Banking transformation in action: Novobanco
Novobanco in Portugal presented the incredible transformation work they have accomplished.
As part of the Qorus-Infosys Finacle Banking Innovation Awards 2026, we selected a few of the banks whose projects impressed us the most. Among them, Novobanco in Portugal presented the incredible transformation work they have accomplished.
What transformation strategy has your organization led in recent years?
novobanco led an enterprise-wide transformation to become a customer-centric, digitally enabled bank, anchored on a Journey-Led Organisation (JLO) operating model.
The transformation integrates:
• Operating model redesign, transitioning from functional silos to end-to-end customer journeys
• Customer experience transformation, embedding Voice of Customer into decision-making
• Technology and data enablement, including omnichannel orchestration and AI capabilities
• Cultural change, scaling agile ways of working across 600+ employees
This is not a set of isolated initiatives, but an integrated transformation connecting strategy, execution and value creation, ensuring sustainable performance and adaptability in a rapidly evolving market.
What prompted this strategic transformation?
The transformation was driven by both external market pressures and internal structural limitations:
• Rising customer expectations for seamless, digital-first experiences
• Increasing competition from digital-native players and upgraded incumbents
• Internal constraints including siloed processes, slow decision cycles and fragmented ownership
These challenges were negatively impacting customer experience, time-to-market and productivity.
novobanco recognised that incremental improvements were insufficient. Sustained competitiveness required a fundamental redesign of the operating model, embedding customer-centricity and execution speed at scale enabling continuous innovation and cultural change at scale.
What have been the most significant changes implemented, and how were they led?
The transformation was implemented through a structured and phased approach, combining strong governance with agile execution.
Key elements included:
1. Operating model transformation
• Progressive rollout of a Journey-Led Organisation, starting with initial waves (with 37 multidisciplinary teams across journeys and Centres of Expertise)
• Deployment of agile ways of working across 600+ employees
• Transition to stable, cross-functional teams with end-to-end accountability for both change and run
• Integration of business, technology, operations and control functions, reducing fragmentation
2. Portfolio and value management
• Centralised transformation portfolio with clear prioritisation aligned with strategic objectives
• Implementation of OKRs and value tracking across all initiatives
• Tight linkage between funding, delivery and business impact
3. Technology and data enablement
• Development of omnichannel orchestration capabilities
• Deployment of data platforms and VoC tools (Qualtrics) to capture customer feedback at scale
• Expansion of AI and automation across operations
4. Execution discipline
• Strong governance through transformation committees and performance tracking
• Continuous monitoring of KPIs, SLAs and delivery milestones
This approach ensured that transformation was not theoretical, but fully embedded in day-to-day execution.
What unique or key transformation practices do you follow to ensure success?
The transformation has already delivered strong, measurable results across growth, efficiency and customer performance.
Digital & commercial impact
• Digital and remote sales reached ~73% of total sales (2025)
• Significant growth across key products, including strong increases in digital origination
Operational efficiency & execution
• ~87% of product increments and OKRs delivered, demonstrating strong execution discipline
• Significant simplification cost take-out delivered, close to strategic targets
• Service-level performance improved to ~75% of processes within SLA, with continued upward trend
Customer experience
• Continuous improvement in NPS across retail and corporate segments
• Expansion of Voice of Customer coverage to 80+ touchpoints, enabling systematic insights
• Industrialisation of complaints management, with ~99% SLA compliance in commercial areas
Financial performance
• Strong contribution to banking income and top-line growth (above targets)
• Significant reduction in cost-to-income ratio and risk metrics (as per broader transformation journey)
Overall, the transformation has moved beyond pilots, delivering tangible business impact at scale.
How has your workforce been engaged and transformed through this journey?
The transformation has driven a deep shift in culture, mindset and ways of working, moving novobanco towards a more agile, accountable and customer-centric organisation.
Key people and organisational changes include:
• Deployment of agile ways of working across more than 600 employees
• Creation of 37 multidisciplinary teams, breaking down silos and strengthening end-to-end accountability
• Alignment of objectives, incentives and daily work with customer outcomes, reinforcing a customer-first mindset
• Significant investment in reskilling and capability building, particularly in digital, data and AI
• Increased team autonomy within clear governance guardrails, enabling faster decision-making while maintaining control
This transformation has strengthened collaboration, ownership and delivery effectiveness across the organisation, while embedding customer-centricity into everyday work.
Employee engagement has shown consistent improvement, supported by high participation levels and a positive trend in engagement indicators.
Overall, novobanco is evolving into a highly adaptive, performance-driven and customer-focused organisation, where teams are empowered to deliver continuous value at scale.
What measurable outcomes demonstrate the success of your transformation?
The transformation has delivered measurable, scaled impact across customer experience, operational efficiency, business performance and people.
Customer & experience:
2–3x increase in customer feedback touchpoints
Continuous improvement in NPS across segments
Delivery & efficiency:
Product increments increased by up to +140%
~87% of OKRs delivered
~75% of core processes within SLA
Business impact:
+70% growth in digital sales volumes
~73% of total sales digital (2025)
People:
Significant increase in employee engagement and a positive trend in internal satisfaction metrics
These results demonstrate that the transformation has moved beyond design to tangible, large-scale business impact, combining execution discipline with sustained value creation.
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