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 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 has delivered improvements to their digital capability across a range of areas including:
- Automation of credit origination and disbursements for personal loans (both direct and via third parties) and mortgages
- Faster more efficient processing of consumer loans with 65% getting an instant response and an over 80% decrease in processing time end-to-end
- Improved processing for mortgages with a 65% decrease in processing time and over 50% of digital applications getting an instant response
- Up to 100% STP for core sales and service use cases (such as voice-initiated card replacement or additional card) with the ability to route direct to team members based on customer choice