PKO Bank Polski as the Digital Transformation Leader

2021.02.15

During the pandemic, PKO Bank Polski has become more digital and innovative, assisting clients in daily banking.
In 2020, the number of log-ins to the IKO mobile app exceeded 1 billion.
Our clients had over 1 million talks with the bank’s AI, among others with the use of the IKO Voice Assistant.
PKO Bank Polski won the first place in the Finnoscore ranking and became the European leader of digital banking and is in the Top 10 of the most digitally advanced banks in Europe according to Bain & Company.

PKO Bank Polski has become more digital and innovative, making it easier for the clients to handle daily banking during the pandemic. This is evidenced by numbers and distinctions of experts who analyse the digital development of financial institutions. In 2020, the number of log-ins to the IKO mobile app exceeded 1 billion 150 millions; clients also had over 1 million talks with the bank's artificial intelligence, among others with the use of the IKO Voice Assistant. PKO Bank Polski won the first place in the Finnoscore ranking and became the European leader of digital banking and was included in the Top 10 of the most digitally advanced banks in Europe according to Bain & Company consultants.

PKO Bank Polski is rapidly transitioning into a banking platform offering financial services. Digital banking is developing particularly rapidly on mobile devices where clients are using the IKO app which is breaking new records of popularity and active use. One of the elements of such change is also the increasing use of the artificial intelligence in banking processes and contacts with clients and the bank's high positions in the European rankings of digital development.

Over 1 Billion 150 Million Logins to IKO in 2020.

The IKO mobile app is the most popular banking app in Poland with a wide range of functions. In 2020 only, the users logged in to the app over 1 billion 150 million times, which is an absolute record in the scale of the year. In total, since the moment of the IKO’s launch in March 2013, there has been over 2.9 billion log-ins. This means that last year, almost 40% of all these log-ins since the beginning of the app's operation were made, and in comparison to 2019, it is an increase by 47%. The number of active IKO apps has already exceed 5 million, most on the Polish bank market and it continues to grow.

In 2020, PKO Bank Polski’s mobile banking was developing rapidly. The number of the clients’ interactions in the IKO app reached 3.8 billion which is an increase by 46% (plus 1.2 billion interactions), compared to 2019. The number of financial transactions commissioned via IKO since the beginning of the app's existence until the end of 2020 reached 637 million. In 2020, it was 302 million transactions, which means a growth of 68% year-to-year. The average number of the users log-ins to the IKO app in 2020 was 311, which is a growth of 19%.

The bank’s strategy assumes much more frequent contact with clients and success is already noticeable here. According to Finalta McKinsey’s report, in the case of active users of the IKO app, they log in to it on average 1/3 times more than the users of other banks in Poland and in Europe. This makes 29 log-ins per month with the average of 20 log-ins for Polish and European banks. Easier digital processes and an extensive offer of additional products (the so-called beyond banking) make the clients more willing to use them.

says Aleksandra Sroka-Krzyżak, head of the Strategy Department

IKO is continually developed and enhanced with new functions. Last year, the possibility of paying the highway toll was introduced to the app without the necessity of stopping at the toll-gates, the possibility of opening a "selfie” account, filing an application for setting up a business account and simultaneously registration of the company in the Central Registration and Information on Business (CEIDG), as well as insight to accounts from other banks - checking the account balance and history of transactions (the AIS service as part of open banking) or the possibility of assigning a friendly log-in. IKO has also received its characteristic short sound (jingle), which the user hears when a push notification is sent. This year, more new solutions are scheduled, e.g. servicing of e-Identity, activation of IKO on foreign telephone numbers or possibility to purchase and to service investment funds.

1 Million Talks With the Bank's AI

An example of the dynamic digital development of PKO Bank Polski is the Voice Assistant launched in the IKO app last year. With the use of voice instructions, it allows to make a money transfer, check account balance and history, top up a telephone or make a BLIK payment, as well as change the card limit or repay a credit card. The IKO Voice Assistant understands and reacts to over 120 types of instructions uttered (or written) by the account holder and it is continually learning and developing. Soon, it is going to understand several dozen more types of instructions; it will help analyse expenses and offer better support for the visually impaired people. The bank’s clients also showed their appreciation for this convenient solution: they have held 360,000 talks with the Assistant.

The clients’ instructions are dominated by transaction orders, such as transfers or topping ups, searching for a function in the IKO app and inquiries about products or services. We can also see that in the course of time, the clients are testing the potential of the system asking new, more difficult questions - some of them refer to, e.g., current events such as the coronavirus pandemic, governmental aid schemes for enterprises or even... the release of Cyberpunk. We are continually working to meet the ever growing clients’ requirements and are developing the Assistant’s linguistic skills and its new functions.

says Kamil Konikiewicz, director of the AI Development Office

The AI in PKO Bank Polski is not only the IKO Voice Assistant, but also voice – bots talking to clients via the bank’s help-lines. In total, 640,000 such talks were carried out, which means that the threshold of 1 million talks with the bank’s AI has been reached. An interesting example is a bot handling the incoming help-line calls: it has replaced the interactive voice menu (“if you are an individual client, press 1”). It welcomes the client and asks for information about the purpose of the call and then puts the call through to a competent consultant or process. The caller does not have to waste time for “press 2, press 5”, but is directed to where the assistance is offered right away. The voice-bot understands 250 different subjects and in January a record was broken: 100,000 calls handled within a month.

PKO Bank Polski is the indisputable leader of the Polish banking sector in the area of understanding and processing the natural language. Experts in this field working for PKO Bank Polski announce that subsequent solutions will be introduced for clients in the area of sound, text and image processing, which will be introduced and developed.

First Place in the Finnoscore 2020 Ranking and Top 10 in the Bain & Co. Rating: European Leader of Digital Banking

In December last year, PKO Bank Polski won the Finnoscore ranking which assesses digital maturity and experience of banks in the area of innovation. Digital aspects of operation of 200 banks from Europe and Northern America were analysed in the breakdown. PKO Bank Polski was highly assessed in the following categories: on-line banking, social media, mobile application, omni-channel communication and innovation strategy. 300 criteria in 12 selected segments of operation were examined.

PKO Bank Polski is also in the Top 10 of the ranking of the most digitally advanced banks in Europe, drafted by Bain & Company. The level of digitization of 50 leading European banks was analysed. Such factors as the development vision, product offer, modern sales channels, client experience, level of satisfaction, operational model and use of technology and data were taken into account. The analysis includes 100 criteria. PKO Bank Polski received credits for the best digital strategy, innovation activities and a strong position in on-line banking and mobile application, well-digitised bank processes from the client’s perspective, intuitive and well-designed on-line banking for desktop computers and mobile devices. The authors of the report also stress that the “data and technology are the foundations for the business philosophy of PKO Bank Polski.”

These distinctions and high positions in prestigious rankings, based on objective criteria and assessments of independent experts show the appreciation for great acceleration of the bank’s digital development in the recent years. 1 million talks with the bank's AI, over 1 billion log-ins to IKO and the first place in the Finnoscore ranking, along with top position in the Bain & Co. rating testify that PKO Bank Polski remains a strong number one in the Polish banking sector, also the digital one.

summarises Szymon Wałach, Head of the Digital Strategy and Transformation Division

The digital evolution of PKO Bank Polski has accelerated during the pandemic. A number of remote processes and services were implemented; for example, the clients can seek advice from a video-consultant on-line, file documents with qualified electronic mSzafir signature, open a “selfie” account or set up an investment account in iPKO. Digitisation, automation and use of AI tools are becoming even more important nowadays as a result of changes caused by the pandemic.

***

PKO Bank Polski is the indisputable leader at the Polish banking sector. After three quarters of 2020, its’ consolidated net profit amounted to PLN 2.02 billion and the value of assets PLN 377 billion. The Bank is the basic supplier of financial services for all segments of clients, having highest shares at the market of deposits (18.4%), credit (17.6%), lease (11.2%) and investment funds for natural persons (22.2%). Having over 9.55 million pay cards, the Bank is the largest issuer of debit and credit cards in Poland. Thanks to the development of digital tools, including IKO, which has been activated almost 5 million times by the end of the third quarter of 2020, PKO Bank Polski has become the most mobile bank in Poland. The Capital Group companies reinforce the Bank’s strong position. PKO Bank Polski Brokerage House is the leader with respect to the number and the value of IPO and SPO transactions on the capital market.

Piotr Wardziak

Komunikacja oferty bankowości detalicznej, inwestycyjnej i dla firm

PKO Bank Polski

prasa@pkobp.pl

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