Skandinaviska Enskilda Banken AB (SEB) is a Swedish financial services group operating throughout Northern Europe. It offers a complete range of financial services in Sweden and the Baltic countries. Meanwhile, the bank’s operations in Denmark, Finland, Norway, Germany, and the United Kingdom are focused on corporate and institutional banking. Additionally, SEB has offices in Luxembourg, Geneva, Warsaw, Beijing, and a few other cities worldwide.
The Fitch rating for SEB is ‘AA-‘ with a stable outlook. The bank has strong capitalization. Furthermore, Fitch anticipates SEB’s operating profit/risk-weighted assets (RWA) to remain above 3.5% in 2022 and 2023 as it continues to operate efficiently and earn more income. In a word, experts view SEB as a reliable and stable bank. However, does SEB have the right level of modernity and digitalization? Is the company’s service satisfactory to its customers? Here we take a closer look at SEB and its app. The purpose of this SEB review is to see whether the bank can provide a modern banking platform that meets the needs of customers in the same way as leading fintech and other banks.
SEB app review
SEB provides an extensive range of mobile applications. The bank offers banking apps for both individuals and businesses in each country where it operates. There is a separate app for SEB International customers. The company even offers an app that measures carbon footprints and helps streamline sustainability. Our SEB review focuses on the banking app for Sweden.
SEB app (Google Play)
Category: Finance, Banking
Released: Sep 1, 2010
Current version: 13.2.1
Latest update: Apr 12, 2023
Downloads: over 1 million
Rating: 4.2
The latest update of the SEB app fixed minor bugs and improved app performance.
Onboarding
Applicants who already have a MobileID can open a SEB current account online. It’s a standard procedure that takes less than ten minutes. An applicant fills out and submits a form with their personal data such as email, telephone number, and so on. When the request is approved, the customer can log into the app. Individuals without a MobileID must schedule an appointment with a bank manager in a branch to become a SEB customers. One can find detailed instructions and a video tutorial on the SEB official website.
Services
In line with most European banks and most fintech, SEB offers an array of services for individuals. There is an annuity-free basic current account, SEB Debit for 420 kronor (US$ 39) per year, SEB Invited for 150 kronor (US$ 17) a year, Eurocard Platinum for 1500 kronor (US$ 139), and so on. Depending on the chosen plan, terms and conditions and banking services may vary. Any customer can, however, expect to receive everything one needs for comfortable everyday banking:
- No minimum opening deposit
- Loans and mortgages
- Free cash withdrawal at ATMs in Sweden and the EU
- Apple Pay / Samsung Pay / Google Pay
- Bank accounts aggregation
- Easy and fast QR payments
- Instant drag-and-drop transfers between a user’s accounts
- Real-time money transfers via the “Swish payments” service
- Currency converter
- Automated bill payments
- Account statistics
- Budgeting tools (e.g. expense control, savings calculator, and so on)
- Investment tools
- Pension and insurance plans
- In-app archive of user’s banking documents
- Branch / ATM locator
As a bonus, the SEB app provides an in-app memo calendar and a Tender calculator for traders as well.
Design & Usability
The SEB app is a good basic platform: neat and functional, user-friendly, and available in English. The interface is intuitive and, thus, easy to navigate. The app comes with everything one might need for managing money: detailed statistics, savings goals, currency converter, investment tools, etc. Still, the application is not flawless. For instance, it lacks personalization.
There is a way to switch between light and dark modes, and categorizing can be improved. Unfortunately, it is not possible to attach notes to transactions or to correct spending statistics. SEB could bring its app to a new level, giving users more personalization options.
Reliability & Security
As a licensed European bank, SEB complies with all data security and money guarantee regulations. Customers’ money is safe there. However, some users say that the bank sometimes goes overboard with security measures. To make a transfer while abroad, customers must validate it with their BankID signature and then double-verify by SMS. In addition, customers report their cards were automatically blocked when they used them overseas, and they could not unblock them over the phone. Visiting a bank branch was the only way to unblock the money. The stability of the app is another concern. Dozens of users have complained about app crashes or logging-in issues recently.
Support
As of now, SEB doesn’t provide in-app support chat. Instead, one can contact the bank via email or one of the numerous phone lines. Most of these hotlines are available from 8 a.m. to 10 p.m. on working days. However, the technical support team and an emergency line work 24 hours a day, 7 days a week. Also, SEB has Facebook and Twitter pages where one can contact its agents. Generally, the quality of customer support is average. Customers often complain about inefficient and incompetent bank representatives.
Our verdict
4,0 stars out of 5. SEB is a stable bank where customers’ money and data are safe. Its app is packed with all basic money management features and investing instruments. However, the bank’s service isn’t perfect. There are dozens of complaints about the app’s stability, as well as about customer support inefficiency. Also, adding an in-app support chat could be a good idea.
What we like about SEB:
- Free cash withdrawals
- Instant drag-and-drop transfers between a user’s accounts
- Real-time money transfers via the “Swish payments” service
- Apple Pay / Samsung Pay / Google Pay
- QR check deposits and payments
- Scheduled payments
- Currency converter
- Account statistics
- Money management tools
- Investment tools
- In-app archive of user’s banking documents
- Branch / ATM locator
- Card control (freeze/unfreeze, payment limits, etc.)
- High level of data security protection
- English version of the app
What we dislike about SEB:
- High fees for certain transactions
- Lack of support chat
- Poor customer service
- Frequent app crashes
Why SEB?
SEB is one of the leading Nordic banks with a high rating and a positive outlook. A stable, risk-free bank like SEB is a wise choice for those who want to keep their money safe. The bank provides a mobile app that includes all the essentials of mobile banking. However, SEB is only halfway through its digital transformation, like many other traditional banks. Expecting its app or any other digital service to be on the same level as top neobanks is pointless so far.
Value for customers:
From a free basic account to a Premium account, SEB is a reputable Nordic bank that offers current accounts for everyone. There is no minimum deposit requirement. One only needs Swedish documents to become a SEB customer and access all banking services. In addition, the bank provides a decent app that enables users to track transactions as well as manage money efficiently.
Value for partnering businesses:
SEB is open to collaborating with businesses of all kinds. A value proposition is all it takes to apply for a partnership. Still, the company’s main focus is on cooperating with fintech startups. To apply, start-ups must complete a special contact form, demonstrate the efficiency of a solution, and prove ownership of intellectual property. All the details can be found on SEB International’s website.
