Mobile banking case study: Alfa Bank Belarus

Rafal Juszczak, first in command of Alfa Bank Belarus, shares the story of how the level tripled the digit of retail banking customers by embracing mobile.

The banking scheme in broad-spectrum, and retail, consumer-facing banking in special, are ready through an really disruptive stage by the instant. With contestant banks and alternative fiscal operators taking carefulness of the largest part of the traditional products, from consumer loans to mortgages to money transfers, it seems like the inheritance banks are lagging behind in the largest part bags, not considering with the aim of the momentum they’ve gained in before decades — or even centuries — won’t lug them along forever.

The delinquent deceit not in a lack of innovative products, or in superior fees — very, I believe it’s the interior processes and the corporate culture surrounded by the grown-up banks with the aim of is making them increasingly obsolete.

Three years before I celebrated the 20th time since I ongoing working in the banking sphere. I’ve worked as the first in command of Poland’s prime level and lone of the major banks in Ukraine, with other seats. My experience is coverage across Eastern Europe linking Poland, Ukraine, Romania, and, since three years before, Belarus. The challenge I got presented around the 20th trained anniversary was daunting: To rebuild a level from graze and cause it labor.

Three years in a while, I can say I’ve in the main succeeded: We’ve tripled the digit of retail banking clients, as well as the get revenues. Since 2015, we’ve scenery fiscal records each time. Now 2015-2017 our full-blown get earnings had been three era bigger than in the seven before years combined. Now 2015, we had a smaller amount than 100,000 retail clients; in 2018, we expect to get hold of the 350,000 mark.

Such as in lieu of mobile banking, the digit of customers at this time has grown-up fivefold to 200,000 on top of the times of yore two years. What’s even more worthy, though, is with the aim of mobile accounts in lieu of 60% of the money on deposit accounts and 15% of loans we vend each month. Unlike many other banks, our digital firm, if looked by as an self-governing firm detachment, has been spiraling a profit since 2017.

It’s safe to say with the aim of we’re growing across the board, and I’m all right with the aim of the focus on mobile has contributed a immense deal to these results.

Here’s how launching a mobile banking solution helped us to get back the accurate processes and culture in lieu of the entirety organisation.
The just starting out brand

From the very launch, I looked by the marketplace and the highest trends in the industry to chart old hat could you repeat that? We may well complete differently. Social banking, chatty banking, lifestyle banking — folks are various of the buzzwords of today’s industry, but little family in point of fact understand could you repeat that? They’re invented to mean.

Building the mobile banking solution under a just starting out brand was lone of the originator decisions I had to cause. There was already an app urban by our level back followed by, which had little popularity. Building something under the same honor would certainly state resulted in dragging its inheritance spread — so the decision was made to start from graze.

To me, mobile is not specifically a produce but a mode of working. Portable banking doesn’t mean a smartphone app; it funds being close to the customer once and someplace they need us and chatting in their language, factually and figuratively. That’s the way of thinking with the aim of brought us to our mobile bank’s honor, inSync (you can watch a succinct videocassette vis-а-vis inSync here).

It’s the process, not the produce

Building a mobile level from graze inevitable with the aim of a delivery of processes had to be formed. We sure not to adjustment the existing processes, but to build them from the ground up, thinking not vis-а-vis the level as it was, but vis-а-vis the level as we wanted to get it. What in point of fact ended up event is with the aim of the full retail banking part has begun to adjustment in order to happen to mobile-first.

First of all, everything we create in lieu of our mobile banking is as soon as made obtainable in lieu of just starting out customers lacking them having to exit to our company. This was lone of the originator processes we built — to create an efficient method in lieu of the app user to happen to our customer. The entirety process takes minutes and the solitary in-person interaction the user has to experience is screening an ID to our courier, which has its roots in the confined regulations.

Another device is customisation. Most of the banking apps I’ve seen allow very little in with the aim of respect; generally a dark theme is the amount of it. We sure to allow the customer to adjustment the interface and configure the app’s abode screen to present the operations and facial appearance they need the largest part. We’re basically offering the best-in-class processes to the customer, allowing them to cause various produce decisions themselves. Our labor at this time is to cause all right with the aim of the app machinery 100 percent of the stretch.
The cultural adjustment

One of the the largest part worthy parts of building up the processes in lieu of inSync was the culture. There’s a theory I like with the aim of faster or in a while all banks will be pretty much the same in provisions of fees and the scope of services they offer. When, or if, with the aim of happens, how are we ready to differentiate? My answer is the culture, which manifests, with other things, in both interior and outdoor phone call.

I’ve set a delivery of philosophy to the way my employees communicate with both other and the customer. Does it suggest the added consequence we’d like to bring in lieu of the client? Does it suggest our brand? For me, the easiest way to assess the phone call culture is to ask whether it in point of fact makes wisdom. I look by our marketing collateral, the mobile app’s UI, the website, and try to understand the message from the customer’s standpoint.

It may possibly sound ridiculous, but even a straightforward test like this can bring to light a ton of issues. The lone occurring the largest part often in inheritance banks is with the aim of they cultivate to switch to with the aim of awful officialese with the aim of the mortgage contracts are generally on paper in. It may well be an unavoidable evil in the allowed citations, but certainly not in the parts of the level with the aim of are facing towards just starting out and existing clients.
Content is king

The way we communicate with customers currently has turn up a long way since we ongoing building the “bank in a bank” three years before. Part of this is inSync Now, which we launched recently as a news feed of sorts in lieu of our mobile app users. The highest difference from analogous facial appearance provided by other banks is with the aim of we by no means replica our press releases near, nor complete we station bank-related news and messages. It’s all vis-а-vis the clients and their needs.

Now the terse stories we station on inSync Now, we explain just starting out facial appearance of the banking app with screenshots and animated GIFs, but besides print things like confined event recommendations, show reviews, technology-related advice, and so on. This content comes from our content team, as well as the family working in the support chat.

Our support chat is an extra enter part of the content and communications strategy we focus on. We’re obtainable 24/7, and it often happens with the aim of the scope of questions our support team answers exit afar the level and its services. We’ve set life advice, made gift suggestions, and much more. Such as a upshot of this focus, we register vis-а-vis 30,000 contacts from customers apiece month, with the industry usual being 600 (according to ZenDesk data). About a third of the full-blown of 75,000 support requirements turn up through the chat, which puts us in the top ten total accounts on Zendesk. People trust us and stay in tad.

The highest goal with the aim of we state achieved by creating the mobile level surrounded by a better level is with the aim of the customers feel inSync to be an lean-to of themselves. We’ve been thinking vis-а-vis this in lieu of years currently, but admittedly solitary recently learned vis-а-vis the idea of psychological ownership, which fits flawlessly with our overall strategy. By changing the culture and building the accurate processes, it has twisted old hat to be doable to create a level that’s perceived as a trusted partner and lonesome, very than a boring and hostile foundation with the aim of controls the customer’s money.

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