mBank ramps up digital banking with Meniga
Check out our latest video, in which we discuss our integration with Poland’s largest online bank. mBank’s Mobile Banking Branch Director Lukasz Maculewicz, and Transaction production Department Manager, Jagoda Wierzbicka, will share insights, findings and results of the banks recent upgrade with Meniga and how customers are responding to new online functionality.
The problem
mBank’s incumbent offerings were obsolete and not nearly at the digital standard of common online services with whom their customers regularly interacted: Facebook, YouTube, Spotify, etc.
The solution
Mid 2013 saw the proud launch of “ new mBank” — the first major European online bank to undergo a comprehensive, mass-scale, “Bank 3.0” digital overhaul. Meniga worked closely with mBank to redesign their system to create a beautiful, user-centric interface for traditional online banking functions. The new mBank platform meets consumer and partner demand for advanced personal finance management, video banking, real-time CRM, merchant funded transaction based offers, Facebook integration, P2P payments and gamification. Its mobile and transactional banking system is now the best in the Polish market.
The answer: white label it!
Rather than tackle this problem alone, they selected Meniga for its feature set, elasticity and debt on a deep level. Using Meniga, mBank could mitigate risk and scale up quickly with new functionality from components that were already built but customizable for their individual needs. Meniga was able to work with mBank and deliver to a tight deadline.
Meniga delivers crucial functionality for mBank, including access to a financial overview, a Google sized search engine, options to set categorical transactions and define different budgets, and constant monitoring.
The results
Every day nearly 2 million customers actively use the basic Meniga functionality in mBank’s transactional banking systems. The more advanced scenarios, for example defining transaction categories or setting budgets are used by roughly 20% of mBank’s customers. Through this upgrade we can offer customers a deep knowledge about their financial situations including a complete overview over their income and spending. Customers can quickly, easily and precisely:
· Search their different financial operations in the search engine in the transactional banking system
· Control their spending, through transaction categorisation
· Monitor how much they spend with budgets on offer in the transactional banking system
The increased customer satisfaction as a result of the new offerings has resulted in a greater customer loyalty, with mBank now having a very high retention rate. The increased engagement also creates a greater number of touchpoints for mBank with its customers. As a result, the bank is able to gather rich anonymised data from Meniga, and to create better, personalized attractive banking offers for its customers and vendor partners.
Moving forward
mBank recognizes the importance of mobile as the primary channel of contact with the Bank for many customers. With many mobile only customers, it is working with Meniga to think about delivering new solutions including advanced personal finance management in their mobile application.
“Each day nearly 2 million customers are actively using the basic Meniga functionality in our transactional banking systems”
“Meniga delivers crucial functionality for mBank, that makes our mobile and transactional banking system the top one on the Polish market”
About mBank
Founded in the year 2000 as pure-play Internet, mBank became the largest online bank in Poland by 2012. Consistently deemed as a financial sector innovator, mBank offers a full range of retail and SME financial products, and is recognized as one of the most admired consumer brands in Poland. mBank was awarded “Best of Show“ at Finovate Europe 2013, Europe’s most prestigious financial technology conference.
About Meniga
Meniga was founded in 2009 and is the European market leader of white-label Personal Finance Management (PFM) and next-generation online banking solutions, reaching over 35 million online and mobile banking users across 17 countries. Meniga’s award-winning solutions help retail banks across the world dramatically improve their online and mobile banking user experience through innovative solutions designed to get people to think about and engage with their finances. Meniga was awarded Best of Show in 2011, 2013, and 2015 at Finovate Europe, Europe’s most prestigious financial technology conference. Meniga’s offices are in Reykjavik, Stockholm, and London.