Greece’s largest bank, Piraeus Bank, with a 30% market share in that country and 5.8 million customers, will implement the LiveBank platform to launch a virtual branch in its e-banking system. It will be another LiveBank deployment after cooperation concerning Piraeus’s e-branches.
Since 2017 Piraeus Bank has used the LiveBank solution within its fully automated e-branches. The system runs in VTS kiosks located in e-branches, which bridge the gap between the bank’s physical branches and its online/mobile banking system, with full automation within a homely environment and staff to welcome and assist customers who may be less technology-savvy.
The next step in Piraeus’s innovation development is a new project concerning the implementation of a virtual branch that will be available for the bank’s customers using online and mobile banking.
Virtual branch by LiveBank is an innovative and unique solution, currently serving millions of bank customers worldwide, and fills the gap between bricks-and-mortar branches, which are rich in advice, and self-care online/mobile banking, which does not convert that well.
Virtual branch allows clients to collaborate with a bank agent during video, audio and chat calls while maintaining complex transactions, such as applying for a loan or a mortgage. Effective collaboration is supported by interactive simulators, co-working on forms and documents, screen sharing, on-screen document signing or sending photos of signed documents, as well as co-browsing, which lets the agent work remotely on the file opened on the customer’s device. Recently, the system has been enriched with the digital onboarding module, which enables the verification of a new customer personality completely remotely.
All the in-app processes are designed to transfer almost all of the bank’s offer to a virtual area to enable significant sales increase in the bank’s digital channels. For the banks’ clients, the virtual branch means maintaining all the formal aspects directly from the comfort of their homes, with no trips to bricks-and-mortar branches.
“We’re glad of the continued cooperation that confirms the competence and high rating of our products, as well as ensuring that we meet the expectations of top banks and their clients. We strongly supported the idea of Piraeus’s e-branches, which have achieved unprecedented success. I’m sure that the new virtual branch will share this success. The cooperation with such an innovative bank is a great recommendation for our products’ expansion in Southern Europe,” says Piotr Skrabski, VP and LiveBank General Manager at Ailleron.
About Pireaus Bank
Headquartered in Athens, Greece, with approximately 17,000 employees, operating in 7 countries, Piraeus Bank Group offers a full range of financial products and services to approximately 5.8 million customers. Total assets of the Group amount to €68.2bn, net loans to €45.7bn, and customer deposits to €41.8bn as of September 30, 2017.
Founded in 1916, Piraeus Bank operated as a private credit institution for many decades. It went through state ownership for the period 1975-1991, until it was privatized in December 1991. Since then, it has rapidly grown in size and activities, today representing the leading Bank in Greece, with a 30% market share in terms of loans, and 29% of deposits.