Icelandic challenger indó emerges from stealth

The genesis behind indó was the 2008 financial collapse of the country’s banking system, which caused severe financial hardships for the country’s citizens. The Icelandic financial crisis was a major economic and political event that involved the default of all three of the country’s major privately-owned commercial banks in late 2008. Relative to the size of its economy, Iceland´s systemic banking collapse was the largest experienced by ANY country in economic history.

indó was created to restore faith in the banking system through ultimate transparency and no bullshit banking. indó is also the first challenger bank to target acquiring the customers’ primary salary-deposit account with a new-build and uniquely low-cost model while encapsulating existing financial infrastructure. “Over the centuries, banking has evolved from ‘a place to store money’ into a vast, complex financial services industry – one that is steeped in the mystique of money, privilege, power and exclusivity, thriving on opacity and getting away with shoddy customer service,” said Haukur Skúlason, CEO at indó. “The financial services industry is one of the lowest-ranked worldwide when it comes to trust and is driven by bank failures, ongoing scandals, revelations of corruption and participation in money laundering. indó is going back to the roots of banking to restore trust, regain transparency and return tradition to a field that sorely needs a new approach.”

The key metrics of the indó experience will include:
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• Ease of opening an account and a clear, intuitive
• experience purposefully built for financial health;
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• A fair, transparent fee model demonstrating
• that the bank’s value incentives are aligned with their customers;
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• Knowing what is being done with your money so
• you are compensated fairly for the risk you take.