Mimacom as long-term digital partner
Migros Bank has chosen a long-term digital partner in Mimacom, with more than 20 years of experience in the banking sector and the necessary technological expertise to successfully implement a digitalization strategy.
What makes a bank the best digital provider for retail customers? Which prerequisites must be met to address the ever-growing requirements of its customers and convince them in the face of competition with neo-banks and fintechs? The current digitalization level of retail banks operating in Switzerland was recently analyzed in detail for a study by Lucerne University of Applied Sciences and Arts (HSLU). Various criteria were used to determine which digital functionalities, services and products are available. The criteria range from «website functionalities & general service offerings», «e-banking» and «mobile banking», to «touchpoints and customer interaction», «financing», «investment and pensions» and «payments», to «digitalization level in the branch», «bank-related services», the use of «data science/analytics and machine learning», «automation and process efficiency», and the use of various «technologies».
And the winner is… Migros Bank!
Migros Bank secures first place with the best digital offering. It leads the field in the areas of «digital investment & pensions» as well as «touchpoints» and the «digitalization level of the branch» and has also improved significantly compared to the previous year with ten additional functions.
The HSLU study still identifies significant differences between Swiss banks in terms of their digital offerings and considerable potential for improvement overall. A higher degree of digitalization is seen at larger banks with correspondingly larger balance sheet totals. However, the decisive factor is the consistent implementation of a clear digitalization strategy, as the example of Migros Bank demonstrates. Its digital transformation process has been successfully supported by Mimacom for around five years.
From the first software project to a long-term partnership
In 2018, for the implementation of its customer applications and services, Migros Bank was looking for a digitalization partner who would consistently take the customer’s perspective into account when implementing software projects. Mimacom was able to demonstrate its expertise in an initial test project for «online appointment management» and impressed with the speed, performance, and quality in which the product was implemented. Over the years, the initial project-based collaboration has resulted in a successful and cooperative partnership on an equal footing.
«We have built up Migros Bank’s trust with our quality and speed in recent years and have thus created the basis for a successful partnership. Our customer’s business expertise and the technological competence of Mimacom team members are incorporated into joint projects. These are ideal conditions for finding an optimum solution together, even in the face of challenges.»
Consistent end-to-end support
The combination of a clear digital development strategy and agile collaboration is paying off. Migros Bank now has a comprehensive digital offering with advanced products and pioneering online services. These range from digital touchpoints such as online appointment management for new customer acquisition, e-banking, online conclusion of a mortgage or leasing contract, to the expansion of a digital workplace for client advisors. The online tools not only offer customers user-friendly, transparent, and needs-based services – they are also integrated into the bank’s internal processes through automated workflows and provide clear added value for the bank and its employees.
Mimacom enables seamless digital processes for customers and, at the same time, implements the front-end and back-end applications as well as the interfaces to the relevant internal and external peripheral systems. For the ongoing development of new projects and features, Mimacom offers end-to-end support through to back-end integration. Specialists in the areas of user experience, requirements engineering, software architecture and development or design are provided as required. Mimacom thus has the necessary flexibility to respond to the needs of customers in the implementation of their digital strategy.
«Our collaboration with Migros Bank is really special. There are not many banks that have such a clear roadmap for their development strategy. We are proud to be their digitalization partner for the technical implementation.»
Current success story: digital onboarding
The interaction between Mimacom and its partner Flowable and the use of Flowable Work is also beneficial, as the latest success story illustrates: in collaboration with Migros Bank, Mimacom developed new and automated processes for digital onboarding. As a digital platform, Flowable Work combines business and IT by means of low-code functionalities and, as an open architecture, enables easy integration into the existing system landscape. The achieved process acceleration alone is an impressive KPI for the success of the project – of course adhering to the corresponding compliance requirements: today, Migros Bank’s digital onboarding process for new customers only takes 20 minutes – not several days.
Understanding customer needs
As a long-standing development partner of Migros Bank and an expert in regulated sectors such as the financial industry, Mimacom continuously develops the requirements for the new and future system alongside the customer.
«Thanks to our technical expertise and competence in agile setups and procedures, we can provide an optimal solution for the bank and its end customers. In consulting, development and implementation, we attach great importance to open and transparent communication and look for individual and optimally suited solutions together with the customer.»