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.