How we lead digital transformation across all banking services

One of the leading banks, operating within a dynamic market of Kazakhstan, embarked on an ambitious project to overhaul its digital services for both retail and small to medium-sized business (SME) customers. This strategic initiative, undertaken with a Markswebb digital consultancy known for its expertise in customizing evaluation methodologies to local market nuances, aimed to not only upgrade the bank's digital platforms but also to instill innovative solutions that cater to the evolving needs of its diverse customer base.

This case study delves into our multifaceted approach to digital transformation, ensuring the bank's offerings not only meet but exceed the expectations of its customers and secure a formidable position in the digital banking landscape.

Case will be especially useful for product teams and service owners in the markets of Kazakhstan, Azerbaijan, Uzbekistan, and Kyrgyzstan: we will explain how we adapt our proprietary methods and the benefits this brings to the client's business.

Main challenge: adapt the evaluation system to the local market

• Adapt Markswebb's proprietary evaluation methodologies - review all criteria and evaluation systems considering the specifics of the Kazakh market and digital channels (mobile application, online banking, and additionally for individuals - desktop online banking).
• Independently go through all scenarios using checklists in the client's and competitors' applications and online banks to assess the advantages and disadvantages of current implementations.
• Visualize the results with references for each point so that the product team can see real-life examples of how it is implemented.
• Gather best market practices.

Project highlight: focus on onboarding

In this project, we demonstrated that Markswebb's expertise is valuable for analyzing any digital experience provided to clients, working with almost all of the client's digital services. Firstly, the project covered services for both individuals and businesses; secondly, we studied each version in detail: mobile banking, online banking, and desktop.

Another interesting aspect: we focused on onboarding because it is practically absent in the Kazakh market. Its presence can become a significant advantage for the client. We looked for references in the European market. Additionally, the experience of neighboring countries, which have more advanced onboarding processes compared to Kazakhstan, can also provide relevant insights and further enhance the client's competitive edge.

Case study objective: implementing digital banking solutions

It involves adapting and enhancing the client's digital services across various channels, ensuring they meet local market needs and improve overall digital experience for both individuals and SMBs.

Are you looking to implement or improve digital banking solutions to meet modern customer demands? At Markswebb, we specialize in analyzing digital banking solutions to meet the needs of today’s tech-savvy customers in Kazakhstan, but not only. We offer expertise in areas such as onboarding processes, advanced mobile banking features, and more, ensuring a seamless and efficient digital banking experience. Markswebb provides comprehensive analytics, auditing, and benchmarking services to help your organization thrive. For more information on how Markswebb can help your organization, feel free to reach out to us. Our comprehensive UX benchmarking services are tailored to meet your unique needs and drive business growth.

Strategic objectives and our initiatives

The collaboration was focused on delivering tangible improvements and innovations across the bank's digital services:

• Holistic Digital Service Enhancement. Systematically refine the digital banking experience across all channels for individual and SME customers, ensuring a cohesive, user-friendly, and comprehensive digital ecosystem.
• Localized Competitive Benchmarking. Employ competitive benchmarking tailored to the local market's specific characteristics, aiming to identify service gaps and opportunities for differentiation.
• Focus on Onboarding Experience. Innovate the customer onboarding process as a key differentiator, recognizing its potential to significantly impact customer acquisition and retention.
• Adaptation of Proprietary Methodologies. Customize the consultancy's established digital service evaluation frameworks to accurately reflect the local market's unique attributes and regulatory landscape.

A structured, in-depth approach was employed, comprising adaptation of evaluation frameworks, comprehensive service analysis, strategic gap analysis and integration of market-leading practices.

• Tailoring Markswebb frameworks for assessing mobile and online banking services let us align with the local market's specific requirements and digital banking trends. We developed two distinct evaluation systems for retail and SME banking services, complemented by comparative analyses to rigorously benchmark the bank's digital offerings against key competitors.
• We undertook detailed scenario-based evaluations of both the bank's and its competitors' digital offerings to meticulously map out strengths, areas for improvement, and untapped opportunities.
• Utilizing advanced visual mapping techniques, we juxtapose the current state of digital services against an ideal, innovation-driven future state, pinpointing critical areas for immediate action and long-term strategic development.
• Aggregating a curated list of innovative practices and technological advancements demonstrated by market leaders within and beyond the local market, we suggested cutting-edge practices to significantly enhance customer engagement from the first interaction.

The client's bank digital transformation project is based on the methodologies of Mobile Banking Rank for individuals, as well as Business Online Banking Rank and Business Mobile Banking Rank for small and medium businesses. As always, we adapted the methodologies of the current year for the project: even if the latest version has not yet been publicly released, it is the one used for evaluating the client's services.

Transformative insights and strategic directives

The consultancy delivered a multi-faceted strategic plan encompassing targeted solutions and prioritized enhancement recommendations.

We identified and detailed specific gaps in the digital banking solutions and offerings compared to market standards, providing concrete solutions and references from both local and international markets to bridge these gaps effectively. We supplied a structured list of prioritized recommendations for digital service enhancements, each backed by practical references and examples from successful implementations, aimed at rectifying identified gaps and optimizing user experience.

The strategic overhaul delivered:

• The comprehensive upgrade of digital platforms markedly enhanced user satisfaction, fostering loyalty and encouraging digital engagement among both retail and SME customers.
• The optimization of digital services streamlined banking operations, significantly reducing the cost of customer service and physical branch operations.
• By pioneering innovative onboarding processes and integrating best-in-class digital practices, the bank distinguished itself in a competitive market, attracting new customers and cementing its position as a digital leader.
• The forward-thinking approach ensured the bank's digital ecosystem was not only aligned with current customer expectations but was also poised for rapid adaptation to future technological advancements and market trends.

Result: a step-by-step work plan

Here is what the client received for each project separately - for individuals and SMBs:

• Two assessment systems: an evaluation system for the client's and its competitors' mobile applications and online banks, and two comparative tables based on these evaluations.
• Results of the gap analysis: shortcomings compared to competitors, with references for their resolution from the Kazakhstani and other markets, including recordings of scenario walkthroughs.
• Recommendations for addressing identified issues in order of priority: for each channel.
• A selection of best market practices.

Additionally, for SMB applications:

• An assessment system for opening individual entrepreneur accounts.
• CJM-as-is with the processes of opening individual entrepreneur accounts at the client's bank and competitors, and CJM-to-be, that is the recommended "ideal" ones.

Bottom line

This case study showcases the transformative power of a strategic, comprehensive approach to digital transformation in the banking sector. By leveraging Markswebb consultancy services to implement a tailored, market-specific strategy, the bank significantly enhanced its digital offerings, securing a competitive advantage and reinforcing its commitment to innovation and customer satisfaction.

Our services include solutions for banks and credit unions, enabling banks to deliver personalized and user-friendly digital experiences. Whether you need digital transformation, better digital banking platforms, or innovative financial services, we cater to both consumer and business needs. Our expertise extends to API banking, ACH, payment solutions, customizable dashboards, and digital strategy, ensuring your bank stays ahead in a competitive market.

Markswebb's comprehensive digital banking approach covers the entire digital environment, from regional banks to leading financial institutions. We focus on enhancing customer experience, user engagement, and overall efficiency through feature-rich and secure solutions designed to meet the unique needs of your organization.

For more information on how Markswebb can help your organization with comprehensive digital banking solutions and achieve a future-proof digital transformation, feel free to reach out to us. Our comprehensive UX benchmarking services are tailored to meet your unique needs and drive business growth in the ever-changing market.