Being the Best is Personal for mBank
Since launching operations in 2000, and with expansion in the Czech Republic and Slovakia, mBank has accumulated 4.5 million customers and is now Poland’s largest online retail bank.
mBank offers its customers a completely new banking experience, for which it is winning banking awards the world over. For its nearly one million mobile banking users, mBank stands out for cutting-edge features that range from contextual deals to video banking.
mBank recently was awarded “Best online bank in Europe,” by global research and advisory firm, Forrester Research. It scored a remarkable 82 out of 100 points possible and won in all five banking service categories. mBank gained international recognition as well, overtaking 30 other banks to come in third for the world’s best online bank in the same 2014 Forrester Research report.
How has mBank accomplished all of this in such a short period of time? For one thing, responding to customer needs as quickly as possible remains one of its key goals. It is currently anticipating the future demand of its 4.5 million customers while providing the most relevant offers to specific customer groups.
New insight into customer preferences is also being leveraged to support a customer-centric banking experience across all channels and to optimize the company’s bonus program, mOkazje. The program provides special discounts and offers from selected bonus partners, including retailers, food chains, and movie theaters.
As a result of this personalized communication with its customer base, mBank significantly improved the hit rate of its marketing campaigns for standard banking offers, increased sales efficiency, and reduced sales costs.
The rapid rise in customer engagement is yielding tangible results:
- 400% increase in credit products hit rate
- 200% increase in insurance products hit rate
- 250% increase in savings products hit rate
Bartosz Witorzenc, director of strategic initiatives for mBank, believes that securing the best analytics technology available is a huge part of the reason mBank has achieved a close, personal connection to its clients.
“We need support from both data and analytic modeling tools, so we can respond to our customers in the shortest possible time. We use SAP Predictive Analytics software, which helps us predict what our customer’s situation may be like in the future so we can offer them the appropriate products.”
Witorzenc also believes that using SAP Predictive Analytics has allowed mBank to discover individual customer preferences. Now they are able to initiate more direct conversations, resulting in a better understanding of their clients on a personal level.
Poland’s mBank continues to demonstrate that keeping things simple and getting to know your customers can be an award-winning approach in today’s online banking world.
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