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Nordea revamps prices to push mobile banking app

Finnish bank Nordea is to increase its charges for those customers who use online banking via a desktop computer and haven't downloaded their mobile app.

Nordean lippu.
Image: Derrick Frilund / Yle

Nordea is to change its pricing this summer in a bid to encourage more customers to use the firm's online banking app. Those who don't will see their monthly fees set at 7.50 euros.

For those who have a bank account, up to two cards and online banking services with Nordea, but use the mobile app as well, the price will be 4 euros per month. That drops to zero if the customer also has a housing loan with the company.

"The most cost-effective thing for customers is if they have an account and a card with Nordea and they mostly use the mobile banking app and the codes app for their online banking," said the bank in a statement.

The company says that for most customers, costs will remain the same or even fall slightly. Customers will get the lower prices once they use the mobile banking app for the first time. They do not have to use it as their primary banking service to get the lower price.

Last year Nordea cut some 6,000 jobs worldwide in restructuring that Swedish unions said was 'just the start' of transformations set to hit the industry as a result of new digital services.

Finnish competitors to Nordea told Tietoviikko that they had no plans to change pricing to try and direct customers to any one platform in particular.

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