Success Story

The Digital Bank
that drives loyalty
and savings

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    Data Mgmt / PFM / Rewards





    highly pleased
    with their digital bank


    say the PFM
    has increased loyalty
    to their bank


    say the PFM
    has helped them
    improve financially


    the bank's PFM

    Íslandsbanki is a leader in financial services in Iceland with total assets of ISK 1,029bn and ~35% market share across all domestic business segments.


    Islandsbanki set out on a journey to transform their digital bank to help their customers better manage and get more out of their personal finances. Islandsbanki set the bar by offering one of the first PFM solutions in Europe to support its customers during the financial crisis of 2008.

    The Challenge

    Islandsbankis goal was to build long term customer loyalty and increase customer engagement by being a trusted advisor for its customers. The bank wanted to provide a proactive and personalised financial coach who inspires customers to take control over their financial health as well as deliver personalised cashback rewards that helps customers save considerable amounts of money.

    Key Features

    Life Goals

    A tool that helps people set and achieve savings goals. Users can allocate amounts to different savings goals and set up plans to feed their goals on a monthly basis.

    Financial Planning

    A clear view of your account including income and expenses for future months.

    Auto-Calculated Budgets

    Each subcategory receives an auto-calculated budget based on historical spending, allowing users to drill into transaction.

    Cashback Rewards

    Personalised offers delivered to customers based on their transaction history, helping customers save money on things they want and need.


    We strive to constantly improve our customers’ digital banking experience and we believe that Meniga’s industry-leading digital banking offering is a key part of this effort.

    Birna Einarsdóttir
    CEO at Íslandsbanki

    The Results

    • +80% of users are pleased or highly pleased with their digital bank

    • 9 out of 10 users say they‘d recommend the bank’s PFM to others

    • 66% of users say PFM has helped them see how they can improve financially 

    • 41% say they have improved financial behavior after starting to use PFM 

    • 71% of PFM users say that PFM increases their loyalty to their bank

    • 19.4% increase in the avg number of accounts (incl credit cards) for active PFM users