Íslandsbanki

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About Íslandsbanki:

The Bank offers comprehensive financial services to households, corporations and professional investors in Iceland. The Bank has a strong market share across all domestic franchise areas that are Retail Banking, Corporate Banking, Capital Markets and Wealth Management.

Íslandsbanki operates a diverse and efficient branch network with its branches strategically based in the Reykjavík metropolitan area and larger towns across the country.

Building on a heritage of lending to industry in Iceland, the Bank has developed specific expertise in two industry sector - seafood and geothermal energy - that together form the basis for its overseas strategy. With its focused approach in these fields, Íslandsbanki offers valuable services to industry players and investors.

How we helped Íslandsbanki:

Íslandsbanki decided to switch credit card schemes and to simplify its credit card operations. They also decided to go with one issuer instead of two. The advantages are numerous, reduced costs, more flexibility when it comes to services and improved customer experience resulting in happier customers and streamlined operations.

What does Íslandsbanki have to say about it:

We at Íslandsbanki decided to change our Credit Card domain, starting with how we did business. We changed credit card schemes, and decided to go exclusively with Master Card. In addition, we decided to go with a single issuer, who issued cards on our behalf. Although we decided to make these changes at this time, we did not want a permanent technical implementation that limited our future options. We decided that flexibility was just as important as robust functionality as well as up to the minute information for the card holder. We also had to make sure that no corners were cut so that we fully complied with PCI-DSS standards to secure cardholder data.

We got Coremotif to help us analyze our existing technical implementation of the credit card domain as well as identify future scenarios for development. We found the services to be executed professionally, and it was interesting following the Enterprise Architecture work since it gave us a glimpse of the methods used by Coremotif while analyzing and designing. The work started with a discovery phase where the business strategy was documented as well as the stakeholders. Then we decided together to apply the Coremotif EA approach in an iterative manner to be sure that we’d optimize the time spent and focus the effort where it was needed, instead of polishing documents that gave no real value. The deliverables were concise, detailed and easy to follow. By applying the EA approach iteratively we managed to both be agile and lean by focusing on what really mattered.

When the project was completed, we had a very good overview of our existing Credit Card domain and a clear path forward, including a number of scenarios on how to get there which we could pick from. We highly recommend Coremotif for any Credit Card or Enterprise Architecture related projects


 Rósa María Ásgeirsdóttir, Director - Core Banking Solutions