Important events in 2013
2013 was a strong year in a number of ways for ICA Bank. Work continued during the year on developing the actual bank offering and on strengthening customer loyalty to the stores. The year was characterised by a higher level of customer satisfaction, further development of the customer offering and strong demand in all product areas.
Sweden’s most satisfied bank customers
ICA Bank was named Sweden’s best bank in 2013 in the Swedish Quality Index customer satisfaction survey. This is the third consecutive year that ICA Bank has ranked in the top two. This recognition is the result of continuous and concerted efforts to ensure a more clearly defined, broader and deeper customer offering.
Continued focus on developing the customer offering
In 2013 a lot of energy was put into further developing the offering. Particular emphasis was placed on improving customer interfaces, the website and apps. Both the website and the apps were redesigned during the year to add value for the customer, make them more user-friendly and add functionality. For example, it is now possible to manage country and region blocks for ICA bank card use right from the app and to open and close card accounts online.
Greater interest in mutual funds
Interest continued to grow in the mutual fund solutions launched at the end of 2011 which consist of around 40 funds. ICA Bank’s managed assets at the end of the year totalled SEK 93 million, an increase of SEK 84 million compared to the previous year. Three of the funds are marketed under the ICA brand – ICA Varlig, ICA Måttlig and ICA Modig – and are managed by Catella Fondförvaltning AB.
Preparations for ICA Gruppen’s online offering
ICA Gruppen continued to prepare for the online offering to be launched in 2014. ICA Bank is playing a key role in this project, mainly by providing systems to handle payment flows. In 2013 a payment solution was developed to manage bonuses and various types of cards.
Stronger position among Sweden’s students
The joint offering launched by ICA Sweden and ICA Bank to provide students with more favourable terms and discounts on a range of food and banking services was continued during the year. At year-end 2013 about 78,000 students had signed up for ICA Student.
Renewed agreement with Riksgälden
ICA Bank was once again chosen by the Swedish National Debt Office (Riksgälden) in a procurement process for prepaid card services/cash cards. The bank is now entrusted with delivering these services for another three years. ICA Bank now has 30 customer contracts for this service, the Swedish Migration Board being the biggest among them. ICA Bank’s solution will be used to pay out assistance to asylum seekers, who receive a debit card from ICA Bank where the funds are deposited. The card holders can use the card to shop at most retailer outlets and can also take out cash at all ATMs and ICA stores.
New ATMs put bank in stronger position
During the year ICA Bank invested in installing more ATMs in ICA stores and now has 431 in the Swedish market.
Recruitment process to find new CEO started
ICA Bank’s current CEO Jörgen Wennberg will retire in September 2014 and a recruitment process was launched at the end of 2013 to find a successor. Jörgen Wennberg will stay on as CEO of ICA Bank and as a member of ICA Gruppen’s Executive Management until his retirement.