Last year, Tatra Bank was awarded “The Digital Bank of the Year” at the UNCHAIN Festival. This recognition, supported by VISA, marks a significant achievement for Tatra Bank as it puts a spotlight on what they’ve been up to in the digital banking scene.
Traditionally focusing on fintechs, VISA took a different turn last year, aiming to identify a bank that not only excelled in digital services but also stood out significantly in the Central Eastern European market. The motivation behind this shift was to view traditional banks through a “fintech lens,” evaluating their digital capabilities and customer engagement strategies across several countries.
They articulated this vision clearly, stating:
Usually, we award fintechs, but this time is different because we wanted to award the best digital bank. We did want to look at the banks in Central Eastern Europe with the fintech eyes.
This statement underscores VISA’s intent to bridge the gap between traditional banking and fintech innovation, seeking out a bank that not only leads in digital penetration, such as mobile payments but also engages customers in unique ways, like the issuance of NFTs to both customers and employees.
In recent years, Tatra Bank has been at the forefront of transforming the banking landscape in Slovakia and beyond. In other words, it’s not just about being good at what they do – it’s about leading the charge in making banking smarter and more accessible for everyone.
Tatra Bank’s Journey to Digital Excellence
Tatra Bank’s path to becoming a standout in digital banking is about sticking to a clear vision: make banking as smart, fast, and user-friendly as possible. They’ve been on this track for a while, constantly rolling out digital innovations that genuinely make a difference in their customers’ lives.
Tatra Bank’s ascent to the top of digital banking in Slovakia and its recognition as a leader in Central and Eastern Europe is a story of strategy, innovation, and a deep commitment to customer-centricity. Over the years, Tatra Bank has systematically introduced a series of digital innovations, each designed to enhance the banking experience, streamline operations, and set new industry standards. Some of these were:
- Instant Payments (2022): Tatra Bank introduced instant payments, enabling transactions to be processed in seconds, a game-changer in the speed and convenience of banking services.
- Lite Version of the Tatra Banka App (2021): Recognizing the diverse needs of its customer base, Tatra Bank launched a lite version of its app, ensuring a seamless banking experience even on less powerful smartphones.
- Online Account Opening for Self-Employed Persons (2020): In a bid to support entrepreneurs, Tatra Bank simplified the process of opening an account online, catering specifically to the needs of self-employed individuals.
- Chatbot Adam (2019): With the introduction of Adam, the chatbot, Tatra Bank enhanced its customer service, offering quick and efficient responses to customer inquiries around the clock.
- Face Biometrics (2018): The bank embraced biometric technology and implemented facial recognition for secure and convenient customer authentication.
Tatra Bank’s Vision for the Future
Tatra Bank’s vision for the future is deeply rooted in its pioneering spirit and commitment to innovation. The bank envisions a banking ecosystem where technology and customer needs converge to create ideal banking experiences. Upon receiving their “Digital Bank of the Year Award” at the Unchain Festival, they expressed pride in their achievement, highlighting the bank’s intrinsic focus on innovation.
I’m very proud of this award because innovation or digitalization is in our DNA.
This statement encapsulates the essence of Tatra Bank’s approach to innovation—not as an external goal but as an integral part of its identity. The bank’s dedication to innovation is evident in its structured efforts to foster a culture of creativity and forward-thinking – with specialized departments focusing on innovation and digitalization, initiatives like elevator labs, and innovation challenges aimed at engaging employees across all levels. And that company culture reflects on how they treat their own clients.
As an innovation leader, we have been focusing on solutions, which increase comfort and satisfaction of our clients. We often cross the boundaries of banking with our innovations and try to contribute to the positive shaping of society.
Michal Liday, CEO and Chairman of the Board of Directors of Tatra Bank.
At the heart of Tatra Bank’s future plans is a simple truth: it’s all about the customer. They’re doubling down on understanding and anticipating customer needs, tailoring their services so that every interaction with the bank feels personal, efficient, and, above all, satisfying. This customer-first mindset is what they believe will drive the creation of services that people don’t just use but genuinely appreciate.
And this aspect is deeply woven into every fabric of their customers’ experience – from the interface they all see and use, to what’s happening in the background, like security. 2022 saw Tatra Bank rolling out Click2Claim, a feature that epitomizes convenience in the face of fraud. Through Tatra Bank’s mobile application, customers can now report fraudulent transactions with just a click. This not only makes the process of filing a claim straightforward but also rapid, giving customers and the bank a fighting chance against increasingly sophisticated fraudsters.
Tatra Bank is not just looking towards the future – they’re actively shaping it with a keen focus on the younger generation. The bank recognizes young people as not just potential clients but as “early adopters” who can drive innovation forward. With 40% of Slovak 18-year-olds already banking with them, Tatra Bank’s efforts to lead in the student segment are paying off. Their strategy? Innovate in ways that resonate with the digital-native lifestyle of the younger generation, making banking more intuitive, accessible, and, frankly, a part of their daily digital life.
In an interview with Global Finance, Martin Kubík, the CIO and director of Tatra Bank, explained how the bank is leveraging open banking and artificial intelligence (AI) to attract and serve the next wave of clients. Kubík envisions AI as a key player in banking’s future, continuously looking for new ways to integrate this technology to benefit both customers and the bank’s operations.
Tatra Bank’s vision for what’s next will remain ambitious, no doubt. But with their track record of innovation, a deep commitment to their customers, and a clear eye on the broader impact of their work, Tatra Bank is not just preparing for the future – it’s actively creating a banking experience that meets the expectations of tomorrow’s clients.
