Banking in the digital age: Balancing innovation with human touch
[This story was initially published in May 2024 as part of the second edition of the bank's newsletter, RaiMagazine.]
In the ever-changing landscape of banking, where technology also evolves alongside customer demands, our bank has remained resilient and adaptable.
Over the past six months alone, our main digital platform, Raiffeisen Plus, has undergone a significant transformation. While already known for its comprehensive set of services extending beyond mere payments and account management, numerous new features have been introduced to further enrich the customer experience.
Introduced initially in November of last year, with subsequent additions following earlier this year, these new features aim to make Raiffeisen Plus a one-stop app catering to almost any customer need related to their banking. From loan applications to bill payments and mobile phone top-ups, Raiffeisen Plus today is indispensable to our customers.
While digital applications for financial services are indeed commonplace in today’s banking landscape, the ongoing improvement of our digital portfolio represents just one part of our comprehensive strategy to achieve full digitization. Investments on customer research and user experience, among others, are also key components of the strategy.
Digital solutions are safe to use, with the bank paying special attention to providing robust security measures. Advanced protocols ensure the confidentiality and integrity of clients’ personal and financial data.
While our commitment to digital innovation is evident in the enhancements to Raiffeisen Plus and our broader digital portfolio, the bank remains strongly committed in its dedication to maintaining a human touch. Iliriana Toçi, a Member of the Management Board for Retail, highlights the balanced approach.
“Although we are committed to automating services, simplifying processes, and offering digital solutions to all our customers, we recognize that the human element remains crucial. This is particularly significant in Kosova, where the digital landscape is still catching up with Western Europe,” she says.
From payment solutions to loan applications - a broad suite of digital tools at your fingertips
Our bank offers a comprehensive portfolio of digital tools that extend beyond Raiffeisen Plus to cater to a diverse range of customer needs. Among these offerings are convenient payment solutions such as RaiPay, RaiPos, and Stick n Pay.
RaiPay simplifies the banking experience by serving as a digital wallet. With this app, customers can make payments directly from their mobile phones, eliminating the need to carry physical Visa or Mastercard. Stick n Pay offers another seamless option, requiring only a simple sticker placed on your phone or device to enable payments.
While RaiPay and Stick n Pay facilitate payments, RaiPos transforms your mobile phone into a POS terminal, allowing you to accept contactless payments from Visa and Mastercard. The app offers the advantage of portability, enabling you to take your POS anywhere without the hassle of extra cables or equipment. It is easy to use and ensures secure payment processing.
In addition to payment solutions, our bank offers online platforms designed to simplify the loan application process. RaiKesh platform, included in Raiffeisen Plus app, has gained significant recognition for its user-friendly interface and efficiency. This online platform enables customers to apply for loans quickly and conveniently, requiring only a few documents and an internet connection. On the other hand, SMEOn is also becoming a key source in acquiring Small and Medium-sized Enterprise (SME) customers.
For our premium clients, we have launched a special direct channel of communication, RaiConnect. The customers can engage in various interactive communication methods with the bank, including chatting, exchanging documents, conducting video calls or meetings, and sharing their computer screens with our staff, fostering a dynamic and personalized experience. Additionally, through RaiConnect, customers can receive guidance on their financial plans and investment strategies, further enhancing their banking experience and ensuring comprehensive support for their financial goals.
Incorporating client feedback during service design
To enhance the daily banking experience, the bank has implemented Service Design discipline, with a primary focus on prioritizing the customer. This approach aims to develop, update, and launch products and services that meet evolving customer needs and expectations.
By continuously incorporating customer feedback, the bank refines preferences and improves banking experiences through activities such as mapping customer journeys, streamlining processes, and enhancing interactions.
Methods such as meetings with customers and focus groups are employed to solicit feedback on the services offered, ensuring that the bank remains responsive to customer needs.
Keeping the human touch in place
Raiffeisen Bank in Kosovo has the largest branch network in the country, comprising a total of 36 branches spread across the entire territory, which plays a crucial role in ensuring easy access to financial services for both urban and rural residents. By bringing banking services closer to the population, it ensures greater participation in the formal financial system. Our committed branch personnel serve as a vital support system, assisting clients throughout their banking endeavors.
In addition, the bank has a 24/7 Contact Center and other communication tools available to our clients. The journey of digital transformation in banking is not merely about embracing the latest technology, but about leveraging it to enhance the customer experience while preserving the human connection. As we continue to innovate and evolve, our commitment remains steadfast: to empower our customers with cutting-edge digital solutions while ensuring they always feel supported and valued through every interaction with our dedicated team.