Norwegian finance portal launches new bank switching function

February 25, 2009  |  Adoption, Electronic Invoicing

A new solution was launched by the Norwegian Minister of Finance Kristin Halvorsen, the Minister of Children and Equality Anniken Huitfeldt and the Director of the Norwegian Consumer Council Randi Flesland through the financial portal finansportalen.no, aiming at facilitating the process of switching banks or even starting negotiations within a bank in order to achieve better terms.
 
Based on the initiative of the Government and industry, new procedures were launched, in 2008, for information exchange between banks and also their customers. “finansportalen.no” is Norway’s most complete marketplace for banking services; it provides pertinent financial and banking information enabling the customers to compare various financial products and services in an efficient manner.

After merely a year of operation, this portal has largely been accepted by customers and the majority of banks. The new switch bank solution constitutes a modern tool that facilitates potential bank switching, enables customers to initiate negotiations with banks while providing the possibility to compare other bank offers online and favours competition among banks selling similar financial products and services. Possible switching is directly implemented by the bank while this new tool facilitates the initiation of the entire process. This modern solution provides its consumers with substantial negotiating power protecting them from extra charges on the services offered, and in addition, stimulates the competition between banks inducing them to offer deals with better terms on their services and products.

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