Baltic International Bank facts and figures
Established in 1993
USD 459 million assets
Head Office in Riga, Latvia
Latvia’s first ever bank to offer a one-stop personalised financial service for affluent individuals and their families.
Baltic International Bank realised that customers were increasingly using alternative banking channels. They knew they would need a powerful and innovative Internet banking solution to ensure they could meet this demand and stay ahead of the competition. They recognised that they could improve operational efficiency and reduce costs through a strong internet banking channel, but most importantly generate new revenue by remotely selling to customers.
The growing trend in the market was for the constant extension of service range and to deliver this, the bank would need a solution which would enable them to roll out new products and services quickly and without the intervention of a third party vendor. In line with both Baltic International Bank’s own development strategy to deploy powerful services in line with their individual business approach for high-net worth individuals and large corporate customers the bank took action to satisfy their customers.
Baltic International Bank’s challenges:
- Customise their online banking application
- In-house design and roll out of products and services
- Reduce costs through operational efficiency
- Integrate with other channels
- Reduce time to market
- Generate new revenue opportunities
- Integrate with multiple back-office systems
Baltic International Bank carried out a comprehensive evaluation of potential Internet banking solution providers before selecting CR2’s BankWorld Internet platform. This decision was based on its innovative and powerful features.
The bank has found in CR2’s BankWorld Internet, a solution to better service customers online. They were also able to provide a unique view of all clients and products to the bank staff including their call centre, significantly improving their cross-selling capabilities. On the operational side, bank staff can easily customise the Internet banking channel in response to customer and market needs, providing customers with a personalised offering. Furthermore, BankWorld can be integrated with other BankWorld self-service channels to provide a seamless and streamlined banking experience for customers.
Baltic International Bank now boasts one of the most functional and sophisticated Internet banking systems in Latvia. Since implementing BankWorld, they have also reported a substantially improved customer service level as the solution enables their relationship managers to act as private bankers who provide efficient and confidential services to customers. With each personal banker getting a unique view of their customer’s entire portfolio of accounts, Baltic International Bank now find it easier to quickly answer customers’ requests and provide best in class customer care 24/7 online or via mobile.
BankWorld represents the latest in banking technology and international best business practices. The application is built on a hardened security platform ensuring that customers’ personal details communicated online remain confidential. Enhanced security also means that viewing and transactions can be limited when multiple users have access to individual or joint accounts.