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03.08.2021 13 min read

Advantages with Analytics and Digitalisation

Swiss Banks Secure Competitive Advantages With Analytics and Digitalisation

No place in the world is as associated with banking as Switzerland. But can our banks still live up to their reputation?

Swiss banks are also in the midst of a wide-reading transformation, most of which comes in the guise of digitalisation and automation, although it’s always essentially about ensuring greater innovative strength, customer centricity and scalability.

Successful transformation results in competitive advantages that guarantee the bank’s future. Will Swiss banking manage to survive in the age of Open Banking and global competition?

These examples – made in Switzerland – prove that a future pioneering role for Switzerland is possible and show how Swiss banks can enjoy success with analytics and digitalisation to differentiate themselves and stand out from their competitors time and again.

Leaders in Customer Satisfaction: Luzerner Kantonalbank Digitalises its Customer Experience

Luzerner Kantonalbank AG (LUKB) is right up there with the most digital Swiss retail banks. When developing new products and services for e-banking, LUBK focuses on customer needs – and bank customers like digital banking. They appreciate the convenience, user experience and availability of e-banking that is as user-friendly as possible.

To ensure a customer-centric solution, a new look for their e-banking was developed and refined together with selected bank customers. During the redesign, finance management solutions for private and business customers were introduced that are now available to all LUKB customers. The specific improvements in digital banking are more or less determined by each customer, as they are tailored to individual user behaviour.

What do bank customers really want? Find out here and learn how banks fulfil their customers’ wishes.

The Journey Towards a Superior Customer Experience and Increased Differentiation

The new products were developed by Swiss FinTech provider Contovista and tailored to LUKB’s needs in terms of functionality and design. The integrated Personal Finance Manager increases the relevance of digital banking in the day-to-day lives of private customers. Daily updated KPIs to manage spending behaviour, such as “Left to spend” and personalised insights, help customers to better understand their finances and achieve personal financial goals.

Related content: read this blog post to learn about the enablers of personalisation in banking.

Contovista’s Business Finance Manager, which is available for business customers, is the central financial cockpit for SMEs and enables business customers to plan liquidity in advance. Acting in an AI-based and data-driven manner, the BFM offers comprehensive analytics tools that enable business customers to have their cash flow under control at all times, gain more security and control over their finances and save valuable time to focus on their core tasks.

Decreasing Costs for Increased Functionality: The Viseca App Provides End-to-End Optimisation

The self-service offering of Viseca’s one app provides real-time information on credit and debit card transactions. The idea? App users have complete transparency on all credit card spending and can break it down by category. The information displayed is individually tailored to users’ financial needs. And it’s going down well: with over 1 million users, the one app is the most used financial app in Switzerland.

In the one app, no two user experiences are alike: personalisation is based on data analytics and existing quantity structures. Via intelligent data analysis in the self-service system, users maintain the best possible overview of their spending behaviour and can navigate the app independently.

The result? Customer service inquiries relating to transaction identification have been reduced by around 10 percent – and this trend looks set to continue. The impact on other key business drivers, such as card sales and churn rates, is being analysed on an ongoing basis. However, the findings thus far point to promising developments in these areas as well.

The Path to Minimising Costs and Ensuring Greater Transparency for Users

With Contovista’s support, Viseca has taken the analytics functions integrated into the one app to a whole new level. Transaction data is enriched with valuable additional information such as the spending category and merchant name. This way, Viseca offers its users a comprehensive solution for personal finance management.

The analytics functions of the one app as well as the categorisation of credit card transactions are based on the Contovista Enrichment Engine. The real-time connection via an API enables new transactions and credit card authorisations to be immediately enriched with an expense category and displayed in the one app. Viseca thereby reduces support costs and encourages its users to keep their spending under control.

Read the case study on how Switzerland’s no. 1 finance app optimises its user experience and reduces support costs.

Data-Driven Banking Makes Innovation Scalable: How Raiffeisen Succeeds

With around 3.8 million Swiss private customers, Raiffeisen is a heavyweight in the Swiss banking world. Its success is based not only on keeping up with the times, but also on actively shaping them. Given their high number of customers, Raiffeisenbank has to ensure that its architecture is designed in such a way that innovation can be scaled seamlessly, even with increasing data volumes and user numbers.

To remain innovative in the long run, Raiffeisen relies on a mix of internal know-how and Open Banking partnerships for data-driven solutions. This way, Raiffeisen Bank shows once again that it is in no way inferior to challenger banks, and not only in terms of the user experience.

More on this topic: How scalability in banking works!

The Path to Continuous Innovation and Scalable Data-Driven Banking

Thanks to the long-standing Open Banking partnership with Contovista’s data experts, Raiffeisen benefits from the innovative strength of a dynamic FinTech and can regularly offer its customers new updates and added value.

These benefits are clearly illustrated by the example of the financial assistant, which undergoes continuous development by Contovista. As part of the regular updates, the approximately 1.6 million e-banking users receive the very latest functions to ensure an innovative banking experience. The financial assistant is fully integrated into Raiffeisenbank’s e-banking and impresses with its clear design and the many, customer-friendly details that give users optimal control over their finances.

Based on intelligent data enrichment and analytics, the AI-driven solution provides real-time insights and proactively highlights key events. Services such as semantic transaction search, merchant logos for better orientation, and advanced budget planning with daily alerts complement the existing customer offering. There’s also a monthly “left to spend” calculation, helping to better manage spending based on monthly incoming cash flow.

The result? Bank customers have better control over their finances, banks boost customer loyalty and can respond to customer needs in an even more personalised way in the future with highly relevant offers and recommendations.

… Learn more about how to stay at the top of the game in our free whitepaper Data-driven Banking:

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