Our main stakeholders are the customers of Arion Bank, shareholders, our human resources and society as a whole. At Arion Bank we realize the importance of listening to the differing needs of these groups and understanding what is most important to them.

Materiality assessment

We engaged the consultancy CIRCULAR Solutions, now part of KPMG, to perform a materiality assessment of the Bank. The methodology used was based on identifying risks relating to environmental, social and governance issues and takes into account the Bank’s geographical location and activities. The materiality assessment was used as a basis for the stakeholder analysis, and a survey was sent to employees as well as a sample of customers, suppliers, shareholders and partners at the beginning of 2021. The survey investigated how stakeholders viewed the Bank’s main focuses in terms of sustainability and social responsibility.

The diagram below shows the results of the materiality assessment. The X axis shows materiality based on CIRCULAR’s analysis of what is most important for Arion Bank based on its geographical location and activities, and the Y access shows materiality according to the assessment of all those stakeholders who completed the survey.

Results of the materiality assessment

The X axis shows materiality based on CIRCULAR’s analysis of what is most important for Arion Bank based on its geographical location and activities.
The Y axis shows materiality according to the assessment of all stakeholders.


The experience and satisfaction of our customers is central to our business and we constantly strive to understand and meet their needs. We perform regular surveys to gauge our customers satisfaction and experience and keep a record of all suggestions and feedback given by our customers. The results of these surveys are carefully analyzed and used to help improve services. In 2022 we received 7,220 ideas and suggestions from our customers which are utilized in our work. One of the Bank’s largest divisions is called Customer Experience, a name which underlines our focus on ensuring that our customers’ experience of the services we provide is as positive as possible.
Arion Bank operates 13 branches across Iceland. At our headquarters we have a dedicated team of specialists, providing companies and investors with specialized advice and general financial services. In addition our branches outside Reykjavík provide quality services to companies in their locality.

Giving good advice at key moments in people’s lives is important to us, and a Gallup survey indicates that Arion Bank scored highest on the banking market in terms of satisfaction with the advice given on buying a home. Arion Bank also came out on top in overall services for mortgages.

Giving good advice at key moments in people’s lives is important to us, and a Gallup survey indicates that Arion Bank scored highest on the banking market in terms of satisfaction with the advice given on buying a home. Arion Bank also came out on top in overall services for mortgages.

Approximately 99% of all our interaction with customers is now via our digital channels. The Arion app, online banking and the Arion Bank website are open day and night all year round. For the sixth consecutive year, the Arion app was voted the best banking app in Iceland by users in a survey by Maskína. The app also gets the highest rating from customers of the other banks. 

Results like these provide us with the incentive to continue to find new ways to simplify our customers’ finances and meet their evolving requirements.

How satisfied or dissatisfied are you with the advice you received on buying a property?
On the scale 1-7
Which bank do you think has the best banking app?


The app can be used by anybody who has electronic ID, whether they are regular customers of the Bank or not. Anyone with the app can open accounts, start regular savings, buy insurance policies, trade with securities and view their pension savings.

Over the last few years we have made a concerted effort to develop our diverse service channels and to make it easier for customers to get in touch with us and the services we offer. A new chatbot was introduced during the year and it is able to complete 60% of the conversations initiated by customers, with the remainder being referred to one of our service representatives. Innovations such as face-to-face meetings with Bank’s service representatives via the communication platform Teams have also made it easier for people, particularly those in rural areas, to obtain the services they need as conveniently as possible. Customers can also post questions and leave feedback on the Bank’s Facebook page and our employees respond as quickly as possible.

The partnership between Arion Bank and Vörður went from strength to strength and at the beginning of the year, the Vörður team moved into the Bank’s headquarters. The fund management company Stefnir also operates from the Bank’s headquarters. The partnership between these companies promises exciting times ahead, and the ability to be able to offer our customers – companies, investors and households – comprehensive and outstanding bancassurance services has huge potential.


Human Resources

Arion Bank seeks to create a positive working environment where we can attract and retain the most capable employees. We aspire to create an inspiring working environment where employees are comfortable and satisfied in their jobs. In order to gain a clearer picture of employee satisfaction, the Bank performs regular work place analyses and satisfaction and sentiment surveys among employees. Employees are encouraged to take responsibility for their professional development, knowledge and skills.

In 2022 there was a particular emphasis on employee learning and development. Online learning was stepped up across the Bank and regular learning sessions were held at which employees could share their expertise with their co-workers. We also began to offer mentor programmes, new employee programmes and leadership training – all aimed at making a good workplace an even better one.

The Bank has adopted a clear policy on equality and human rights and a equality action plan. One of the Bank’s aims is for the unexplained gender pay gap to be less than 1%, and the audit for equal pay certification revealed that the gap was 0.4%. We are extremely proud of this achievement.


Shareholders and bondholders

Investor Relations specializes in communicating with shareholders, bond investors, analysts and other market participants. Under the Bank’s funding strategy the Bank aims to be the leading issuer in Iceland, a position based on excellent relationships with domestic and international market participants, effective reporting and solid credit ratings from the ratings agencies. Regular meetings are held with investors while the Bank also communicates information to investors at various conferences, prior to bond issues and on other occasions.

The annual general meeting is usually held every March. The annual general meeting (or shareholders’ meeting) is the main venue for shareholders to have a say on the management of the Bank. At the annual general meeting shareholders elect a board of directors, auditors and vote on other matters raised by the shareholders or board of directors.

All relevant market information is published in releases to the stock market and any information sensitive to the market will be released through a MAR (Market Abuse Regulation) press release.

Arion Bank arranges quarterly meetings for market participants at which the CEO, CFO and other management present the interim financial results. The Bank aims to hold a capital markets day for shareholders and market participants every two years. The last capital markets day was held in November 2021 and the management discussed developments and changes in the business and provided an update on medium-term targets. The next event of this kind is scheduled for 2023.



Arion Bank is a large company by Icelandic standards and social responsibility and sustainability revolve around running a responsible business and having a positive impact on society and the environment, for example through the Bank’s buying of supplies, lending to customers and investments made on their behalf.

In all the decisions we make, we assess the various interests at stake, with the long-term view being just as important as short-term considerations, and assess the possible gains and risks involved in the decisions and loans we make. Every year we collaborate on a wide range of exciting investment projects with our customers with the aim of strengthening the business sector in this country.