Awards

2018 BAI Global Innovation Award Finalist

BAI Global Innovation Awards 2018 finalist mBank

 

Innovative Touchpoints & Connected Experiences

mBank S.A. – Poland
New Mobile App – Breakthrough Customer Experience in Distribution of Banking Products

There is big hype surrounding mobility. Everything around mobile is accessible with one tap, but the banking sector is still quite traditional and conservative. Mobile banking applications usually offer transactional features, but to buy any product customers have to visit a branch to sign an agreement.

mBank’s mobile app delivers an e-commerce-like experience. All the core products – loans, accounts, deposits, insurances – are available fully online in the app. No branch visit needed, no pen-to-paper signature: Only digital confirmation with a PIN code.

mBank has designed from scratch the app’s user experience and user interface (UX/UI) and has delivered mobile-first processes that allow the bank to sell loans (cash loans, overdrafts, credit cards) and insurance in fast and convenient way (30 seconds, one screen, two input fields). Using machine learning, big data and straight-through processing mBank is able to make credit decisions in 30 seconds.

The app also offers a human touch. Customers can utilize video chat, text chat or a quick phone call. Moreover, when a customer leaves a product form without contacting mBank, this event is sent to the bank’s CRM and mBank will contact the customer to offer support and assistance.
The mobile app is a “real-time digital advisory center.” It analyses customer behavior, including clickstream, transactions and even location. When a customer is traveling (CRM event: flight tickets purchase) and did not buy travel insurance, it will be offered in the right moment and place using geofencing (e.g. airport).

mBank Team Photo

The Problem

There is big hype surrounding mobility. Everything around mobile is accessible with one tap, but the banking sector is still quite traditional and conservative. Mobile banking applications usually offer transactional features, but to buy any product customers have to visit a branch to sign an agreement.

By implementing the mobile app we addressed following problems:

1. People need banking products but they don’t have time and interest to visit a branch – it is a big friction and time consuming.

2. Digital processes and banking interfaces are complex and self-service is often a big challenge. Sometimes it is better for a customer to go to a branch than to do something on their own. E.g. taking a loan is very complex and time consuming but inevitable in some situations.

3. Companies are SPAMing customers, offers are extremely irrelevant. Customers hate being bombarded with ads. Customers need advice. They are leaving lots of data and digital footprints and expect proper usage of this data.

4. There are frustrating, irritating and urgent situations when there is not enough money in a customer’s account – e.g. bill payments, card payments in a store.

The Solution

With the new generation of mobile app we addressed above mentioned problems:

1. mBank mobile app delivers an ecommerce-like experience. All the core products are available fully online in the app. No branch visit needed, no signature. Only digital confirmation with a PIN code.

2. All the products and processes are mobile-first and redesigned from scratch. The credit form is ultra-simple: just 1 screen with 2 inputs and the process takes 30 seconds. If a customer has a problem, the app also offers human support – videochat, text-chat or a quick phone call. When a customer leaves a form – this event is sent to CRM and mBank will contact them in real time to offer assistance.

3. Our mobile app is a “real time digital advisory center”. It analyses customer behavior. When a customer is traveling and did not buy travel insurance – it will be offered in the right moment and place using geofencing (e.g. airport). SPAM is reduced to zero. Rebate program and special deals are prepared based on a customer spending patterns. Customers don’t have to remember them because the app will inform them that a deal is waiting nearby.

4. We drastically simplified the credit process. We don’t ask unnecessary questions and we present pre-approved offers, so the form is very simple. Thanks to our CRM engine we can reduce customer pains – e.g. a customer is in a store and doesn’t have enough money. We address this event by redirecting them to the app and to a one-click cash loan.

All these solutions are developed using customer-centered-design methodology and agile development. We always start with a white piece of paper and create personas, their pain points and needs. We prepare mockups that are tested with customers. After development, we go through friends and family tests. After that process we start offering the new solutions to our customers.

The Outcome

Our main goals were: to build a big mobile customer base, strengthen the relation measured by monthly number of logins, move sales from internet banking and branches to mobile banking, increase customer satisfaction (NPS), and gain local prizes for the app. We wanted to be on the main dashboard of our customers smartphones.

 

  • In 2018 about 60% of mBank customers are using the app
  • Average number of monthly logins per 1 customer grew from 10 logins to 25. Now it is the most frequently used channel by mBank customers
  • Total number of mobile logins exceeded the number of logins coming from internet banking
  • NPS for mobile channel is the highest among all mBanks’ channels – 55%
  • Share of sales of credit products in the app is about 20% of total sales including branches, brokers, contact center and internet banking.
  • Sales of travel insurances in the app exceeded 30%
  • Share of incoming calls to our contact center initiated from the app (click to call feature) is about 30%

 

In 2017 the mBank app gained a prestigious prize in the competition Mobile Trend Awards and was ranked number 1. It was competing with projects from all areas (e-commerce, restaurants, entertainment & games, health and sport, traveling, communication and communities) including McDonalds, Starbucks, Mercedes Benz and others.

In the AppAnnie ranking 2017 for the TOP 10 most frequently used apps in over 30 countries, mBank was ranked no. 10 in Poland preceded only by global players like Facebook, WhatsApp, Spotify etc. Banks appeared on the list only in 5 countries because the financial sector is not a popular category. mBank is different.

In the Forrester Research mobile benchmark, the mBank app was number 1 from the usability perspective. It is a real proof that the mBank team concentrates strongly on customer experience.