Bank Millennium among most digitally advanced banks in Europe
Bank Millennium has been acclaimed one of top ten most digitally advanced European banks according to Bain&Company’s benchmarking. According to the authors of the report institutions, which invested in digitalisation of their services, coped with effects of the pandemic better. This is further recognition of Bank Millennium recently.
The benchmarking by Bain&Company consulting firm was made on the basis of analysis of the degree of digitalisation of more than 50 banks in Europe. Evaluating the sector experts took into account such factors as development vision, product offering, modern sales channels, customer experience, degree of satisfaction, operational model as well as use of technology and data. Three Polish banks, including Bank Millennium, which came among the TOP10, had scores between 72 and 76 points on a scale of from 0 to 100. The number one on the list scored 88 points.
– Digitalisation of services is a component of our strategy, which we have been developing for some years now. We strive to deliver state-of-the-art world-class solutions, drawing on latest technological developments. We are extremely pleased that digital transformation of Polish banks has such a strong presence on the map of Europe – Joao Bras Jorge, Chairman if Bank Millennium, commented.
The analysed group included top five leading retail banks from, as well as financial institutions from i.a. the United Kingdom, France, Germany, Italy, the Iberian Peninsula and Switzerland. Apart from Bank Millennium two other Polish banks made it to the top ten.
– The pandemic has greatly accelerated development of digitalisation in almost all areas of Bank Millennium. The potential, which we had been developing for a long time, resulted in very quick adjustment of our offering to the dynamically changing reality and customers’ needs. In this way we were able, shortly after the start of the lockdown – despite the generally difficult period and reorganisation of work internally – to provide customers with fully remote purchasing of products with use of latest technologies, such as e.g. opening an account with a selfie – for retail customers, or opening a business account with identity confirmation by logging-on to another bank. We quickly launched the opportunity for businesses to use our channels to apply for Financial Shield subsidies and introduced a number of improvements for borrowers. Moreover the model of branch service was changed, where we also introduced solutions using electronic channels i.a. mobile authorisation of orders or following the status of a mortgage loan application in Internet banking and the mobile app. At the same time we launched a broad educational campaign to help less technologically advanced persons to become comfortable with e-banking and to learn its advantages – Mr. Joao Bras Jorge added.
According to authors of the report a well-prepared offering of digital services results in growth of satisfaction of customers who expect simple and easily available solutions. Banks as leaders of digital transformation have much higher NPS values (Net Promoter Score) – it is 21%, i.e. 10 points above the average for other companies from the sector.
According to the survey digital transformation leaders also have definitely better financial results. Remote forms of contact as well as independent use by customers of the tolls and services made available to them online, also represents the opportunity to significantly reduce the operating costs of bank branches. Thanks to lower costs the average Return on Equity (ROE) of the ten most technologically advanced banks was 8,7%, 2,5 percentage points over the average rate of the other contenders.
Actions of Bank Millennium during the pandemic are also appreciated by customers. This January the Bank won the general classification of Banks Ranking – Customer’s Choice by Bank Financial Monthly. The ranking reflects votes of respondents who were evaluating banks in no less than 16 categories.
Bain & Co., authors of the benchmarking, are one of the world largest strategic consulting companies. The company was established in 1973 and operates 59 offices in 37 countries. They specialise in advisory services for management boards of companies operating in the financial, industrial, health care and trade sectors. They are also a leading consultant for private equity funds.
Last Updated on March 1, 2021 by Karolina Ampulska