This week’s technical problems at Avanza were due to two completely separate events. Avanza takes these incidents with the utmost seriousness and is working on strengthening stability.
Today’s incident was due to preparations for maintenance work that resulted in technical problems. The incident was going on to varying extent during the forenoon. Avanza is well aware of what caused the issue and is working on a solution to prevent this from happening again.
Monday’s incident was due to a bug in the software from a supplier, whereby traffic could not be received by either the website or our apps. This had nothing to do with Avanza’s own systems. For a period of time, only static data appeared on the website, i.e. no one could see their personal data. A decision was taken at that time not to display anything at all until the problem was completely resolved.
“We take this with the greatest seriousness and I can only say that I am embarrassed. This should not happen. We work continuously with our systems and I have complete trust in my colleagues. At the same time, we have to get to the root of what happened and have dedicated every resource we can to ensure that it does not occur again,” says Rikard Josefson, CEO of Avanza.
Fundamentally, Avanza’s systems are among the industry’s most modern. Avanza’s strategy is to work continuously on modernising and upgrading the systems in order to keep them up to date. In this way, we avoid technical debt that would require large one-time investments. Avanza will obviously devote the necessary resources to improve stability, which will not however require any major monetary investments.
For further information please contact:
Rikard Josefson, CEO
+46 70-206 69 55
Avanza is a digital platform for savings and investments, founded in 1999. The Parent Company, Avanza Bank Holding AB (publ), is listed on the Stockholm Stock Exchange. Avanza’s customer promise is that you as a customer will have more left in your own pockets than with any other bank or pension company. Services include saving in shares, funds, savings accounts, mortgages, and a strong pension offering. Avanza has over 1.8 million customers with over SEK 700 billion in total savings capital. This is equivalent to nearly 7 per cent of the Swedish savings market. Avanza is largest in terms of number of transactions among Swedish banks on the Stockholm Stock Exchange. During the last thirteen years Avanza has won SKI’s (Swedish Quality Index) award, “Year’s Most Satisfied Savings Customers”. For more information visit: avanza.se/ir