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Komplett Bank is one of the new players in the banking industry in Norway. We have talked to Steffen Ryengen to get better known with Komplett Bank

 


Tell us about Komplett Bank?


Komplett Bank was founded based on an initiative from five individuals with extensive experience from the Consumer Finance industry and similar start-ups. In conjunction with filing the application for a banking license to Norwegian authorities, external investors were invited to take ownership in the venture. With their take-up of a 20% owning share, Komplett Group joined as the largest single owner. The bank inherited the name from the now biggest owner, governed by a commercial agreement regulating the brand use. A banking license was granted the week before the bank started the operation, back in March 2014. The banking license allows for passporting our consumer lending set-up throughout the EEA.


Which products and services does Komplett Bank offers in the Nordic market?


We are currently offering a range of three products to consumers in Norway. Fleksibelt lån is an open-ended credit facility targeted at the consumer loans market. The product aims at offering the utmost financial flexibility and convenience, making the customer autonomous in terms of paying their loan down. Komplett Bank Mastercard is a credit card product with loyalty features, offering generous bonuses of 3% from purchases at Komplett.no, 2% at other eCommerce merchants and 1% at all other merchants. Redeeming points when shopping at Komplett.no even grants a doubling of saved points, indicating up to 6% in real savings when purchasing from Komplett.no. Høyrentekonto is a savings account product positioned for ensuring secure good returns, staying in the upper end of the leaderboard for highest yielding interests. Deposits up to NOK 2 million are secured by The Norwegian Banks’ Guarantee Fund. In addition, launch of our first product outside Norway is getting closer as we are currently operating a live pilot for our loan product – Joustoluotto - in Finland.


Komplett Group consist of several companies today - which synergies do you expect for Komplett Bank from the other companies?


Even though Komplett Bank legally is not a part of Komplett Group, the brand association and our close cooperation open for a range of opportunities. The first manifestation of this, is the above mentioned loyalty credit card. This very loyalty program has a further potential to increase the customer value across the Komplett Group ecosystem, simultaneously building an even stronger value proposition for the customers entering the program. In addition to this, it would of course be of interest to explore further opportunities for sales financing and adding value to the payment part of the check-out processes of the various eCommerce brands and sites Komplett Group comprises in Europe. As Komplett Group already on their own balance sheet engages in this type of financing, our two companies together are well positioned to utilize know-how and experience to make a strong offering.


What are Komplett Bank view on Open Banking and PSD2?

 

As with most other banks, PSD2 represents both opportunities and threats for Komplett Bank. Being a fairly dynamic and agile bank, we are already well accustomed to working with various APIs opened to partners outside our company. If regulatory bodies and working groups are able to agree on standards for how to retaining control with data security, we expect complying to the regulatory side of new directives is well within reach. I also expect aggregators or service providers to further mediate the opening of APIs in a broader scale. The commercial aspects of PSD2, in terms of how to position within the arising new ecosystems are however more challenging. We are already seeing clear signs of how players racing for being the front-end to customers, by developing and commercializing new payment apps, are struggling with capturing value from their investments. The level of investments in the FinTech sector and from incumbent big banks in combination, naturally must make a small player humble as to which battles to fight. Our strongest bet will be identifying and working with the most promising partners within this blooming industry.


What is Komplett Bank doing regarding to innovation?


Innovation is a continuous process in Komplett Bank. At all times, a range of concurrent initiatives deal with further developing our business model, creating new products and services, as well as improving business processes. Komplett Bank work extensively together with strategic partners in doing this.

 

Facts about Komplett Bank:

Komplett Bank ASA is a Norwegian registered commercial bank started in 2014, operated by 45 people from Lysaker close to Oslo. The company stock is listed and traded on the Norwegian OTC list (ticker KOMP).