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Most, if not all, banks are currently working on how to be competitive under PSD2, which comes into play in 2018. In short, all banks will have to allow access to third parties, approved by the customer, to fetch and analyze transaction data and make account to account payments. This opens up for existing and new players to challenge the banks on owning the digital customer interface for the most common banking services.

The 2018 Digital Leaders Study shows that banking is the industry that has arranged the most external hackathons, and it is one of few industries to do so. This is most likely in order to engage possible third-party developers under PSD2 and receive ideas for internal development of newer and better value propositions for customers.

DNB is the clear winner in the banking industry, with five banks fighting for second place. DNB performs well across most dimensions, with e-commerce and mobile having the most room for improvement.

The banking industry performs best within the digital product experience and mobile dimensions, and it is among the top three industries in both. Digital marketing seems to be a low priority and investment area for many banks, as the industry average is the lowest of all in this study. The best bank within digital marketing barely makes it into the top 20 companies within that dimension.

One major bright spot in the banking industry is the use of crowdsourcing to improve products and services. All banks except two ask directly for feedback from their customers online. No other industry is close to this level of consistency in engaging customers to improve its offerings.

Digital dimensions

Digital leaders

    2018   2017    
1 DNB   7   7.5    
2 SpareBank 1 SMN   6.5   7.25    
3 SpareBank 1 Østlandet   6.5   7.25    
4 SpareBank 1 SR-Bank   6.5   7.25    
5 Nordea Bank Norge   6.5   6.75    
6 Danske Bank   6.5   6.75    
7 Sbanken   6.25   6.5    
8 Eika Gruppen   6   6.25    
9 Santander   6   n/a    
10 Bank Norwegian   5.25   n/a