POP Pankki's New Mobile Banking and Insurance Platform
New mobile banking and insurance platform
Client:
POP Pankki
Industry:
Banking & Finance
Services:
Application
Team:
UX/UI Designer, Project Manager, Front-end Developer, Back-end Developer, Manual Tester, Automatic Tester
Challenge
Pop Pankki needed a new mobile app that would act as a banking and insurance platform at once. The old one lacked crucial features and customers weren’t happy at all with its design. It was evident as the app had a low 2.8 stars on the App store.
Result
Euvic took care of the entire product development; from analysis, UX design, implementation and testing to launch and maintenance. Additionally, Euvic created also an external API to handle all banking and insurance functions. The plan was divided into three stages:
- Catching up with the market leaders.
- Introducing insurance products to digital channels.
- Implementing and offering new products only through the mobile app.
In the first stage, we prioritized the creation of appropriate teams on both sides (ours and the customer’s one) to fully understand and define the scope of the final product. This meant continuous collaboration between the business unit, the design team, and the software developers who weren’t involved only in building the platform. This step included also verifying business cases and testing unstable APIs that were built simultaneously.
The second stage was to introduce POP Vakuutus insurance services to the market via digital channels. By implementing the insurance part in a mobile banking app, we created cross-selling opportunities in both directions. As a result, the number of insurance customers increased by 19.8% in 2019. The insurance part reported a positive annual result for the first time!
The third stage involved offering new funds to customers only via a mobile app. The problem we had to solve was how to safely offer sophisticated products to both experienced investors and beginners. In early 2019, POP banks added 11 new POP funds to their portfolio. The majority of the third step involved working on two things:
- User experience workshops to deliver an intuitive easy-to-use solution.
- Verifying business ideas with API capabilities.
Examples of functions
Bank: transfers, account services, savings, and loans
Insurance: generating offers, policy purchases, and bonus payments
Additional third-party services: express transfers
Summary
After six months of development, the platform was launched and gained a strong response. The rating on the App store has increased to 4.5 stars and insurance sales have raised by 20%. With the digital transformation, POP Pankki has achieved the best results in the Group’s history in 2019. Profit before tax has increased by 126 percent. The new platform is fast and easy to use ensuring that POP Pankki is the bank with the most satisfied customers in Finland.
In addition to skilled mobile developers, Euvic helped with elegant design of the highest quality, where the best possible customer experience was always in focus. The look and feel of the application has been very well received by POP Pankki customers.
Pekka Lemettinen
CEO Pop Pankki
