By Alexandra Jocham, RBI
The customer need for digital platforms has continuously risen in the past years – and it will further rise in the light of the current Corona crisis. “It is all about reducing effort, complexity and providing state of the art interfaces instead of the good old-fashioned mail or pdf communication,” says Herbert Auinger, responsible for Corporate Digital Transformation at RBI, and Business Owner of the new sales and service platform ‘myRaiffeisen’.
In a customer survey, 50 of RBI’s largest international customers were interviewed for their priorities in digital solutions but were also asked which elements of the collaboration could be improved. The feedback was very clear: 50 per cent wanted an improved Know-Your-Customer (KYC) process, 20 per cent suggested a streamlining of the account opening and 10 per cent wanted an improved lending process.
“Hence, RBI started the development of an eKYC process, but only after having executed a thorough process streamlining in the back-office,” explains Auinger. After establishing a completely new agile team working on the highly complex KYC process and a thorough testing period, RBI rolled out the full-scale eKYC solution in the market in September 2019. As first business bank in Austria RBI has significantly simplified and digitalized the KYC process for its clients, reducing the efforts substantially.
However, eKYC was only the beginning of a comprehensive digital journey on the new platform. In October 2019, RBI rolled out eSpeedtrack, the online application for an ECA (Export Credit Agency) guaranteed export finance product. Within a few weeks, RBI did not only receive plenty of requests and deal opportunities via this solution, it also earned a very positive feedback from ECAs across Europe, also from highly-digitized Scandinavia. In January 2020, this was followed by the much more complex eKYC process for institutional clients. Further, RBI has established a state-of-the-art digital onboarding process by implementing a customer front-end for digital account opening. “Our customers can now easily apply for their business account opening and e-Banking connection at once, filling in just a few fields”, tells us Nina Fieber, Business Topic Owner for eAccount Opening at RBI, about the key advantages. The team around the online services received a very positive feedback from customers during prototype and ‘friends & family’ testing. “The process cycle time will be shortened from four weeks to one week.”
“I am extremely proud of the team: delivering real business value with increasing speed and efficiency, a constantly high level of dedication and motivation, and this even in a dislocated Corona-infected business environment,” Ivan Sakotic, Product Owner of myRaiffeisen, adds on the real heart of the solution – a highly devoted team.
The coming months and years will focus on the further scaling of the platform: developing an intuitive customer interface with 360-degree access to all services, onboarding new products for digital sales like eFinance and digitizing further customer relevant services. And RBI plans to roll out this crucial sales and services process also to its subsidiaries in CEE to further drive customer experience.
The myRaiffeisen platform will soon form an integral part of this positioning. It will significantly facilitate the work of approximately 3,000 corporate customers that are serviced by RBI head office, most of them part of international groups, with an overall turnover of at least 500 mn EUR. In addition, some 100,000 corporates that are covered at a group level are in a position to benefit from these innovations.