About
Orange Finanse is a result of a strategic collaboration between mBank and Orange. It increased the mBank distribution network 7 times instantly without any direct investment in branches. It allowed Orange to differentiate its offer with fully-fledged mobile banking powered by Orange customer data.
Innovation presentation
Orange Finanse is a fully-fledged mobile bank founded by:
• mBank – the fourth largest bank in Poland with an award-winning digital platform,
• Orange Poland – the biggest telecom in Poland with almost 900 points of sale.
This alliance is beneficial to all parties. It creates an opportunity for mBank, which developed a breakthrough digital platform in recent years, to increase the return on investment by upscaling its distribution model. Without a penny more spent on costly branches the digital platform has a new source of customers, supported by 900 Orange points of sale and millions of touch points with potential customers each month.
We are witnessing a revolution in which smartphones become the heart of a new ecosystem, enabling customers to manage all aspects of their lives. With Orange Finanse the operator can offer a unique product, leverage its customer base and data on customer behaviour. It provides the customers with new products such as seamless mobile payments to achieve a competitive edge and compensate deterioration of margins.
Within 10 months after the launch Orange Finanse became mBank’s most important acquisition vehicle doubling the bank’s monthly accounts’ sale and contributing to an acquisition of nearly 200k retail and business customers by mBank. Currently, such an extraordinary result has shifted mBank together with Orange Finanse to the top of the list of the most dynamic banks in Poland in terms of new customer acquisition.
Uniqueness of the project
All over the world there are only a few banks which made similar alliances. There are several factors that make mBank Orange venture outstanding and unique:
• Instant, sevenfold expansion of the distribution network
In 6 months the bank expanded its distribution network sevenfold at a cost of one medium-sized TV campaign. mBank offered Orange efficient entrance into banking at limited risk level.
• Self-sufficient mobile bank supported by physical touch-points
Banks are spending millions on TV campaigns to encourage customers to download their mobile applications. Orange sales network holds a dedicated army of 9 thousand advisors and is able to turn over a million customer interactions a month into lessons. Furthermore, Orange Finanse mobile bank is available on newly shipped devices next to youtube application. In one step the customer gets a fully active mobile account with an overdraft and NFC mobile payments.
• Orange Finanse customer can save on Orange services
mBank-Orange endeavour allows its customers to decrease monthly spending on Orange services in return for regular activity on account. Therefore, banking became a part of Orange core offering.
• Telecom data leveraged for the development of lending business
Telecom database can be used as a powerful tool in the banking business. mBank assesses Orange customers credibility online based on their behaviour. Therefore the acceptance rate is threefold higher as compared with the one achieved on new to mBank customers
