Banking in 2024: challenges in Customer service

Banking in 2024: challenges in Customer service

Today’s banks face a number of challenges that affect their operations and profitability. In June 2023, the National Bank of Poland showed that the banking sector did not record a single PLN of profit. To make matters worse, total net losses amounted to PLN 1.29 billion. Faced with rising operating costs, falling demand for additional services and increased competition from fintechs, banks are feeling mounting pressure to go ‘full digital’.

What will the banking sector face in 2024?

  1. Growing operational costs. In an era of digital transformation and increasing regulatory obligations, cyber security and compliance costs are getting higher.
  • The global ecomomic condition is causing consumers to close their wallets. Banks are experiencing a drastic drop in demand for additional services, such as loans and deposits.
  • High competition from fintechs, such as Revolut or Wise. These modern financial platforms are more flexible, adapt quickly to market needs and attract customers who are tired of the old-fashioned approach of traditional banks.

‘Full digital’ in a bank is no longer a wish, but a necessity

The solution to the above problems is full digitalisation and further automation of processes in banks. Most Customers expect to be able to handle all banking matters via phone or computer. If a bank is not fully digital, it loses customers and, as a result, profitability.

As Algotech CEO Zsolt Fekete, who has been working within the banking sector for more than 20 years, points out: ‘The key is to use solutions that have already been tested, for example in other banks. This allows the bank to reduce risk and implementation time. Algotech has been providing such solutions at the Bank/Customer interface for many years.’

The Polish banking sector is doing well in terms of digitalisation compared to Europe and the world, but this process is still ongoing. Banks have been talking about the need for digitalisation for many years and have already implemented many solutions in this direction. This trend will continue in the coming years. It is also worth mentioning that the digitisation of the Customer in Poland is ongoing at the same time. Some Customers are still digitally excluded, so the bank must not only strive to digitise its own processes, but also persuade the Customer to use digital channels and solutions. What technology investments are worth considering in 2024 to meet the Customer’s expectations?

  1. Digitising the last line of Customer service

Traditional methods of Customer service, which rely on physically standing in a queue, are costly for both parties. Both the Customers and the banks lose time and money. Przemysław Stanisz, VP Business Relations Algotech, describes how one bank tackled this problem: ‘Faced with the COVID-19 pandemic, Hungary’s MKB Bank encountered the challenge of keeping Customers safe and maintaining a high quality of service in traditional banking outlets. As a response to these challenges, MKB bank implemented a state-of-the-art queue management system, Linistry, which eliminates the need for on-site waiting and significantly reduces service costs.’


The Customer generates a digital ticket remotely, at home, along with the current waiting time. This allows the bank and, above all, the Customer to:

● use the waiting time efficiently,

● reduce the uncomfortable feeling of uncertainty regarding waiting times,

● adjust the channel choice, allowing for an alternative service path,

● resolve issues remotely, without having to visit a branch,

● increase satisfaction levels in CX surveys.

Details of this case study are outlined at:

Implementation in just 2 weeks

Linistry is a cloud-based solution, the implementation of which requires compliance with a number of regulations, so typically such integrations take months. In the case of MKB Bank, the implementation of the solution took just 2 weeks. Why?

Zsolt Fekete, CEO of Algotech, answers: ‘The implementation was possible thanks to the cooperation of the bank’s various departments. It was completed in just 2 weeks, which shows that commitment and open communication on the part of both the bank and the Technology Partner, are guarantees of a successful integration.’

How else does Linistry help the Customer’s digital transformation step by step?

  1. A Customer who comes to the branch signs up for a queue, e.g. to a cashier or to a local consultant.
  2. At the branch, he or she is informed that the next time they can make an appointment via the bank’s mobile app or via the Contact Centre even before visiting the branch.
  3. Prior to the next visit, the customer searches for the branch or the type of service they want to access at the branch. This defines for us the Customer’s need and allows us to choose the type of service and channel that is best suited to satisfy it. This helps us provide an even better customer experience.

Thanks to this digitalisation, the Customer feels served at every stage of the purchase path, while at the same time operations are transferred to automated systems that take the burden off the bank’s staff.

2.   Remote digital signature in the bank-client relationship

Customers increasingly expect fast, secure and convenient solutions that allow them to handle banking matters without having to visit a branch. However, traditional identity verification methods, such as signing documents with a handwritten signature, are time-consuming and inconvenient.

Better document signing

Electronic signature is a technology that allows the identity of the person signing a document to be verified by electronic means. It is just as valid and binding as a traditional handwritten signature, but much more convenient and secure.

One of the most frequent providers of this type of solution in Europe, is Namirial. Examples from the Western market show that banks such as Raiffeisen consider it a trusted Partner. One of the key differentiators of Namirial’s solutions is their ability to operate across multiple channels – both stationary and online. They enable Customers to sign documents anywhere, anytime, on any device, which is invaluable in more complex processes such as consumer credit implementation.

Benefits for banks

Moving to digital signatures brings a number of benefits to banks, including reducing operational costs, speeding up processes, avoiding deadlocks and improving the Customer experience, while maintaining regulatory compliance. The signature processing platform can run in the cloud or be deployed locally, ensuring that the document does not leave the Bank’s infrastructure during the signing process. With Namirial, the Bank can accept qualified signatures from multiple trusted-service providers simultaneously. This ultimately reduces the cost of the solution, ensures personalisation of the service and allows the Customer to use the signature they already have.

E-signature at Raiffeisen

Mag. Sandra Golser, Head of Team Digitisation, confirms that the implementation of e-signature at Raiffeisen was a hit. ‘Additionally, combined with Raiffeisen push, it has significantly improved the Customer experience.’

Raiffeisen’s full case study can be found here:

Another example of a successful implementation is the collaboration with Deutsche Vermögensberatung, Germany’s largest independent financial advisory firm, serving more than 8 million customers nationwide, in more than 5,200 offices and branches. This collaboration demonstrates how the process of signing a car insurance contract can be fully digital, using biometrics and a qualified electronic signature.

The full case study in the form of a video presentation can be found via this link:

Financial Compliance

Communication in the financial sector has evolved from 1:1 conversations to cloud-based video meetings and online conferences, which poses new challenges for compliance departments. Anna Prończuk-Omiotek, Marketing Director at Algotech, highlights: ‘There are many solution providers on the market for recording conversations that lead to deals. New cloud-based communication channels, such as Microsoft Teams or Zoom, present new challenges, including an increased risk of cybercrime. Not every system allows for recording on cloud platforms, which creates gaps in regulatory compliance and risk management.’

Solution: Verint Financial Compliance

Verint Financial Compliance provides advanced communication recording solutions to help financial institutions operate in compliance. It allows all interactions to be recorded, secured, analysed and understood.

Saxo bank

‘The case study of Danish Saxo Bank shows that implementing the above solutions not only helps to ensure compliance with MiFID II regulations, but at the same time provides an intuitive and engaging customer experience,’ Anna Prończuk-Omiotek emphasises.

What specifically has Saxo Bank gained from the implementation of Verint Financial Compliance?

  1. Unified compliance: from basic telecommunications to compliance needs on the trading floor.
  2. Usability: the Verint system is easy to use for both IT administration and end users.
  3. Rigorous security: Saxo Bank can control access to recorded interactions, ensuring that nearly 2,000 employees have access to only the most relevant data.

Algotech – Banking partner

Algotech is a leading provider and integrator of ICT solutions specialising in the area of banking for 20 years. The solutions provided by Algotech support the processes of:

  • Customer service, providing e.g. a queuing system,
  • work organisation, e.g. in the area of e-signature,
  • and information security, e.g. call recording on Teams or Zoom.

What sets Algotech apart from its competitors?

The company relies on innovative and proven technologies that are part of the digital transformation trend. As a result, Algotech’s customers do not have to fear the risks involved in implementing new solutions. Working with Algotech is a guarantee that they will not become ‘guinea pigs’. Simpler implementation and certainty of success are key strengths of the company.

Additional confirmation of Algotech’s experience in the banking market is the cooperation with banks, such as Raiffeisen, BZ WBK, Millennium Bank, Eurobank, KBC, BNP Paribas.

About the authors:

Zsolt Tadeusz Fekete

CEO, Co-Founder Algotech

Przemysław Szymon Stanisz

VP Business Relations

Anna Prończuk-Omiotek

Marketing Director

Last Updated on February 6, 2024 by Anastazja Lach