New Norwegian banking model to build loyalty

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By: Wise Marketer Staff |

Posted on September 13, 2006

New Norwegian banking model to build loyalty

Norwegian bank, Fokus Bank, is introducing a point of differentiation from other banks: SME customers can manage many of their essential business functions and reports at the same time as their bank accounts, with a single log-on.

24SevenOffice, a European on-demand internet business systems provider, has partnered with Norway's Fokus Bank, a subsidiary of Danske Bank, and the payroll system provider Bluegarden, to create an internet banking interface that also serves as the back-office administrative hub for businesses.

Meeting SME needs According to Stian Rustad, CEO for 24SevenOffice, through the single offering, customers could manage their bank account as well as all their daily accounting, payroll, CRM, and reporting functions, in real time, through a single sign-on. And, since these tasks are linked to their existing bank account, all receivables and payables, as well as payroll, can be automatically generated.

Rustad added: "We think this new offer matches exactly what small and medium businesses need - an efficient, easy, and time-saving way to manage finances and reporting."

Next step in growth For 24SevenOffice this partnership represents the next step in its growth. Already providing services to 4300 subscribers in Norway, Sweden, the UK and other European countries, the new offering gives the company the ability to reach Fokus Bank's existing 200,000 customers in Norway, as well as potentially paving the way for growth with Fokus Bank's parent company, Danske Bank.

According to Morten Bjornsen, Director of Fokus Bank, "Our customers are increasingly demanding additional services from the bank, and more web-based functionality. We think this is a great way to build customer loyalty, and, naturally, to attract new customers away from our competitors."

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