When Morocco’s CFG Bank obtained its commercial license in 2012, freeing it to evolve from an investment bank into a retail commercial bank, the transition didn’t just accelerate CFG Bank’s digital transformation; it spurred the bank to push the envelope.
“In order to succeed, we had to be unique. We couldn’t do or offer the same thing, otherwise we weren’t going to have any clients.”Driss Benchafai, General Manager and co-CEO
CFG Bank’s leaders knew that many Moroccan consumers wanted more of the digital banking experience and capabilities that have become prevalent around the world. In an attempt to satisfy these “demanding” clients, CFG Bank has adopted a technology-centric three-pillar strategy built on simplicity, transparency, and sustainable customer relationships.
But CFG Bank couldn’t make this happen without a mobile technology platform that could help it excel on the digital front.
CFG Bank’s search led the bank to Kony, now part of Temenos, and CIO Zouhair Boulmane recalls that it was immediately clear that CFG Bank had found a platform with all the qualities it was looking for, beginning with an open architecture. The platform they chose is now part of Temenos Infinity.
“We didn’t want to run the risk of choosing a platform that might restrict us, and we wanted to be able to develop something different every day”Zouhair Boulmane, CIO
Giving Customers What They Want
Less than a year later, CFG Bank launched a pilot app designed to offer its “demanding” customers an array of autonomous capabilities they desired.
Customers can use the app to conduct typical banking transactions, activate or deactivate a credit card, or instantly modify credit card limits. More recently, CFG Bank added a personal financial management tool designed to help customers budget their spending more effectively.
This all-in approach to its digital banking app has enabled CFG Bank to effectively retrain its customers to come into the branch only when making big financial decisions.
“The objective is to have our clients conduct 80 percent of their transactions outside of the branch office,” said Benchafai.
That objective has matched up well with Moroccans’ clear desire for autonomy. CFG Bank has seen brisk adoption of its digital banking app, coupled with high levels of satisfaction, a year after the app’s introduction.
The bank has further stoked that adoption by ensuring that when a new client comes into a branch to open an account, he or she doesn’t leave without downloading the app.
“We cannot imagine one of our clients not using our digital banking app today. It would be like saying that a client doesn’t have a debit card.”Driss Benchafai, General Manager and co-CEO
Work in Progress
The initial success of the app certainly hasn’t caused CFG Bank to rest on its laurels; in fact, quite the opposite. Utilizing the Temenos Infinity Retail Banking app has opened CFG Bank to a new level of flexibility and a whole world of ideas as the bank’s leaders often look to what other clients around the globe are doing to get the most out of the technology.
CFG Bank also gets plenty of motivation from its customers, whose eagerness to do new things with the app pushes the bank to constantly innovate.
“Clients call their account managers to ask about the app—what’s new, what new functionalities are being added,” Benchafai said. “Being responsive allows us to deliver quickly and to be in continuous improvement.”
With its mobile channel firmly established, CFG Bank is looking to a future in which additional cutting-edge technologies add even more value to the customer experience.
For example, Moulhim Aouad, Retail Executive Director, prepares for artificial intelligence to be paired with data analytics and consumer behavior analysis.
“The goal is not to robotize the customer experience, but rather to be able to predict and assist in decision making for both the client and bank,” said Aouad.
Just the Beginning
For now, CFG Bank is confident that it has put itself on the cutting edge of what mobile banking customers expect. Make no mistake, those expectations are higher than ever, and CFG Bank is fortunate to have leaders who understand just how important digital innovation is to the bank’s ongoing success, as well as an app that enables them to capitalize on that understanding.
“Going digital is no longer an option; it is a non-negotiable requirement for today’s client,” said Boulmane. “I think we are only at the beginning of the adventure. Digital has a big future ahead of it.”