These measures are divided into optimising customer processes and distribution, streamlining IT and procurement and the reorganisation of operational processes. The bank is now reporting semi-annually on the status of this programme, which will help the group reach its target of a 46% cost-to-income ratio by end-2010. Another initiative has been the removal of all charges on its loyalty programmes for retail customers. Almost 700,000 customers have access to the bank’s competitive services. This initiative is considered to be a long-term investment in customer satisfaction.
DnB Nor now offers Norway’s most extensive range of banking services on SMS, which is the bank’s fastest growing distribution channel, with an average of 1.4 million monthly transactions. The group has striven to develop user-friendly and cutting-edge solutions for its customers. The bank offers a wide range of products combined with a level of availability and customer service unmatched by other Norwegian banks. DnB Nor intends to exploit these initiatives to improve its market position and achieve further growth.
“When the market contracts as it is doing now, it is very clear that our business model, which is built on a broad range of traditional banking services combined with our strategy to be a relationship banker, is a winning formula,” says CEO Rune Bjerke.
