Fibabanka and VeriPark Collaborates for Easy-to-Use Mobile and Internet Banking Service! Fibabanka
By collaborating with VeriPark to design its' Internet banking and mobile banking frameworks, Fibabanka saw a twofold increase in the number of its retail customers, and a three-and-a-half-fold increase in corporate customers. With this successful project, Fibabanka raised the bar of user-friendliness for its customers, while acquiring a framework for sustainable success through the use of VeriPark's VeriBranch platform. Fibabanka also saw a 100% increase in the number of "EFT-to-account" transactions, which are one of the most common transaction types on internet and mobile channels.
Fiba Group, known for its successful history in the banking sector, has established Fibabanka through acquisition in 2010. With 67 branch offices across Turkey, Fibabanka is active in corporate, commercial, SME, retail, agricultural and private banking sectors. The bank experienced tenfold growth since its acquisition by Fiba Group and in accordance with its policy of continuous development, Fibabanka is today on a mission to identify and address the customer needs in the most effective and fastest manner.
VISION OF BEING THE BANK OF THE FUTURE!
Emre Ergun, Fibabanka's Executive Vice President of Retail Banking, says that Fibabanka, since its acquisition by the Fiba Group, aims to accurately identify the needs of its customers, and to address them by implementing the best possible solutions.
Emre Ergun refers to Fibabanka's vision of "Bank of the future" when explaining how they prioritize the customer needs: "Building a robust framework for mobile and internet banking was among our primary requirements when Fibabanka was acquired in 2010 by Fiba Group as a 18-branch-office bank. If we take 2010 as Fibabanka's 'ground zero' year in terms of its IT framework, we took all our next steps towards achieving this vision of being the bank of the future."
Planning its future with an innovative approach, the young Fibabanka has first transformed its core banking systems and rebuilt its IT infrastructure. Once this infrastructure was up and running, the bank has embarked upon renewing its internet banking framework. With the banking of the future in mind, Fibabanka decided to choose VeriPark as its technology partner.
NEW GENERATION TECHNOLOGIES FOR NEW GENERATION CUSTOMERS
Today, "progressive youth" is one of the 6 corporate values adopted by Fibabank. Standing out with their ability to quickly adapt to new technologies and innovations, and to integrate them into their lives, the "progressive youth" are also essential for the HR department of Fibabank. 20% of Fibabanka's workforce is composed of young university graduates. The bank aims to capitalize on this young team's energy and way of thinking.
When Fibabanka initiated the project to renew the internet banking framework, EVP Emre Ergun notes, they sought an answer to the question 'what difference can we bring on the table in order to address the young generation better.' "As Fibabanka itself was a young brand," Ergun states, "we wanted to serve young professionals, young individuals, and young businesses better in line with their expectations and with their tendency to use new technologies." Fibabanka always plans for the needs of ten years ahead when designing its products, services and solutions.
MOST USER-FRIENDLY INTERNET BANKING SITE IN TURKEY
In order to implement the banking of the future vision and to make it sustainable, Fibabanka's visionary team collaborated with VeriPark's team who has comprehensive know-how in developing innovative internet and mobile banking solutions. This fruitful collaboration led to many innovative ideas during the preliminary project stage. A unique 'search' function – a first and still unparalleled in its current form in Turkey – was envisioned during these preliminary studies.
Adopting 'the simpler the better' as a guiding principle, Fibabanka's internet banking service was designed to provide a very user-friendly experience without compromising any customer needs.
Özlem Kaptanoglu, the Assistant Unit Head for Distribution Channels, ATM and Internet Banking Services, explains the user-friendly features of the bank's internet banking site: "Our accordion menu design allows for vertical navigation, instead of forcing the user to go page by page at each step. Our internet banking users can go several steps back any time, if they need. Also, thanks to the smart search function designed by VeriPark specifically for Fibabanka, any banking transaction can be performed as easy as using a search engine. Here, we have a highly customized smart search functionality. For instance, when your search 'EFT' it brings not only the menus relating to EFT functions, but also shows the last 10 EFT transactions performed by the customer. We can list similar transactions, latest transactions, or all EFTs. In addition, when you search an EFT code, you can see all transfers under that code. You can make a search by giving the name of a receiving party, say, by entering 'EFT to Ayşe.' To sum up, the search function of our internet branch was designed by the example of a smart search engine."
END-TO-END SOLUTION BROUGHT TO COMPLETION WITHIN 6 MONTHS
While the project was implemented after 6 months of development, Fibabanka's internet banking team undertook the coordination functions throughout the project. The bank's team also included representatives from operational, IT and other business departments. Throughout the development phase, Fibabanka's IT team worked in close collaboration with VeriPark's team. Following the development phase, a test team was formed again with representatives from each department. Enthusiastically supported by the executives of each department, the internet banking project was successfully completed within the time constraints, followed by the mobile banking project. In 2015, the mobile banking system was also up and running.
SPECIAL EMPHASIS ON SMBs
On its internet and mobile banking platforms, Fibabanka asked for a special module to be added for SMBs. While it is a common practice in internet and mobile banking to separate retail and corporate customers, Fibabanka requested another menu system exclusively for SMB customers. EVP Emre Ergun explains the reasoning behind this decision: "There are differences between the needs of SMBs and corporate customers. Here, we designed a separate structure for SMBs to allow for more streamlined, simpler navigation so that they wouldn't be losing themselves in unnecessary details. This structure suits the intrinsically dynamic nature of SMBs and helps them to use our internet and mobile banking platforms in a fast and effective manner. Therefore, our internet and mobile banking platforms are differentiated from our competitors' platforms in three main aspects: Accordion Menus, Smart Search, and separate login and menu systems for SMBs and corporate customers."
Emre Ergun emphasizes that such functionality was made possible by the flexibility of the VeriBranch framework, and he adds: "Taking advantage of the framework's flexibility, we can provide privileged services to our clients. For instance, if we decide today to offer services in the 'direct banking' segment, this framework will allow us to add the specific definitions for that segment and implement it in a quick timeframe."
AWARD-WINNING INTERNET BANKING SERVICE
With its innovative approach to internet banking, Fibabanka won the "Most Innovative Internet Bank" Award in the Stevie International Business Awards 2014. The bank also won the "Best SMB Internet Banking in Turkey" prize in 2014 by the International Finance Magazine. "Still, the most meaningful prize for us was Fibabanka clients' expression of their satisfaction directly to our personnel," says EVP Emre Ergun.
NUMBER OF USERS AND TRANSACTIONS INCREASED
Fibabanka's clients are highly satisfied by the internet and mobile banking performance of the bank, which is reflected in the numbers. After the implementation of the renewed internet and mobile banking platforms, Fibabanka doubled its number of its retail customers, and more than tripled the number of its corporate customers. Fibabanka also saw a 100% increase in the number of "EFT-to-account" transactions, which are one of the most common transaction types on internet and mobile channels.