Finanssivalvonta

Financial Supervisory Authority survey: safeguarding basic banking services requires easy-to-use digital services and alternative service options

Share
A survey by the Financial Supervisory Authority (FIN-FSA) shows that, overall, the right of customers to basic banking services is implemented appropriately in Finnish banks. Safeguarding basic banking services for all customer groups requires, however, that banks both improve the availability of digital services and maintain the provision of basic banking services as an alternative to digital services. The FIN-FSA monitors the implementation of these measures as well as changes in the pricing of services.

“Digital banking services facilitate access to banking services anywhere, anytime. The FIN-FSA welcomes this development. However, the accessibility and availability of digital services need to be further improved to address the needs of special groups. It is important for different customer groups to be able to make greater use of digital banking services,” says the FIN-FSA’s Director General, Anneli Tuominen

The branch network serving private customers has been significantly reduced in recent years, while the number of branch offices offering full-time cash services has decreased. The availability of basic banking services has therefore deteriorated for those customers who are unable to handle their banking transactions digitally.  

Banking costs are less expensive for users of digital banking services. The biggest change in costs concerns cash withdrawals from ATMs, for which an increasing number of banks have begun to charge a fee beyond a certain number of withdrawals. The FIN-FSA has also noted in the survey that there are large differences between banks in the pricing of individual banking services.

Monitoring the availability of basic banking services

The FIN-FSA has also assessed the availability of digital services, advisory services and materials, and alternatives to digital services.

Where appropriate, user-friendly changes should be made to digital services – namely adjustments that will improve the availability and accessibility of the services also for those customers who, for one reason or another, are unable to use them. The adjustments made by banks often relate to, for example, support for voice control and screen reader programs as well as identification tools.

The level of these adjustments and alternatives to digital services vary from bank to bank. Advocacy organisations representing special groups do not, however, consider the adjustments and alternatives to be in all respects sufficient.

Banks should pay attention to providing information and advice about adjustments and alternatives. In addition, banks should ensure that the information is directed at the right target groups.

Banks should also provide non-digital banking services

The FIN-FSA considers it important that banks offer the option of making cash withdrawals in shops or other retail sales points and actively explore the adequacy of the cash withdrawal network and the potential to increase merchant cooperation to improve cash withdrawal opportunities. Banks should also inform customers about the various cash withdrawal options.

In addition, banks should assess opportunities to expand the range of basic banking services handled in their telephone customer service (for example ordering payment service envelopes, paying bills and concluding electronic invoice agreements by telephone), ensure that the prices of individual basic banking services are affordable and make, if necessary, reasonable adjustments to digital banking services. It is also important that banks offer advice on digital banking services in localities where there is no branch.

On 29 November 2019, the FIN-FSA presented to the Parliamentary Supervisory Council a survey of the availability and pricing of basic banking services provided for by law. The survey is based on material available on the consumer payment account comparison website (www.fine.fi/maksutilivertailu, in Finnish), feedback from customers, stakeholders and supervised entities, and a thematic evaluation made in connection with the survey.

See also

Survey of basic banking services 2019 (in Finnish)

Translation will be available here on 3 December at the latest.

For further information, please contact:

Samu Kurri, Head of Department

Requests for interviews are coordinated by FIN-FSA Communications, tel. +358 9 183 5030, weekdays 9.00–16.00.

Keywords

About Finanssivalvonta

Finanssivalvonta
Finanssivalvonta
PL 103, Snellmaninkatu 6
00100 Helsinki

09 183 51https://www.finanssivalvonta.fi/

Finanssivalvonta, or the Financial Supervisory Authority (FIN-FSA), is the authority for supervision of Finland’s financial and insurance sectors. The entities supervised by the authority include banks, insurance and pension companies as well as other companies operating in the insurance sector, investment firms, fund management companies and the Helsinki Stock Exchange. We foster financial stability and confidence in the financial markets and enhance protection for customers, investors and the insured.

Subscribe to releases from Finanssivalvonta

Subscribe to all the latest releases from Finanssivalvonta by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Finanssivalvonta

Finansinspektionens bedömning: en del av de aktörer som beviljar konsumentkrediter hanterar inte insolvensriskerna i tillräcklig grad, brister även i avtalsvillkoren21.3.2024 13:15:00 EET | Tiedote

Finansinspektionen har bedömt hanteringen av insolvensrisker och rutinerna hos de aktörer som beviljar konsumentkrediter i Finland. Mellan dessa aktörer observerades betydande skillnader i hur de hanterar insolvensrisker: De andra kreditgivare som över­fördes under Finansinspektionens tillsyn i juli 2023 har betydligt större brister i sina kreditgivningsrutiner än bankerna. Av dessa andra aktörer som beviljar konsumentkrediter iakttar alla inte heller den lagstiftning som gäller konsumentkreditgivning i sina avtals­villkor. Finansinspektionen förutsätter att aktörerna korrigerar de brister som observerats i bedömningarna.

Finanssivalvonnan arvio: osa kuluttajaluotonmyöntäjistä ei hallitse maksukyvyttömyysriskejä riittävällä tavalla, myös sopimusehdoissa puutteita21.3.2024 13:15:00 EET | Tiedote

Finanssivalvonta on arvioinut Suomessa kuluttajaluottoja myöntävien tahojen maksukyvyttömyysriskien hallintaa ja menettelytapoja. Näiden toimijoiden välillä havaittiin huomattavia eroja maksukyvyttömyysriskien hallinnassa: Finanssivalvonnan valvontaan heinäkuussa 2023 siirtyneillä muilla luotonantajilla oli huomattavasti enemmän puutteita luotonmyöntökäytännöissään kuin pankeilla. Muista kuluttajaluotonantajista kaikki toimijat eivät myöskään täysin noudata sopimusehdoissaan kuluttajaluotonantoa koskevaa lainsäädäntöä. Finanssivalvonta edellyttää toimijoiden korjaavan arvioinneissa havaitut puutteet.

FIN-FSA’s assessment: some consumer lenders fail to manage default risks adequately, shortcomings also in contract terms21.3.2024 13:15:00 EET | Press release

The Financial Supervisory Authority (FIN-FSA) has reviewed the management of default risks and conduct by parties granting consumer credit in Finland. Significant differences were identified among the market participants in the management of default risk: other lenders that were transferred under FIN-FSA supervision in July 2023 have significantly more shortcomings in their credit granting practices in comparison with banks. Furthermore, some of the other consumer lenders do not fully comply with legislation on consumer lending in their contract terms. The FIN-FSA will require these entities to remediate the shortcomings identified in the reviews.

Bedrägerier och svindlerier i anslutning till betalningar är ett ökande fenomen – enligt Finansinspektionens utredning är det möjligt att förbättra säkerheten vid skötseln av bankärenden19.3.2024 09:55:00 EET | Tiedote

Olika bedrägerier och svindlerier i anslutning till betalningar har ökat kraftigt under de senaste åren. Även de metoder som de kriminella använder utvecklas hela tiden. Enligt Finansinspektionens utredning är det möjligt att förbättra säkerheten vid skötseln av bankärenden bland annat genom att utveckla säkerhetsgränser för nät- och mobilbetalningar samt genom att effektivare monitorera och stoppa obehöriga betalningstransaktioner. Tjänsteanvändarna har också eget ansvar.

Maksamiseen liittyvät petokset ja huijaukset kasvava ilmiö – Finanssivalvonnan selvityksen mukaan pankkiasioinnin turvallisuutta mahdollisuus parantaa19.3.2024 09:55:00 EET | Tiedote

Erilaiset maksamiseen liittyvät petokset ja huijaukset ovat olleet voimakkaassa kasvussa viime vuosina. Rikollisten käyttämät keinot myös kehittyvät jatkuvasti. Finanssivalvonnan selvityksen mukaan pankkiasioinnin turvallisuutta on mahdollista parantaa muun muassa verkkopankki- ja mobiilimaksamisen turvarajoituksia kehittämällä sekä tehokkaammalla petoksellisten maksutapahtumien monitoroinnilla ja pysäyttämisellä. Oma vastuunsa on myös palvelujen käyttäjällä.

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom
HiddenA line styled icon from Orion Icon Library.Eye