lovén, head of digital banking and IT and chief information officer at Swedbank, says Meniga demonstrated the innovation capabilities and broad experience in creating digital customer engagement necessary to support the bank “in taking the next step in personalised digital services”.
Lovén continues: “Key to behaviour-based services is the customers’ trust that underlying data integrity and consistency remains intact, which has been a focus throughout our collaboration, and I am very happy with the end result. We now look forward to continue building on the foundation we jointly have created.”
Georg Ludviksson, chief executive officer and co-founder of Meniga, says: “We are very excited to have established this great partnership with one of the most reputable financial institutions in the Nordics, which takes us another step closer to strengthening our position as the leading provider of digital banking solutions across Europe and beyond.”
“Meniga has been working meticulously with Swedbank to develop a first-class personal finance management solution with an innovative, engaging and intuitive interface, which will ensure the best possible user experience for its customers. We are delighted to be able to support Swedbank with these services, which we are confident will help millions of potential new customers across the Nordics and Baltics better manage their finances and take control of their own financial health.”
The Swedbank news follows Meniga closing an €8.5 million investment round in May.
Meniga customers Groupe BPCE, the second largest banking group in France, Portugal’s Grupo Crédito Agrícola and long-standing strategic partner UniCredit led the investment round.
Other participants included current institutional investors Velocity Capital, Industrifonden and Frumtak Ventures.
Meniga said the funding will be invested in its research and development activities, as well as for strengthening its sales and service teams to meet growing demand.