Qorus Banking Innovation Awards 2017

UBI Banca- Phygital Distribution Model

12/09/2017 Banking Innovation

About

For the first time an Italian Bank is facing the challenge of a complete redefinition of the Bank / Customer relationship with an innovative framework: a new working method that is not based on single silos but converges all the efforts of the 11 streams, on a common goal.

Innovation presentation

For some years now, UBI Banca has developed a new omni-channel dialogue-based customer relationship. This innovative paradigm aims to detect and address customers’ needs by bridging physical and digital worlds, creating a seamless and integrated “phygital” experience.

To achieve these challenging goals UBI Banca designed and implemented a new “Phygital model” structured into 11 dedicated streams:

- Customer Experience

- Branch Distribution Model

- Digital Migration

- Internal Digital Transformation

- Big Data

- Real Time Marketing

- Digital SME

- Customer Satisfaction

- Contact Center

- Digital Payments

- Digital properties evolution

The program required a radical rethinking of current Bank’s processes and service models. More than 60 Bank resources belonging to 15 different departments have worked side by side to identify:

• most relevant multi-channel customer journeys combining Personas and Products

• real-time and profiled marketing strategies, also unleashing the power of Big Data

• structured Digital Migration program to increase Internet Banking adoption and usage

• new branch distribution network working on new segmentation, Client port-foliation,…

• new contact center concept leveraging on remote advisors and new digital sales processes

• new digital capabilities (Web & mobile) to align the Group with the best champions

• low value internal tasks to be improved thanks to new digital capabilities

• new products and services for SME segments

• main customer satisfaction probes to detect and improve user experience

The project is currently ongoing (at pilot phase for some streams) and sees a strong collaboration between different areas (Marketing, Commercial Coordination, IT, Remote Channels, Legal & Compliance, …) to ensure the implementation of every single tile of the model.

Uniqueness of the project

Working model: design thinking process starting from data: from the quali-quantitative analysis and the identification of the main segments, UBI Banca defined the digital capabilities required to activate the Bank-Client omni-channel customer relationship

International Expertise: for each streams, international subject matter experts are involved in the realization of "best in class" ideas and models.

Cross-function: the project was based on the collaboration of the main business and IT functions, supported by staff functions (Legal & compliance, …)

Harvard approach: consumers do not really by products or services, they rent them to have a job done. With Phygital Distribution model, UBI Banca identified solutions for consumers’ real problems: ‘‘Technology for the sake of technology is interesting, but technology that truly helps people is a big deal!’’

In-Depth Analysis

The Reason Behind

UBI Banca has embarked on a digital transformation journey, aiming to become market leader in Italy for Digital Banking and online presence.

UBI aims to achieve its goals through the evolution of digital services offered to their Customers as well as improving the overall user experience and customer satisfaction. On June 2016, the Bank announced to the market the new Business Plan that will drive the Group in the next three years.

The Plan focuses on "new strategy on customer segments" and "evolution of distribution model". This development plan would not be possible without an innovative approach to physical and digital worlds and a new omni-channel vision with the aim of a complete redefinition of the Bank-Client Customer Experience and all related channels.

Results

Main results: definition of :

New customer journey design methodology

11 personas, 13 main customer journeys, 70 triggers and 70+ new cross-channels features to adress Bank’s product strategy across al touchpoints

New branch formats, coverage and roles

+60 Digital migration actions

New digital processes to free-up in-branch FTEs (about 1000 FTEs)

New algorithms to exploit big data power

New operating model for marketing automation initiatives

«near real time marketing» use cases

New SMEs’ products and services

+50 customer satisfaction probes

Interested in learning more? Speak to Boris, Qorus's Content Lead

Qorus has a library of almost 8,000 innovation case studies across critical areas like customer experience, sustainability, marketing & distribution and more that can be used to inform your decision-making.
Contact us

Related innovations

22/02/2024 Insurance Innovation

Master Actuary: AI For Actuaries

A new green pricing era ? : Master Actuary is so powerful that it can assess driver risk based on...

21/02/2024 Insurance Innovation

SightBit

SightBit is an Israeli company specializing in autonomous artificial intelligence systems for detecting and predicting hazards in open waters. SightBit’s...

20/02/2024 Insurance Innovation

Lyfery - Prevention Driven Life Insurance

Lyfery backround Lyfery is an insurtech company based in Estonia, founded 1.5 years ago by individuals with extensive experience in...

15/02/2024 Insurance Innovation

An expert weather model for a fast and efficient claims management

To simplify the management of weather-related claims, Société Générale Assurances has integrated a solution that enables its claims handlers to...

Related news & insights

SME Banking
23/02/2024 News

Griffin launches Foundations: BaaS integration for UK companies

Griffin, a leading UK bank and Banking as a Service (BaaS) platform, has introduced Foundations, an early access program tailored...

Digital Reinvention
22/02/2024 Article

Banking on the Cloud: 7 major banking trends for 2024

The 2024 Banking on the Cloud report combines insight from analyst firms and global consultancies with knowledge gained by working...

Digital Reinvention
21/02/2024 News

Rakuten Bank hits 15 million customer milestone

Rakuten Bank, the digital banking giant, recently celebrated a remarkable feat: exceeding 15 million customer accounts by February 11, 2024.

Digital Reinvention
20/02/2024 Article

Halyk Bank's digital upgrade: Elevating customer experience with advanced storage solutions

As digital demand surged, Halyk's storage infrastructure faced strain. Legacy systems struggled to cope with increased traffic and transaction volumes,...