As in other sectors, banks have had to ensure the continuity of operations during the crisis, adapting to new remote-working methods. For BIL, lockdown sped up clients’ adoption of digital services. “We have noticed two things with our clients: reluctant clients have finally started using these new digital channels, making them more active and allowing them to go about their daily business. Digital natives have gone even further”, said Jeffrey Dentzer, Chief of Luxembourg Market & CIB.
Digital channels, which are used for day-to-day transactions such as transfers (99.5% digital during the crisis), are now used for other services such as stock market trades (64% of the bank’s total stock market trades in March 2020 were digital). Making the bank accessible from home via BILnet (mobile and web) has allowed clients to remain active. To ensure its online services benefit as many as possible, BIL has developed a support strategy aimed at all of its clients.
Staying close to clients
To stay close to its clients and support them proactively despite the distance, BIL has developed new features such as the possibility of a meeting with a Relationship Manager by video call. “Digitalisation has accelerated certain IT developments, such as e-signature (40% of loans are signed electronically), and given us a boost”. BIL has also organised webinars to share its financial analyses with its investor clients and those affected by the health crisis.
The bank also wanted to support those clients and sectors that have been worst hit or are most at risk. “We have focused on two areas: moratoria (on outstanding of EUR 1 billion) and government-backed loans, for which we have acted as distribution vehicle”.
More digital, more human
For several years, BIL has been providing services with high added value through its Relationship Managers and digital offer, the latter of which allows clients to be more independent. “Clients have gone digital but the bank has kept its human side. They can take the initiative with certain products and services whilst moving at their own pace. When they’re stuck or need expert help, personal contact remains essential”. Going digital frees up time for bank staff, automating certain tasks so that they can concentrate on their role of Relationship Manager at key moments for the clients – individuals and businesses – such as when they are buying a property or making an investment, or starting or selling a company.
“Our goal is to make ‘digital’ a distribution channel like any other. More than ever, we want to keep supporting our clients online via BILnet, as well as in person at our branches or in our clients’ homes, thanks to the local expertise of our Relationship Managers”. BIL has introduced support strategies (educational resources, tutorials, digital coaching, etc.) to make digital banking more accessible, as well as a list of useful links and a tutorial microsite.
Our goal is to use our BILnet online banking platform as a distribution channel in its own right
Lore Bertrand, Channels Business Delivery & Digital Adoption :
Our BILnet app is very user-friendly as our UX designers take our clients’ feedback into account. It is also as comprehensive as web banking, making clients as independent and mobile as possible. Alongside our tutorial microsite (help), instructive videos and digital coaching workshops held in person, we have our technical hotline to help out users in several languages. We have also taken inspiration from Apple’s Genius Bars and have provided digital coaches in the busiest branches. They can explain how the app works, and help clients who feel less comfortable with the digital world. Innovative features have also emerged, for example letting our clients withdraw money from an ATM without a bank card, block and unblock their credit card online, and make an instant payment with their mobile phone. A lifesaver if a purse or wallet is lost!