Says it is technology that helps it to influence its corporate and retail customers, who are in millions:
Norway’s DNB Bank insists that technology has made it more available to its customers. The bank is constantly developing new products and services even as it is simultaneously improving and simplifying systems that are built decades ago. Today, the bank claims it influences 233,000 corporate customers and 2.1 million personal customers’ everyday life.
LARGEST BANK
Oslo headquartered DNB Bank is Norway’s largest financial services group, with total combined assets of more than 3.4 trillion Norwegian kroner in 2023. The Norwegian Ministry of Trade and Industry and Sparebankstiftelsen DnB NOR are the largest owners of the bank. It offers corporate, retail and securities markets services and has an investment bank, DNB Markets, a finance company, Cresco, a real estate agency DNB Eiendom and a fund managing entity DNB Asset Management. It has the largest customer base in the country – 2.3 million retail customers and 229,000 corporate clients. It is also one of world’s largest shipping banks and a key international player in the energy sector.
3 PILLARS OF TRANSFORMATION
The bank has declared that it has taken up its digital transformation through 3 pillars – people, process and technology – people at the heart of the organization, processes to establish a strong ownership structure with clear responsibilities delegated to people at all levels and technology as the key enabler.
A unique way of making use of these key pillars has been the bank’s recent effort in developing what is describes as a ‘churn algorithm’, which identifies customers at risk of leaving the bank. The tool developed using this algorithm has helped the bank to transform the operations of one of its teams charged with recovering customers to accurately identify customers who are about to leave and take remedial measures and retain them.
DNB Bank has engaged India’s Tata Consultancy Services as its IT transformation partner. It has signed a 6-year multi-million euro deal for application maintenance and development services across the bank’s IT portfolio – covering channels, core-banking and master data areas.
EFFECTIVE USE OF VA
The bank has been using virtual assistants and AI-powered routing as well as chatbots in its digital plans – it was able to get a 30% reduction in call volumes and resolve 90% of inquiries. It has used tools like Genesys Predictive Routing that allows bank agents to close more high-value loan and mortgage deals. There are 1500 agents, who handle 8 million annual interactions with voice, digital channels and work items centrally managed through the Genesys solution.
The bank has also partnered with boost.ai, a conversational AI platform for customer service in banking, insurance and the enterprise market, which helped it to develop and launch Aino, an advanced digital banking advisor, which is its first-line customer support. Anio automated almost all incoming chat traffic and has been interacting with a majority of the bank’s customers. Conversational AI allows Aino to answer what it knows to the best of its ability, while seamlessly routing more complex interactions to humans.
The bank has also developed a virtual agent that can function across 7 business units. Called Juno, it assists agents and advisors in quickly and easily accessing the various routines they need to follow when assisting customers, in addition to other key information. Juno uses the boost.ai platform’s filtering functionality that allows a single virtual agent to provide answers across multiple business units, without the need for each unit to have its own standalone bot.
NEW MOBILE BANKING APP
DNB Bank has recently rebuilt its mobile banking platform, which allowed it to have new features and at the same time create the foundations for a cloud-native infrastructure. Its technology team built an AWS Landing Zone for a secure creation of a multi-user AWS environment. It also created its own cloud CoE. The bank decided to build a lean offering, roll it out to customers and build a richer application through continuous, agile development. Key mobile banking features were on AWS at launch. More complex features from the legacy system were added subsequently. The new app has proven a hit with users, growing in capabilities and popularity since its launch.
It is not just the mobile banking app that the bank has modernized. It is now running a highly effective experience management platform built with capabilities from Adobe and AWS. The next in the planning stage is an online bank that offers a true omnichannel experience to the customers.
Making use of the huge amount of data that is stored on its cloud platform, the bank has come out with a money management module within its mobile banking app, which can analyze customers’ financials to create breakdowns of their expenses. The app gives the customers more insight into and control over how they spend their money.
HELPING GOVT INSTITUTIONS
The bank is allowing external organizations in the country, including the country’s central bank and the Ministry of Finance to make use of the data to predict trends in the Norwegian economy.
This article has been compiled based on publicly available information on the web, particularly the bank’s own website.
Read more:
EU’s bouquet of funding programs for SMEs
