Opening a new business in an industry packed with legacy players, like banking, is a huge challenge. Opening a new bank with a 100% digital model is an even bigger challenge. That was the challenge for Banco Original, which is now an example of success for digital transformation.
As a private financial institution headquartered in São Paulo, Brazil, Banco Original started investing towards a 100% digital bank in 2003 for its corporate, agribusiness, and retail areas.
The retail operation was launched in March 2016. The proposal included innovations such as the opening of a checking account on a mobile app, as well the ease and the integration of processes such as transfers, payments, withdrawals, virtual check deposits, premium investments and withdrawals in foreign currency at their own ATMs.
A CHALLENGE TRULY ORIGINAL
There was a time in when bank transactions were made only at physical agencies or through ATMs. Today, there are multiple channels to accommodate consumer needs like convenience.
To adapt, Banco Original wanted a platform that would be innovative, multichannel and secure, in a completely digital environment. In order to make an immediate impression at launch, the bank needed a business partner that had a similar innovative strategy.
The digital project won in the Applications category of the Bank Report Award 2017, promoted by marketing firm Cantarino Brasileiro, considered the most influential in banking.
According to Carlos Augusto de Oliveira, Director of IT and Operations at Banco Original, transforming the user experience from the physical world to a digital environment requires discretion: “Being all digital is a new concept since the banking experience is not easily translated from the physical world”, he says.
"When creating the 100% digital model, the bank reinvented the client interaction with products and financial services in an intuitive and direct way” adds Oliveira, explaining its success in the first year.
To collaborate and implement this digital transformation, Banco Original turn to Stefanini, a strategic partner for the development of digital channels and services.
Stefanini has implemented 20 projects for Banco Original since 2015, here are three examples:
Today, customer open accounts via the mobile phone, with no red tape. The solutions developed by Stefanini and its affiliates evolve in a way to self-adapt to the style of current and future generations.
"Stefanini has great experience in mobile projects, which allowed us to bring innovation and engagement to the customer's digital experience,” says Marco Stefanini, founder and Global CEO of Stefanini.
The digital team determined the ability to open accounts on the phone was strategic and fundamental for the launch of Banco Original because it showcases the values of being 100% digital – convenience, agility, efficiency, and innovation.
“We made the technology team think differently to deliver a user-first tools to make the customer’s day-to-day transactions easier and intuitive,” says Carlos Augusto de Oliveira.
USAIN BOLT TYPE OF RESULTS
For the launch campaign, Banco Original chose world record sprinter Usain Bolt, highlighting his unique way of running and training. Just as Bolt is considered one-of-a-kind, the bank also wanted to showcase its distinctive business model.
Recently, Banco Original introduced BOT Original through Facebook Messenger, a 24-hour virtual customer service tool. Customers interact with the bank as if he/she were talking to a friend through Messenger. Through this channel, customers can check a balance, withdrawal and pay other Banco Original customers, all within Messenger.
"This is a new concept since the traditional banking experience can’t just be translated from the physical world in a simple way. In creating the 100% digital model, which has added more than 400 thousand clients since launching in March 2016, the bank reinvented customer interaction with financial products and services in an intuitive and direct way”, Carlos Augusto de Oliveira, Director of IT and Operations at Banco Original.