Raiffeisenbank’s new retail lending platform in Czech Republic creates positive customer impact

Raiffeisenbank is a subsidiary of the Austrian banking group Raiffeisen Bank International. One of the leading banks in the Czech market, its services cover all segments of the banking industry. It focuses on providing a broad range of financial products and services, including current and savings accounts, personal and business loans, mortgages, investment and pension products, leasing, and insurance.

The bank utilises modern technology and innovation to provide top-notch services to its clients. Its business model is built on strong customer relationships and its abilities to provide tailored solutions to their needs.

As of 2023, Raiffeisenbank had more than 1,600,000 customers and its total assets reached 677 billion Czech crowns (€28 billion). The bank has 119 branches in the Czech Republic.

To cater to its ever-growing client base, Raiffeisenbank launched a new Retail Lending Platform which revolutionises lending with an omni-channel approach. It integrates all distribution channels, enabling seamless switching between them during the loan application process.

It incorporates external data sources and reduces decision time to an average of 28 seconds, providing the ultimate end-to-end digital lending experience.

The Digital Banker recognised the efforts and the success of the initiative, highly acclaiming Raiffeisenbank in the Outstanding Digital CX – Loans (Retail Banking) category at the Digital CX Awards 2024, which were held in Singapore.

Before and After

Before the implementation of the new platform, the bank relied upon traditional methods for assessing the credit risk of its customers. These methods were limited and did not provide the bank with an insightful view of their customers’ financial conditions.

Ondrej Hak

Manager of Retail Lending

The lending process was split across various channels – physical branches, mobile, and internet banking – each with its own technologies and components, leading to inefficiencies and complexities for both customers and the bank. Moreover, the bank had no possibility of providing a loan to a new customer outside a physical branch.

The new Retail Banking Platform takes lending to a new level by leveraging cutting-edge technology and an omnichannel approach to provide a seamless and efficient experience.

This platform integrates all distribution channels – physical branches, mobile banking, and internet banking – enabling customers to start the loan process in one channel and easily switch to another at their convenience. Customers can even drop-off during the loan process and receive immediate assistance from customer support or branch personnel, ensuring a smooth and user-friendly experience.

The advisory assistance feature in the platform enables bank personnel to set up or adapt loan offers according to customer needs, providing a personalised and comprehensive service.

Customers are no longer required to visit a physical branch to apply for a loan, marking a significant advancement in the bank’s digital transformation journey.

In addition, the new platform enables Raiffeisenbank to use various external data sources, such as labour market data, to assess risk and creditworthiness by comparing applicants’ socio-demographic profiles and income information with labour market data. This provides a deeper and more accurate view of an applicant’s financial situation and significantly reduces the decision time to an average of 28 seconds, thanks to real-time data processing capabilities and machine learning techniques.

One noteworthy improvement is the platform’s usage of identification service BankID, which meets the eIDAS (European Digital Identity Standard) requirements, further streamlining the lending process. This allows for a safe, swift, and efficient loan provisioning process, culminating into a seamless, end-to-end digital lending experience also for new-to-bank customers.

Looking Ahead

In 2024, the bank is looking to use the platform for housing lending, including both unsecured housing loans and mortgages. Furthermore, it is training a generic AI engine to help provide chat and voice bot assistance, offering instant help and advice to customers, respecting their needs and adhering to responsible lending principles.

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