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2018 Financial and Social Report

Quality and innovation in the era of widespread digitalisation

Customer centricity and focus on top quality customer experience were the key for all the activities performed by the bank. Innovation and high quality service, as one of strategic objectives of the Bank, constituted an important element of competitive advantage. Effective management of customer experience, especially in the era of widespread digitalisation and rapid technology development demands great attention on our side. Hence, the Bank focused not on creation of “innovative fireworks” but on making customers’ everyday life easier and providing the best possible experience.

In 2018 quality related activities were appreciated by independent auditors and consumers – 93% retail customers were satisfied with their relationship with the Bank and 53% corporate customers were recommending it to others. We were the most often recommended bank in Poland with loyalty measured with the market’s highest NPS score of 61 (survey by ARC Rynek i Opinia).

Source: ARC Rynek i Opinia „Customer satisfaction monitor of retail banks”

Work on quality improvement is a continuous effort divided into several stages such as recognition and understanding of expectations, designing experiences together with their implementation in contact channels and monitoring of key processes and interfaces to ensure their continuous improvement. Customer experience is manageable and designable. For some years now we have been working according to the design thinkingmethodology, which is focused on customer experience, on identifying and satisfying his specific needs.

The key to design the best experience is to empathise i.e. in-depth understanding of customer needs. In order to learn and understand needs changing over time, the Bank conducted regular and comprehensive opinion polls and, to identify areas for improvement, analysed every complaint. Discovering customer needs was a permanent, initial element of each project targeted at changing a process, product, communication or service model. Solutions developed, prior to their implementation, were tested by customers during surveys and discussions.

The Bank also developed classical methods of customer service quality monitoring to support achievement of business objectives and development of sales skills while upholding the customer centricity concept. For example, Mystery Shoppingsurveys show not only the level of compliance with defined customer service standards. They also provide the tool for attitude development by way of communication, designated roles and tasks within the quality improvement work. We have founded the quality monitoring philosophy upon two pillars: moments of truthand close the loop. Following the above approach, in order to strengthen relations and seek opportunities to improve processes, procedures and products, customer experience was measured at carefully selected moments.

The Bank continued its business model based upon further digitalisation and development of mobile solutions. The share of digital channels in product sales increased again while mobile banking was enriched by, inter alia, a chatbot a unique solution in the Polish banking sector. In the Deloitte report „EMEA Digital Banking Maturity 2018”, published in April 2018, assessing digital maturity of financial institutions in 38 countries in Europe and Middle East, Bank Millennium was ranked among digital leaders of the market as innovative, digitally mature bank well prepared to face challenges of open banking and already offering many non-banking services.

The Bank intensively developed strategic pillars of growth in electronic channels including, inter alia, lending processes and access to investment products. It offered an option to apply for credit products 24h/day within the internet banking system and to take advantage of promotional offers in application. Rapid development of product and service sales in electronic banking channels was clear to see both in the most important product categories (see: table below) and in the group of non-banking products and services. Sale of city transport tickets increased by 173% y/y, tourist and transport insurance – by 75% y/y, phone top ups – by 26% y/y, and the number of HCE cards by 109% in a year (HCE is technology enabling contactless payment by phone).

Share of electronic channels in sales volume of key products y/y

Personal accounts*
Cash loans
Current account overdrafts
Term deposits
Savings accounts

*process launched in electronic channel 

Acquisition actions undertaken in-house and in cooperation with third parties, including special sales actions for personal online accounts with additional benefits have resulted in increase of the number of acquired new online customers by 79% vs. 2017.

Care for the highest quality customer experience has been a driver for provision of access, in June of this year, to the new, refreshed web site together with improved login site for individual customers. Changes were preceded with a series of surveys collecting opinions of thousands of users. On this basis we have changed the information arrangement and visual layout of the site, we have adjusted the site to meet the newest market trends and optimised for use on mobile devices.

In 2018, several important regulatory changes were made, which the Bank gradually implemented. By 25 May, the date of GDPR (General Data Protection Regulation) entry into force, the Bank completed all essential work involved with implementation of the new regulations in processes relating to customer information management and is compliant with GDPR in all key areas. On 20 December transition period relative to amended Payment Services Act, which transposed PSD2 expired. The Bank implemented all required changes and as a payment institution is, since that moment, fully prepared to provide customer service in accordance with the new rules. The work on provision of access to services initiated by third parties, which will enable, in the future, access for third parties to information about payment accounts and other open banking services is under way.