The bank is now awaiting sanction for launching a digital-only bank:
Greece’s multinational bank Piraeus Bank had announced a 3-year transformation program in 2021, an initiative to enhance its position as a next generation financial institution marked by its use of the latest technologies, including adapting to the cloud for the whole of its operations. The bank had collaborated with Accenture and Microsoft for this program and it is now in its final phase of completion.
The bank realized that migrating its technology infrastructure to the cloud will be a catalyst for innovation, providing a more robust, secure and compliant banking capabilities. As the project got under way and is now reaching its conclusion, the bank has been able to increase its overall operational efficiency and agility, create new products and offer its services quicker, enhancing customer service, reducing technology costs and contributing to its broader sustainability efforts.
TIE-UPS WITH ACCENTURE, MICROSOFT
While Accenture worked with the bank to strategize and execute the project, Microsoft offered its cloud platform and provided quality assurance throughout the migration process.
The bank also had a strong strategic partnership with Microsoft in its digital transformation, in its enhancing of its operational efficiency and in providing new personalized customer-centric services.
The Athens-headquartered bank is a multinational financial services institution and Greece’s largest bank with a 30% market share in loans and 29% in deposits. The universal bank is designated as a Significant Institution under the European Banking Supervision and is directly supervised by the European Central Bank. It was originally founded by a group of shipowners in Piraeus in 1916 to finance trade.
REDESIGNING BRANCHES
As part of its digital transformation, the bank has redesigned its technology platform integrating digital into its services, thereby meeting the changing needs of the new gen customers. It had started a program to redesign its branches in 2016 to offer faster and personalized service and most of the transactions are conducted through digital channels.
At the newly designed e-branches, there are private areas allowing customers to conduct their banking business in privacy. These branches bridge the gap between physical branches and online/ mobile banking with full automation within a homely environment, and staff to welcome and assist customers who may be less technology-savvy. One of the unique features of these branches is the remote cashier service, which connects customers to an experienced cashier via a video call. Customers can perform 90% of their transactions in this way.
It is expected that when the bank completes its transformation, it would redefine the banking landscape in the country, setting a precedent for other banks.
WINBANK BRAND
Some of the notable product offers from the bank are under the Winbank brand. Its Winbank web banking helps customers to carry out their daily transactions, in an easier and quicker manner, irrespective of the place where the customer is located. The service has tools to manage a customer’s finances in a better way, track his spending and set up saving goals. A customer is also offered the facility to have an overall view of the accounts and cards held in other banks, from one point.
Likewise, its Winbank App, which it developed from scratch, is an easy-to-use mobile banking app. On the dashboard, a customer can get ab overall bank status. Customers can also get suggested propositions, ideas and information. Using the app, a customer can initiate a transaction faster. The functionalities available include ‘Send money to account’, ‘Send money to cards’, ‘Send money IRIS online payments’, ‘Pay a bill with single payment’, ‘Pay a bill – Credit Cards’ etc.
The Winbank phone banking enables a customer to perform secure banking or stock exchange transactions over the phone (landline or mobile). Transactions are possible 24×7 either using an advanced IVR system or by speaking with a contact center representative. The service covers the entire range of banking and stock exchange transactions.
SNAPPI, THE DIGITAL BANK
The bank is in the process of finalizing the launch of a digital-only independent bank. The proposed bank, called Snappi, is awaiting a European banking licence. The digital-only bank is being built with the help of the bank’s technological partner, Natech, and will be available to the people of Europe. The bank wants to exploit concepts like banking-as-a-service and buy-now-pay-later. Snappi will have a focus on the retail consumer segment.
The bank had upgraded its ATM machines with cash recycling available. It has deployed some 300 DN Series ATMs from Diebold Nixdorf. One of the salient features of these machines is that it significantly reduces power consumption and CO2 emissions during the ATMs’ life span. Also the DN Series family is made of recycled and recyclable materials and is 25% lighter than most traditional ATMs.
In the course of an interview to a global banking publication, the bank’s CEO and Executive Board Member Christos Megalou had said the bank had done a lot of work in network and employee rationalization, and “as part of our productivity boost, we did a lot on digital. We have quite a lot of digital offerings.”
mohan@bankingfrontiers.com
