20 Jan 2023
10 min read

mBank

Synerise helps mBank gather and analyze datain real time and based on it, create a hyper-personalized customer experience.
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Client

mBank has been a synonym for innovative banking solutions for years. It is the first fully Internet-based bank in Poland, which set the direction of mobile and online banking development. It is one of the strongest and fastest growing financial brands in Poland, listed on the Warsaw Stock Exchange since 1992.

Challenges

1. Lack of consistent real-time 360 customer analytics for all omnichannel communication with the client

  • Previously, there were several separate analytics tools different ones for every channel (open pages, mobile apps, online banking, forms)
  • It made it hard to create a 360-degree view of the customer and fully personalized communication

2. Automation mechanisms were implemented in development teams

  • Developers were required to implement automations, using Complex Event Processing - a non-optimal and costly way (custom development foreach scenario)

3. The personalization of each channel needed development

  • was not suited to dynamic A/B/X testing
  • required development and takes time,1 to 3 months

Solution

Thanks to the integration of this data in one unified place and the possibility of managing it in real time, mBank provides the customer with an excellent omnichannel experience tailored to their preferences and needs. The application of artificial intelligence enhances communication targeting and personalizes offers for each customer across all channels.

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Cooperation with Synerise – decision

The main factors relevant to the decision-making process for mBank were:

  • To find one complex solution which can analyze all customer data from every touchpoint in real time
  • To use only on-prem solutions - due to the willingness to process personal data and transactions of clients covered by banking secrecy
  • To fully integrate with the mobile application using the mobile SDK
  • To find a platform that can provide management solutions, such asAccess Control Lists (ACLs) and template approval processes
  • To find a company with huge knowhow in the e-commerce industry, from which the bank can get the same tool used by the biggest e-commerce and learn best practices from the best e-commerce in the market
"With advanced tools such as Synerise, we can identify anomalies in our customers’ behavior, which allows us to create new sales paths, but also discover customer problems and improve their experience, constantly increasing the NPS and optimizing our communication."

Krzysztof Pałuszyński, Deputy Director of Omnichannel, mBank

Selected results*

  • 4 million identified clients with marketing consents (PL, CZ, SK)
  • 32 million events tracked daily
  • 50% growth - almost 50% growth quarterly in personalized campaigns on the website
  • 10% increase in conversion on the cash loan form thanks to dynamic content creations (implemented using Synerise)
  • 31.5% increase in investments on top sales yearly, from campaigns based on Synerise leads
  • 100 personalizesd automation process that generates sales leads
  • 60% in the number of leads generated by Synerise

* To precisely define the profit generated by Synerise campaigns, mBank provides A/B/X tests andsends campaigns using the control group.

Summary

With Synerise’s help, mBank implemented complex business scenarios that significantly improved the customer experience, presenting precisely targeted communication and personalized recommendations for customers using different touchpoints with the bank.

Synerise provides information on the most frequently used and necessary features of the bank’s systems with an impact on the roadmap of end applications and improved conversion of customer acquisition forms.

Synerise platform also helped in the acquisition of new customers through scenarios of abandoning information pages and observation of anomaly detection in banking systems.

All in all, access to the analytical platform for bank analysts and business employees in real time, enabling any in-depth analysis and formulation of strategic conclusions for the product and communication with customers.

Next steps

The first stage of cooperation with Synerise, which was based on organizing the data and connecting all communication channels, finished successfully. It opened up the possibility of starting the next stage, based on artificial intelligence.AI is a very important area with great potential for mBank.

In the near future, mBank in cooperation with Synerise will plan a significant development in the AI & Optimization area. A few key projects which will be developed will be connected mainly with AI Churn, AI Search, AI Recommendation sand AI Anomaly communication with customers.

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