Swedbank is one of the oldest banks in Sweden. Its history dates back to the 1820s when the Gothenburg savings bank was founded. As of the end of its first year, Gothenburg savings bank had acquired only 741 customers. However, what began modestly grew quickly. With a market cap of US$14.54 billion and over 7 million customers, Swedbank AB is now one of the largest banks not only in the Kingdom of Sweden but also in the Baltic States. According to market share statistics, it owns 40% of the Lithuanian payment market and 60% of the Estonian payment market.
Throughout its existence, Swedbank has not only earned a solid reputation as a stable financial institution, but has also kept pace with progress. Swedbank was one of the first banks in the world to build its own ATM network in the 20th century. In the 21st century, the group’s officials say progress is still a top priority. In our Swedbank review, we will examine the company’s mobile banking service to learn how well it keeps pace with technological advances and emerging customer needs.
Swedbank app review
Swedbank offers an app for every country in which it operates. Plus, there is an app for corporate customers. The functionality of each of these applications is quite similar, so we can focus our review on just one. Since the bank’s headquarters are in Sweden, we chose the Swedish version of the app.
Swedbank app (Google Play)
Category: Finance, Banking
Released: Jun 4, 2010
Current version: 7.45.0
Latest update: Jul 7, 2022
Downloads: over 1 million
Rating: 3.6
Swedbank’s latest app update fixed several bugs to improve software performance.
Onboarding
In most cases, one has to visit a Swedbank branch to become a client. However, there is a possibility to become a customer via Swedbank’s official website. It’s a fast, 4-step procedure, but one must have a Swedish personal ID number, a Swedish mobile phone number, and a MobileBank ID (an electronic personal identification system) number. Following approval of the application, a new customer gets all the credentials they need to use the bank’s mobile app.
Services
In Sweden, Swedbank offers just a basic current account with a debit card – Bankkort Mastercard – for SEK 250 a year (approximately US$24). Yet, the basic account, coupled with the app features, provides everything one needs for daily banking:
- No minimum opening deposit
- Loans and mortgages
- Free cash withdrawal at ATMs in Sweden and the EU
- Apple Pay / Samsung Pay / Google Pay / Fitbit Pay / Garmin Pay
- Easy and fast payments with OCR (Optical Character Recognition) scan function
- Quick control of card balance
- Real-time money transfers via the “Swish payments” service
- Automated bill payments
- Account statistics
- Budgeting tools (e.g. expense control, savings calculator, and so on)
- Investment tools
- Pension and insurance plans
- Financial advice
- In-app storage of user’s banking statements, notifications, and so on
The app also allows users to send money to others by using their phone numbers. In addition, Swedbank’s money request feature allows customers to send money requests to other bank customers (relatives, friends, etc.).
Design & Usability
Not only does the Swedbank app offer many useful features, but it is also visually appealing. Backgrounds are neutral and soothing, buttons are responsive, and most menu items provide comprehensive instructions. The English version of the app is another pro. However, it seems to lag behind the leading fintech. A common complaint among users is that the navigation is not intuitive and that certain useful functions are difficult to locate. Also, many customers would like to see more detailed and informative analytics graphs and charts. In addition, we haven’t noticed any personalization or gamification in the app. This doesn’t make it non-functional, but it does make it look a bit outdated compared to many other banks and neobanks.
Reliability & Security
Swedbank is actively working on the digital transformation of its banking platform. By redesigning its digital architecture and building software according to cloud-native principles, the bank will be able to add innovative features faster and improve the stability and security of its online and mobile services. However, the re-architecture and cloud migration of software may cause eventual app crashes. That’s why we see complaints about the performance of the app.
Data security is high. Swedbank adheres to all cyber-security and banking regulations, and it implements advanced security technologies such as biometric authentication and anti-fraud algorithms. In addition, users can use the app to control their accounts by blocking or unblocking their cards, changing payment limits, activating or deactivating contactless payments, etc.
Support
Swedbank customers can talk with bank representatives via in-app chat and e-mail. Swedbank support team provides assistance in both Swedish and English. The phone hotlines exist, too. First, there is a hotline for emergencies, such as reporting a stolen card. Secondly, there is a phone number to get technical support. And finally, there are two phone lines for general questions. Still, customers complain that it may take hours to reach an operator. Also, there are a lot of complaints about managers’ rude behavior.
Our verdict
3,9 stars out of 5. Swedbank is a stable traditional bank on its way to digital transformation. However, there is still much work ahead. There are way too many complaints about the platform’s instability. Also, it seems that the app needs navigation improvements for a better user experience.
What we like about Swedbank:
- Deposit protection
- Free cash withdrawals
- Apple Pay / Samsung Pay / Google Pay / Fitbit Pay / Garmin Pay
- Instant check deposits and payments via QR-codes
- Scheduled payments
- Account statistics
- Money management tools
- Investment tools
- Card control (freeze/unfreeze, payment limits, etc.)
- High level of data security protection
- English version of the app
What we dislike about Swedbank:
- High fees for certain transactions
- A separate app is required for real-time payments (Swish)
- Non-intuitive navigation
- Frequent app crashes
- Customer support needs improvements
Why Swedbank?
In addition to providing high-quality products and services to meet customers’ needs, Swedbank maintains a low-risk and high-efficiency business model. The bank adheres to all governmental security rules and is part of a deposit guarantee program to protect its customers’ money and personal data. Plus, Swedbank offers everything one needs for online and mobile banking, even if its digital products need to be improved to compete with leading neobanks. We can also expect a drastic improvement in Swedbank’s app and new useful features soon, as the bank is already undergoing a digital transformation.
Value for customers:
Getting a Swedbank current account is not difficult if one has valid Swedish documents. There is no minimum deposit requirement at the bank. Both the online banking site and the mobile app are available in English, as are the customer support services. Swedbank’s web platform and app offer all the necessary features for managing money. Swedbank ATMs are widely available; cash withdrawals are free.
Value for partnering businesses:
Swedbank actively cooperates with other banks, insurance companies, and fintech. The bank’s partnership network is open to technology and financial companies, but no programs are available for brands, retailers, or SMEs (small- and medium-sized businesses). Since Swedbank is building an open-banking infrastructure, it might be possible to partner with Swedbank through Open Banking. One can find detailed information on Swedbank AB’s official website.
