Swedbank: Personalized banking across all channels
Needed to balance increased demand for digital experiences with the needs of customers who preferred traditional channels
Overhauled CRM to position itself as a “digital bank with physical meeting points”
Reduced loan application processing times and fully automated some sales and service tasks
"We decided to use Pega for our CRM installation […]We can use that for AI and analytics in order to be proactive and relevant to our customers. This of course creates a good experience across all channels."
The Business Issue
Swedbank is a 200-year-old financial services institution that serves half of the population of Sweden and the Baltic states (Estonia, Latvia, and Lithuania).
In the last decade, the bank has seen a significant shift in how it interacts with customers, processing 5 million digital customer interactions every day, with the majority via mobile avenues.
However, this increase in digital channels has not resulted in decreased demand for traditional channels (physical branches, phone), as their use among customers has stayed the same over the same time period.
Swedbank is known as an institution that prioritizes customer relationships and satisfaction. While continuing to develop digital channels, it still needed to meet the needs of all customers regardless of their channel preference.
Swedbank began its transformation journey by reframing how it saw itself. It was going to be a digital bank with physical meeting points rather than a physical bank with a digital presence.
Swedbank’s transformation with Pega began small, beginning with back office digitalization in lending operations and mutual fund administration. This was followed by the development of a mobile lending origination platform that automated the entire process from application to disbursement.
These early successes with Pega led Swedbank in 2017 to embark on a full CRM overhaul with the goal of creating a true omni-channel customer experience for its patrons. The CRM initiative was divided into three parts:
- Providing one view of the customer across all channels
- Automating personalized “next-best-actions”
- Capturing, handling, and routing service needs
Swedbank is in the process of expanding its digital banking tools to its customers outside of Sweden, but has so far seen the following results within the country:
- Faster processing times for consumer loans, with 60% of applicants receiving an instant response, and a 90% decrease in processing time for manual cases.
- Faster processing times for mortgage applications, with 50% of applicants receiving an instant response.
- 100% automated processes for core use cases within the sales and service CRM.