mBank - the most design-driven digital bank in the world - NetFinance, Miami 2014

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Most recent update on mBank - the most design-driven digital bank in the world. …

Most recent update on mBank - the most design-driven digital bank in the world.

Deck presented at NetFinance in Miami in April 2014.

6 global innovation awards (Finovate, Efma, Bank Innovation 2014, Celent's Model Bank 2014). Coverage by Forrester Research, TechCrunch, Harvard Business Review, WSJ, American Banker and more...

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  • 1. NetFinance, Miami, April 29th 2014 mBank: the most design-driven DIGITAL bank in the world Michał Panowicz Managing Director | Products, Marketing & Digital
  • 2. 1.Introducing mBank
  • 3. 3 New mBank gained global recognition for banking innovation 6 top global awards in 14 months London Paris Digital & Mobile Excellence #1 out of 130 projects Most Disruptive Innovation #1 out of 330 projects 2013 Innovation Awards 158 biggest banks 56 countries 330 project New York 4x Golden Banker2014 Bank Innovation
  • 4. 4 The biggest innovator in banking Customers: Fidor Bank 0.06 M Simple 0.1 M Moven ~0.01 M mBank 4.4 M
  • 5. 2.Customers want US to change…
  • 6. First online banking svcs in the 90s
  • 7. AD 2014
  • 8. 8 Just 1 year ago we were still deep in TABLE-BASED BANKING
  • 9. 9 Meanwhile Digital Life Has Become SO MUCH MORE Intuitive Contextual Interactive IntelligentBeautiful Apple Amazon GoogleSpotify Mint Mobile Android
  • 10. 10 ► State-of-the-art user interface ► 2nd-gen personal finance management ► Video banking ► Google-like quick search ► Gamification ► P2P payments ► Facebook integration ► 2nd gen mobile application: user interface, LBS, selling, deals, PFM, P2P ► Mobile payments “New” mBank: 11 major digital financial innovations
  • 11. 11 Over 600 final UI/UX models (over 2000+ draft models) 2.9 M 0.16 M0.44 M 0.6 M Core team: ~200FTEs at peaks: ~300FTEs+ Large scale change mgmnt program mBank PL mBank SKmBank CZ Completely redesigned online banking in just 14 months … >200 new features 3.5M customers covered by now Former MultiBank PL will merge by end 2014
  • 12. 3.mBank’s online banking
  • 13. 13 Organic adoption of new services growing fast % of clients who log in to the new mBank INNOVATION ADOPTION ATTITUDE: innovators early adopters early majority late majority laggards 18 25 32 45 69 71 0 20 40 60 80 100 Aug '13 Sep Oct Nov Dec Jan '14
  • 14. 14 Landing page
  • 15. 15 Account balance forecast
  • 16. 16 Quick „Google-style” search
  • 17. 17 Payments calendar
  • 18. 18 2nd generation PFM: features blended into core scenarios
  • 19. 19 Videobanking: video, voice, chat, real-time collaboration
  • 20. 20 Financial products market providing eCommerce-like experience
  • 21. 21 Quick loan application available on main screen of online banking
  • 22. 22 Three simple steps to obtain a non-mortgage loan in online banking 1. Determining amount and tenor 3. Loan available in less than 1 minute from starting the application 2. Confirming terms and conditions
  • 23. 23 Personalized real-time targeted offers based on customer behavior patterns ~20 types of messages spread across the platform
  • 24. 24 Contextual advisory, real-time targeting, online advertising
  • 25. 25 P2P payments: Facebook, text, mobile
  • 26. 26 Merchant-funded deals, payments marketing (mOkazje)
  • 27. 27 Gamification: integrated into online banking
  • 28. 28 New features in 2014: investments
  • 29. 29 Investments: simple and interactive way of investing in mutual funds
  • 30. 30 Investments: quick search across funds’ attributes
  • 31. 31 Investments: overall portfolio performance
  • 32. 32 New features in 2014: consumer balance sheet summary external account aggregation
  • 33. 33 New features in 2014: loans – all types
  • 34. 34 New features in 2014: insurance – (almost) all types
  • 35. 35 New features in 2014: international expansion to CZ and SK
  • 36. 36 New mBank available in Czech Rep. and Slovakia Launch in Feb 2014 • For early migration to new IB signed up 40,510 customers (7% of total number of CZSK customers) • In total we recorded 11 tutorial video which have been viewed by 44,640 viewers (~2x more views than tutorials for Polish NmB) • Awarenes about change to new IB among CZ clients is 80% (according to survey in old IB) • The first spot „Financial me“ has already over 48,000 views on YouTube and became the most successful video on CZ mBank profile LAUNCH CAMPAIGN HIGHLIGHTS [actual for 07.02.2014]
  • 37. and more… 400 and over 200 features over screens
  • 38. 4. mBank’s mobile banking
  • 39. 39 mBank in >20% mobile bank now. 104% growth in 6 wks. Growth in logins by 104% Avererage monthly logins in old apps – 9,5 while in new apps – 33 Share of mobile logins raised from 9,5% to 18,3% 0% 5% 10% 15% 20% Jan Feb Mar Total in mobile New mBank APP Previous mBank APP
  • 40. 40 1. convenience – instant gratification Mobility
  • 41. Simple login
  • 42. 42 What most popular services do is a no-no in banking ULTIMATE CONVENIENCE… COPIED IN BANKS WOULD LAND US IN JAIL
  • 43. 43 mBank: always one step ahead of competitors How long does it take to log in? 5 s 30 -60 s 5 s 30 s other banks login & password PIN bal. payment / bill pay / money transfer
  • 44. 44 Quick and easy access via 5-8 digit PIN Mobile device has to be connected with customers’ account via internet banking platform
  • 45. 45 Mobility2 Usability before login: ▸ balance ▸ alerts ▸ credit card balance ▸ mOkazje ▸ ATMs
  • 46. 46 Most important information accesible pre-login Account balance (PLN or %), places near me Credit card limit (PLN or %) Important information And more: merchant funded offers – mDeals, information about technical breaks, special marketing offers
  • 47. Demo: mobile login
  • 48. 48 Mobility 2. mobile redefines business model
  • 49. 49 Mobile means completely redesigned business model Facebook & Google example
  • 50. 30 second loan
  • 51. 51 mBank: always one step ahead of competitors ABC of credit risk management
  • 52. 52 mBank: always one step ahead of competitors A. banking standard ABC of credit risk management B. innovative parabanks C. mobile mBank Hours (branch) 26%* 3879%* 900 sec. 30 sec. 26%* *fully APR equivalent, includes fees
  • 53. Design-driven change management Loan process in 30 s? Organisational change BusinessIT Risk management Legal Compliance SecurityAudit Supervisor ZBP Others
  • 54. 54 Impossible process? We just did it
  • 55. Demo: one-click loan
  • 56. 56 Additional money in just 30 seconds via one-click loan application Money bar with individual credit limit One-click loan application
  • 57. 57 Mobility 3. taking the bank out of banking experience
  • 58. Text message payments
  • 59. 59 Real-time communication with customers - unique feature in Poland Text payments Mobile context needs text messaging
  • 60. Demo: other cool features
  • 61. 61 Extended transactional scenarios: PFM features Transaction list: Google like searchTransactions categorization
  • 62. 62 New and simple all money transfers Re-build address book with searching through historical payments. Re-designed payment form. New authorisation method – PIN code.
  • 63. 63 Location based services The nearest useful places (ATM, branch, discounts) Map view Real time notifications near useful places
  • 64. 5. Change to innovate
  • 65. 65 We were just like most other banks: PRETTY SILOED
  • 66. 66 We were just like most other banks: PRETTY SILOED
  • 67. 67 We needed to change to deliver a BIG job Break silos: :Non-standard motivation Core value: Collaboration Freedom & Accountability: :Dedicated location Team of 200 1.6 million lines of code 50k test conditions 200 innovative features 1700 screens All products & services 30M Euro budget Just 14 months 4 million customers 3 countries Corporation not startup
  • 68. 68 Break silos: creativity flourishes on diversity, commitment on inclusion
  • 69. 69 Dedicated location: fresh start for teams and unequivocal focus
  • 70. 70 Freedom & accountability = Ideas…. Organized in coherent direction
  • 71. 71 Non standard motivation: e.g. grass-roots „Say Thanks”
  • 72. 72 Collaboration: x-functional teams with balanced decision-making
  • 73. 73 UX evangelisation and balance between 3 professions
  • 74. Branch Online Mobile Digital first NetFinance, Miami, April 29th 2014