MAGAZINE small business banking magazine
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SME BANKING: BEAT OF INNOVATION Leasing and Factoring services for SMEs: latest innovations and areas of digitalization
How to transform customer experience into bankâ€™s key advantage
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REASONS TO READ THIS ISSUE…
Kraków Technology Park KPT has developed an array of support for businesses at all stages of development. page 11
Dear Reader, We are publishing this issue of SBB Magazine on the eve of the CEE SME Banking Club Conference 2017 (#CEE17) in Poland, which we are organizing in the region for the third consecutive year. The Polish economy has enormous development potential and is becoming increasingly innovative; it is even on the list of the top 50 innovative economies (Bloomberg Innovation Index). The Bloomberg 2017 Innovation Index ranked Poland 22nd (up from 23rd in 2016 ranking), which is the best result among CEE countries. Implementation of innovations is one of the main priorities in the Polish ﬁnancial sector, being, as they say in Poland, “experimental training ground” for further global implementation of technological solutions. Innovations mean not only modern technologies but also new competences and implementation of new processes. Customer experience and design thinking are driving meaningful change in the banking industry (p. 36). The agenda for this autumn’s CEE SME Banking Club Conference 2017 has been shaped by the high degree of bank interest in the small-business segment, and particularly in leasing and factoring services to SMEs, online lending to SMEs, digitalization of all the services provided to SMEs and the role of new players in the smallbusiness segment market - FinTechs. We will devote a separate panel during the Conference to discussing cooperation models between banks and FinTechs. Krakow Technology Park is the venue for that panel and one of the leading institutions supporting the development of startups and ﬁntechs in the Malopolska region and in Krakow (p. 11). Polish commercial banks keep SME Banking a priority (p. 14); online SME banks and online SME lenders are working with SMEs on the Platform-as-a-Service and Credit-as-a-Service models (p. 17).
Leasing and factoring services Becoming an increasingly popular source of finance for SMEs. page 21
Customer experience and design thinking Driving meaningful change in the banking industry page 36
SMEs in Poland are increasingly taking advantage of leasing and factoring: factoring services are currently used by almost 11% of enterprises in Poland (p. 28) and 58% of companies choose leasing when it comes to investment ﬁnance. (p. 20). Leasing and factoring services are also currently undergoing digitalization in Poland. This year the Conference is taking place in Krakow – the main city of the Malopolska region in Poland, one of the main centers of innovation and the startup community as well as one of the main academical, R&D and cultural centers in Poland. Welcome to Krakow (p. 46) and Poland! Let’s discuss and share best practices in innovations, ﬁnance and non-ﬁnancial services for SME customers!
Events Last Destination - Tbilisi
Yours sincerely, Andrey Gidulyan, Founder of the SME Banking Club
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page 40 Next Destination - Krakow page 46
5 reasons to read this issue…
Study 100 SME Banking Apps Study
Polish economy is becoming
increasingly innovative SBB Magazine Magazine of SME Banking Club Startup ecosystem in Poland
Kraków Technology Park: supporting the development of startups
SME Banking Club Team:
Lending to SMEs within 24 hours
and ﬁntechs in the Malopolska region
14 18 19
focus in SME Banking this year?
Leasing Index: Foreign expansion and
Digitalization in Leasing Industry
Bruce Brenkus: Lending to SMEs within 24 hours
How to transform customer experience into bank’s key advantage
Tomasz Motyl: Implementing Innovations in Alior Bank
Magdalena Macko: Design thinking driving meaningful change in banking
SMEs Continue to be the Banking Sector’s Golden Goose
the more they take advantage of leasing
Andrey Gidulyan firstname.lastname@example.org @AGidulyan
investment sentiments of the SME sector
Zafirmowani.pl - digital portal for SME customers in Alior Bank What is BanqUP and how it is diﬀerent
Factoring Services in Poland
from traditional banks and other
Leasing market in Poland
6 Polish economy is becoming increasingly innovative
SMEs: the bigger the company,
What are your priorities, the main
Olena Gryniuk email@example.com @olenagrinyuk
Alexey Sayapin firstname.lastname@example.org sayapin.alexey Design, layout: Halyna Uygur Guest Authors: Madona Gasanova Sources: www.smebanking.club
Nika Kurdiani: Startup banking and business environment in Georgia
#Caucasus17 Conference in Tbilisi: Photos
Next destination: 10 places to visit in Krakow
SME Banking Club operated by: Gidulyan Company Ltd, 61/31, Avtozavodskaya str., Kiev, 04114, Ukraine and GG Company Sp. z o.o. ul. Królewska 65a/1 30-081, Krakow, Poland
SME Banking Club Conferences 2017
100 SME Banking Mobile
obile banking is becoming more and more important in everyday banking transactions, especially for the younger generation of entrepreneurs who prefer to do their banking on the go. In addition, this customer segment is being actively targeted by new fintech banks (neobanks) that offer complete online banking and mobile onboarding, as well as the ability to open an account in three minutes, together with intuitive mobile apps. As a result, having a mobile app for business customers has become a must-have in the SME banking market. With this study, the SME Banking Club is starting a new tradition of tracking, on a yearly basis, 100 mobile banking applications and the functionality banks are offering with their apps for SME customers. METHODOLOGY USED IN THE STUDY: The 100 SME Banking Mobile Apps Study aggregates user rankings from the Apple and Android app stores and from a list of banks offering services to SME customers with no geographical limits. To get the 100 SME Banking Mobile Apps Study, please contact us at The data was collected from the iTunes and Google email@example.com. Play stores during the week of February 13-17, 2017, and it includes average reviews and ratings for all app versions. The overall average rating is a rating Descriptions of some mobile apps are available in the Innovation Library: weighted on an average iOS and Android rating https://www.smebanking.club/category/innovations/ based on the number of reviews and ratings on each platform. Category 2: Payments, transaction banking – applications created All information about the applications’ functionality is based on public specifically for business customers (57 applications) information published on the Apps page in Google Play, iTunes and the relevant bank’s website. Category 3: Applications for merchants accepting card payments (six applications) In the study, you will find 100 SME banking mobile applications that have been analyzed within four categories: Category 4: Applications for business customers to develop their business, networking and scale-up (two applications) Category 1: Payments, transaction banking – universal applications Also, you will find 13 showcases of the best applications by ratings or (available both for individual customers and business customers) (35 by functions. applications)
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Polish economy is becoming increasingly innovative Implementation of innovations is one of the main priorities in the Polish financial sector. The Bloomberg 2017 Innovation Index ranked Poland 22nd - the best result among CEE countries Poland: Short Country Overview 2016
GDP (current EUR) (billions)
Inflation, GDP deflator (annual %)
Population, total (millions)
GDP growth (annual %)
Surface area (sq. km) (thousands)
Agro share (% of GDP)
GDP per capita (current EUR)
Export share (% of GDP)
Doing Business 2017 Rank
Share of MSMEs (%)
Doing Business 2016 Rank
MSME density (per 1,000 people)
Change in rank:
Share of Internet users (%)
Head Office of Bank BGZ BNP Paribas in Warsaw
TOP10 Banks: Ranked by Total Assets, as of December 31, 2016
Share of Total Assets
PKO Bank Polski
Bank Zachodni WBK
ING Bank Śląski
Bank BGŻ BNP Paribas
Getin Noble Bank
Raiffeisen Bank Polska
TOP 10 Banks Total Total
he Polish economy has enormous development potential and is becoming increasingly innovative. The Bloomberg 2017 Innovation Index ranked Poland 22nd (up from 23rd in the 2016 ranking), which is the best result among CEE countries. Implementation of innovations is one of the main priorities in the Polish financial sector. During the last four recent years, Polish banks have received no fewer than 20 awards in international technical competitions. Polish Banking Sector At the end of 2016, the Polish financial sector was represented by 36 commercial banks, 558 cooperative banks and 27 branches of credit institutions. The Polish banking sector is dominated by foreign-owned institutions, with foreign owners holding majority stakes in most commercial banks, totaling 55% of the sector’s assets (52 institutions). The State Treasury controls five banks. The Polish banking sector’s assets totaled EUR 386.82 billion in 2016. The five largest banks control 48.72% of the sector’s total assets. As of May 31, 2017, the sector employed 166,992 people.
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IMPLEMENTATION OF INNOVATIONS IS ONE OF THE MAIN PRIORITIES IN THE POLISH FINANCIAL SECTOR
Head Office of Bank Pekao in Warsaw
The new banking tax that entered into force in February 2016 imposed a substantial ﬁscal burden on Polish ﬁnancial institutions such as domestic banks and insurance companies, branches of foreign banks and insurance companies operating in Poland and consumer lending institutions. According to the new tax, ﬁnancial institutions’ tax base will now comprise their assets, with only Polish treasury bonds in banks’ portfolios excluded from taxation. The rate applied to the taxable base is 0.0366% per month (0.44% annually). This tax is not deductible for the calculation of income tax. In 2016, the new banking tax cost banks EUR 775 million. At the end of 2016, 33.2 million clients had access to online banking services, a 9.3% increase in comparison to 2015. The number of transactions made with cards increased in 2016 by 17% compared to 2015, and their value grew by 15%. Polish banks enjoyed a higher level of
proﬁtability in comparison to 2015: in 2016, their return on equity (ROE) stood at 9.0% while their return on assets (ROA) was 0.84% (2015, ROE: 8.8%; ROA: 0.71%). Polish SME Banking Sector The total SME loan portfolio at the end of May 2017 amounted to EUR 48.4 billion, with assets of commercial banks accounting for EUR 41.7 billion, which represents 56% of all loans granted to business customers. In 2016, banks increased their total business-loan portfolio by 5.4% (an increase of 4.1%, not including the impact of the exchange rate). Some 28.8% were loans granted in foreign currencies. The SME loans portfolio increased by 4.2%, or 3.1% if the impact of the exchange rate is not taken into account. Fifteen commercial banks (according to an estimate by the SME Banking Club) are focusing on SME customers, having a separate oﬀer for this segment, including added-value non-ﬁnancial services, launching marketing
AT THE END OF 2016, THE POLISH FINANCIAL SECTOR WAS REPRESENTED BY 36 COMMERCIAL BANKS, 558 COOPERATIVE BANKS AND 27 BRANCHES OF CREDIT INSTITUTIONS
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the Support Your Neighbor’s Business campaign by Bank BGZ BNP Paribas
campaigns to help SMEs develop and grow (e.g., the Support Your Neighbor’s Business campaign by Bank BGŻ BNP Paribas, the second edition - 29.05-02.06.2017), implementing mobile applications for SME customers, organizing various seminars and conferences for start-ups and small businesses (e.g., European Start-Up Days by ING in May this year, Firmowe Ewolucje by BZ WBK), helping them to develop new competencies, network and innovate. In addition to banking-sector leasing and factoring companies, online SME lenders and ﬁntechs see plenty of potential in working with the small-business segment and are making plans to develop that potential. Olena Gryniuk Source: the author’s own research based on data from the Polish Financial Supervision Authority, the European Banking Federation and the CEE SME Banking 2017 Report, among others.
Startup ecosystem in Poland The startup ecosystem in Poland is still young, but it is developing fast. Warsaw and Krakow are the two main centers for startup communities. Warsaw is home to the third Google Campus in Europe.
he startup ecosystem in Poland is still young, but it is developing fast. Warsaw and Krakow are the two main centers for startup communities. Warsaw is home to the third Google Campus in Europe. According to the Polish Startups Report 2016 (Startup Poland), there are approximately 2,700 startup companies in Poland. Most of them have been around for less than two years. The biggest sector for startups is software production. These companies sell their services using the SaaS model. A large share of the market is created by accommodating the needs of SMEs. Investing is still in the early stages, as almost 60 percent of startups are self-ﬁnancing.
Krakow Technology Park is one of the leading institutions supporting the development of startups and fintechs in the Malopolska region and in Krakow
What are the ways of cooperation between banks and fintechs? How exactly Bank BGŻ BNP Paribas cooperates with startups, incl. fintechs? Tell us about your current projects and how Bank is involved in each of them?
Speaker at #CEE17 MICHAL MISZULOWICZ
As for today, we have started several proof of concept (POC) projects with startups. We are just learning new ways to cooperate with startups. They are completely different kind of companies – agile, swift and focused on delivery. On the other hand – they
LARGE CORPORATIONS HAVE A SPECIAL ROLE AND NEED TO TAKE SPECIAL ACTIONS TO SECURE SUCCESSFUL DELIVERY
Startup & Innovation Ecosystem Manager at BGŻ BNP Paribas
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are fragile. Their cash flow is very unstable and in most cases, they lack pure business knowledge. Large corporations have a special role and need to take special actions to secure successful delivery - otherwise, startups can die on their way to finish the project. Bank BGŻ BNP Paribas is very lucky to compare to peers – as a part of the international group (BNP Paribas) we have many examples from all over the world. We can benefit from others experience. Regarding Banks involvement – we are currently working on simplified start-up cooperation rules. It’s as important as difficult – at the same time, we must secure as well the bank as startups interests. This year BNP Paribas International Hackathon 2017 took place in 10 cities simultaneously, including Warsaw. One of the challenges was on SME & Agro: “How to explore sales opportunities on existing client database?” What solutions were presented by the participants in this area?
Querona - the winner of BNP Paribas International Hackathon 2017 in Warsaw
THE SME BUSINESS CHALLENGE WAS ONE OF THE TOUGHEST. WHILE SCOUTING THE MARKET FOR ELIGIBLE STARTUPS WE HAVEN’T SEEN MANY SPECIALIZED IN THIS AREA
The SME business challenge was one of the toughest. While scouting the market for eligible startups we haven’t seen many specialized in this area. Finally, we have managed to find four: - Placeme: geo-localization crossed with economic data that shows where is the best localization to place your business; - CyberProductivity: TrueCashflow solution that enables the bank to see cash flow forecast and generate leads accordingly; Querona: virtual data warehouse that enables to connect data from variety of internal and external sources; - Wandlee: chatbot supporting customer
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service and contact with the сlients. In my opinion, the SME market is not yet well covered by startup’s offer. Their aim is a collaboration with corporations hoping for a golden deal. I think, that startups and SMEs have much in common and their cooperation could be much easier.
The winner of Warsaw Hackathon is Querona. What exactly does it specialize in? Querona’s solution is hard to describe – it’s very technical but in simple words – they are providing an additional layer to our data governance system that enables the bank to connect the data from a variety of sources in a fast and relatively easy way. The choice of the winner was quite pragmatic – during the 3-minute pitch, Querona managed to show half a million PLN cost synergy. After long discussions, we can see plenty of business cases supported by this technology. .
What are the key areas of market opportunity and growth for ﬁntech startups in Poland?
Speaker at #CEE17 Anna Maj, FinTech Expert Country Manager (Poland) at PayTech
In line with global trends, Polish ﬁntechs are coming up with payment-related solutions, such as payment platforms, cross-border payments and digital wallets. Although consumer payment services (e.g. P2P money transfers) are predominant, we can observe growing interest on the part of ﬁntechs in the B2B segment, particularly SMEs, which have been underserved by banks so far. More and more startups see SME payments as a niche to be covered as well as an area for innovation. This is a dormant opportunity that could explode with a number of use cases, some of which are spectacular, as the TransferWise story demonstrates. According to Let’s Talk Payments, the B2B cross-border payment market alone is valued at over USD 150 trillion, over 60 times the e-commerce market. Startups like Xchanger understand SME clients’ speciﬁc needs, which should be addressed in a tailor-made manner, and they are targeting that emerging opportunity. Payments have traditionally been the purview of banks. To better meet the needs of clients—both consumers and businesses—however, incumbents should take advantage of the innovation that is being brought to the table by the ﬁntech industry. Based on already-proven cooperation models worldwide, banks can either partner with challengers or invest in new ventures to provide faster and less expensive services, just as ﬁntechs are doing. Besides payments, ﬁntechs in Poland are a source of various innovations focused on short-term ﬁnancing for SMEs: crediting (e.g. iwoca Poland), as well as e-invoicing and factoring (e.g. Fandla). A fully digital, end-to-end ﬁnancing process, including seamless application and onboarding; fast credit decisions; ﬂexible ﬁnancing (both in terms of time and value) and credit scoring based on online data are all advantages that banks might beneﬁt from.
MORE AND MORE STARTUPS SEE SME PAYMENTS AS A NICHE TO BE COVERED AS WELL AS AN AREA FOR INNOVATION. THIS IS A DORMANT OPPORTUNITY THAT COULD EXPLODE WITH A NUMBER OF USE CASES
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Kraków Technology Park KPT has developed an array of support for businesses at all stages of development. Every year more than 1500 enterprises take advantage of KPT’s proposals SMALL BUSINESS BANKING MAGAZINE
special economic zone, technology incubator, seed fund, investor one-stop-shop, clusters, multimedia labs, research projects: these are the tools that let the Kraków Technology Park (KTP) support the development of Małopolska’s modern economy. In 2015, KPT also launched one of the most modern technology parks in Małopolska, designed for the ICT sector. The Kraków Technology Park is a specialized institution operating in a business environment. KPT has developed an array of support for businesses at all stages of development. Every year more than 1500 enterprises take advantage of KPT’s proposals, and KPT actively reacts to the changing expectations of the clients and understands what business needs. Kraków Special Economic Zone Kraków Technology Park (KTP) is the company managing the Kraków special economic zone. Currently, the Kraków zone consists of 30 subzones situated in the territory of 32 communes. It operates in three regions: Małopolska, Podkarpackie, and Świętokrzyskie, extending over
866.79 ha and catering for the needs of both production and service companies. They have at their disposal fully developed land for greenfield investments, situated in the three regions. In providing and developing these, KPT is assisted by the Business in Małopolska Centre, a one-stop shop service centre set up with Małopolska Regional Development Agency, Małopolskie Parki Przemysłowe, and the Office of the Marshal of Małopolska Region. The businesses entering the Kraków zone may count on post-investment care, training and consultancy, and the package of technology park services. KPT’s competitive edge over other zones results from the synergy between the offer of a technology park and the special economic zone. The KTP Technology Incubator It is the largest technology incubator in Kraków, which has supported young IT businesses since 2008 and has worked with over a hundred of them. Joining a large community of businesses operating in the same sector, businesses that find their way to our incubator can count on preferential rent and a quick start. Financing The Kraków Technology Park (KTP) is more than just infrastructure and creative environment. We provide the most innovative businesses
THE KRAKÓW TECHNOLOGY PARK DEVELOPS CONDITIONS FOR MEETINGS AND LAUNCHING BUSINESS CONTACTS; ORGANIZES EVENTS FOR LARGE COMPANIES FROM THE SPECIAL ECONOMIC ZONE, FOR SMALL AND MEDIUM-SIZED ENTERPRISES, AND ALSO FOR THE START-UP COMMUNITY.
with access to ﬁnancial assets that let them develop products and services changing the world. Cooperating with capital investors, KPT sets up investment vehicles that ﬁnance the development of innovative enterprises at the early, the riskiest stage of development. Operating currently at the KTP are the KTP Seed Fund and Innoventure. The funds operating at the Kraków Technology Park invest money, yet their support goes far beyond the pure capital. Understanding the extensive range of needs and requirements that a new, developing ﬁrm faces, they also provide support for the content, advisory, and business levels. KPT operates within an ecosystem that brings together concept owners, and weathered entrepreneurs and investors.
Events The KTP focuses on the building of relationships and cooperation between businesses. The Kraków Technology Park develops conditions for meetings and launching business contacts; organizes events for large companies from the special economic zone, for small and mediumsized enterprises, and also for the start-up community. Organized the theme-based conferences concern key aspects of business operation, including the acquisition of capital, innovation, new technologies, and enterprise support. Let’s work together! www.kpt.krakow.pl
The Kraków Technology Park (KTP) is more than just infrastructure and creative environment.
Find your success at Kraków Technology Park EXEMPTION FROM CORPORATE OR PERSONAL INCOME TAX (CIT/PIT) COMPREHENSIVE SERVICES FOR INVESTORS LAND FOR INVESTMENT TECHNOLOGY INCUBATOR KPT SCALEUP – ACCELERATOR OFFICE SPACES FOR RENT MULTILAB – MULTIMEDIA LABORATORY EQUIPMENT RENTAL CONFERENCE ROOMS & SHOWROOM CLOUD COMPUTING & DATA CENTRE LIVING LAB FINANCING
KRAKÓW TECHNOLOGY PARK
What are your priorities, the main focus in SME Banking this year? SZYMON PRZYBYLAK Director responsible for entrepreneurs banking at ING Bank Śląski At ING, in the micro-companies’ area, we focus on building an ecosystem centred around the new e-banking system “Moje ING”. The system, apart from allowing remote access to the bank, should be primarily a centre of managing the ﬁrm’s ﬁnances. This is achieved through features such as income and expenditure analysis, contractor module or entrepreneur’s calendar. Furthermore, market research shows that small entrepreneurs often manage their personal and ﬁrm ﬁnances together. To cater for the needs of entrepreneurs, the Moje ING system was designed to provide an overview and management centre of both personal and ﬁrm ﬁnances in one place. Our aim is for ING to be perceived as a bank supporting entrepreneurial individuals and delivering simple, intuitive solutions that help our clients run their businesses on a daily basis. Apart from developing remote access channels for the bank and digitalising processes, we are continuously developing our oﬀering of products and services for Entrepreneurs. This includes both traditional banking products and beyond banking initiatives. For this purpose, as a modern ﬁnancial institution, we have established cooperation with the FinTech start-ups environment. For example, we have recently begun cooperating with InviPay.com which allows us to beneﬁt our customers with online invoice ﬁnancing (micro factoring) service that used to be only available for SMEs. Other examples include helping micro-enterprises to obtain EU funds with assistance of the EBDF advisory group” – said Szymon Przybylak, Director responsible for entrepreneurs banking at ING Bank Śląski.
ROBERT KNOPIK Operational Director, SME Customer Department at Bank Pekao S.A.
Priorities are always dictated by customers’ needs. Having in mind the latest positive trends in the economy, especially GDP growth forecasted at 4% this year, we will focus on satisfying both investment and working capital ﬁnancing needs of Polish SME sector. The second important area is related to innovations. We are going to put additional eﬀort to strengthen our position in this ﬁeld. Last but not least, we strongly believe that small business is a relationship-driven segment and customer satisfaction is a real competitive advantage. Therefore we are going to keep increasing our proactivity in delivering high quality and customer centric approach in order to develop relations and exceed expectations of our SME Customers.
MARCIN KRYSZEN Bank Director responsible for SME/MC Digital Transformation at ING Bank Śląski.
In the SME/mid-corps area, the further development of remote distribution channels maintains a priority for the oncoming years. They complement the traditional service model which is based on the relation with the individual bank advisor. Such channels allow our clients to fully access the bank’s transactional and product oﬀer. At the same time, our aim is for these channels to become the primary tool in realising client transactions and an important sales tool as well. The key element of our ecosystem is the new version of the ING Business internet banking system, which we made available in 2017, as a universal communication platform with our bank. Apart from the traditional banking oﬀer, we put great emphasis on the development of services that support businesses in their day-to-day operations. The ALEO open e-procurement platform, ING Accounting, online insurance and supplier ﬁnancing are examples of solutions we have recently provided to our clients. In order to meet the challenges of ever-changing business environment and growing customer expectations, we set up our own Innovation Lab - a unit that is responsible for monitoring the market, creating innovative, beyond banking, solutions and ongoing cooperation with ﬁn-tech companies” – said Marcin Kryszeń, Bank Director responsible for SME/MC Digital Transformation at ING Bank Śląski.
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PRZEMYSŁAW DUKIEL Head of Retail Current Accounts at Bank Millennium
Business customers’ segment is an important area of Bank Millennium activity. As a part of our sustainable growth strategy, we primarily focus on dynamic development of customers’ base – especially through active acquisition of small entrepreneurs or start-ups. Therefore, our current main activities are focused on creating an universal, attractive oﬀer of daily banking products and services. We are very oriented to provide an added value for our customers and help them in conducting everyday business. That is why our oﬀer was refreshed last year with a new ‘Mój Biznes’ account designed just for small entrepreneurs. It oﬀers very attractive price conditions, easy access via remote channels or, if the client prefers, high quality service by a qualiﬁed advisor at a branch. Our list of priorities for the coming months includes the development of the oﬀer in terms of ﬁnancing, particularly leasing.
MACIEJ SUS Head of Business Client Department at Deutsche Bank Polska
Thinking about the major challenges which the Polish segment of small and medium-sized enterprises faces nowadays in terms of banking services, I would point the greatest obstacles to the development of SME deﬁned by the clients themselves in the survey prepared by Deutsche Bank. These challenges are de facto above all the unique lever for development. The ability to use it may determine the power structure of domestic enterprises for the years to come. 35% of surveyed companies state the diﬃcult access to external ﬁnancing as the greatest development obstacle. This deeply-rooted view contrasts strongly with the market reality: the high availability of ﬁnancing and the lowest interest rates in history. This inconsistency means that banks still have to do their homework – how even more eﬀectively explain to clients that external ﬁnancing is a good business-wise solution, not a last resort. Deutsche Bank’s oﬀer is an answer for clients’ needs: we do not sell a credit product, but – as if a trusted sparring partner – together with the client we actively work out the best development vision with the use of ﬁnancing. 26% of surveyed companies indicate payment bottlenecks and the resulting problems with liquidity. This response is a clear sign that we must better reach the clients with information and education that bottlenecks do not need to be an entrepreneurs’ nightmare. Of course I am thinking about factoring, which on mature markets is the obvious support for liquidity management; it gives “breath” to the companies (in terms of ﬁnances as well as of mind-set) which is indispensable to build ambitious development strategies. 13% of surveyed companies have diﬃculties in ﬁnding the right employees. This obstacle is only seemingly not related to banking. The Polish economy faces a challenge of a new business paradigm – we will no longer be able to compete on the basis of low labour costs. We must prioritise innovation, high added value, extension of the value chain created in Poland. External ﬁnancing of the investments in automation, new technologies or products may play a huge part in this transformation.
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WOJCIECH RUDZINSKI Corporate Banking Sales Director, Small Enterprises, at Raiffeisen Polbank
First of all, we constantly review the customer’s journey map, which starts with customer acquisition and ends with customer retention. Our goal is to bring more convenience that results in higher satisfaction level, which is measured twice a year by NPS. Implementation of a new IT system, which allows our clients to open a bank account and have it fully operational within one day, was one of our top priorities delivered this year. Moreover, we focused on raising a quality of service by implementation of Relationship Management Advisory Approach. Small Enterprises usually have good business concepts but they need advice how to use banking services in order to grow their businesses. Bank loan is still one of the most popular external source of ﬁnancing among small enterprises, however access to it throughout banking industry is sometimes limited. Our Relationship Managers have proper experience and expertise therefore can easily advise and adjust appropriate lending products, such as overdrafts, asset based lending, loans with EU grants or loans with de Minimis guarantees with credit standing of a borrower. Additionally, we promote non-recourse factoring which allows our clients to increase sales by acquiring new customers and shifting the account receivables risk to the bank. The whole factoring process, obtaining the client and advance payment within two hours, is paperless and 100% on-line. Moreover, we brought to the market new and very convenient product package called Pakiet Biznes PLUS, which consists of bank account, on-line payments and small overdraft limit available within 2 working days at a very attractive monthly fee.
KATARZYNA SIWEK Head of Communications at Idea Bank
The banking sector in Poland is becoming more customer-oriented every day. Banks — both for individual customers and entrepreneurs — are trying to outdo one another with new projects. Idea Bank puts entrepreneurial clients ﬁrst, that’s why it’s implementing new solutions every year. Earlier this year, we launched our so-called Idea Hub Express (IHE), a co-working space and bank branch in a train car. This was designed for our clients, mainly entrepreneurs, whose job is often inseparable from travel. An IHE car was added to selected trains until the end of June. We are also heading toward the ﬁnish line of another, entirely new project: a social lending platform that is going to connect investors who are looking for more proﬁtable opportunities than investing their money in deposit accounts, to borrowers in search of a fast loan to develop their business or pay some unexpected bills. What is important, Idea Bank is watching over the processes related to this platform.
JACEK CZERNIAK GSG Head at Citi Handlowy
Regulatory burdens are among top challenges on the horizon for the banking sector in coming months. One of the main factors is of course MiFID II. Due to the high requirements we meet, and which result from our activity also on the American market, the MiFID II is not such a great challenge for Citi Handlowy; however, it will be challenging for the European banks. Banks without the scale will have a proportionately greater burden on their shoulders. Therefore, we may expect proﬁtability to be still under pressure. Capital requirements are constantly growing, which will limit the banks’ activity or the scope of products they oﬀer, as they will be burdened with risky assets. The fact that we are not burdened with loans in Swiss francs, which was our strategic decision made a few years ago, is to our advantage. Since these challenges and changes don’t concern us, and we have a signiﬁcant capital we can focus on the development. We have both suﬃcient business size and a technological and quality advantage when it comes to our products. We implement world-class products on the Polish market and concentrate on the areas in which we feel at least good. One of them is relationship based service with our corporate clients. Some things remain constant - global companies seek in a bank partner that supports them in their activities, understands them and helps to get through various local market regulations.
Our clients are long-term investors and strong foundations of business development are key for their strategies. They focus on market potential and economic stability. While diﬀerent in proﬁle, they have one thing in common: a long-term approach to business. Therefore what we oﬀer is a full range of services in the area of cash management, foreign exchange, trade ﬁnancing and business lending, which remain the basic banking services. We give practically unlimited access to all foreign markets through our brokerage house. Final oﬀer is adjusted to local conditions and tailor made so that we can fully leverage the investment and development potential of particular markets. In past few years we observe growing role of consulting in this package. The relation of “classic” ﬁnancial products to what
could be described as “consulting services” is more or less ﬁfty/ﬁfty. As we have longtime presence on almost 100 markets we have gathered enough knowledge and experience crucial for doing business on speciﬁc markets. Companies we serve value also networking and experience sharing possibilities Citi Handlowy enables them. For instance, we do that in Poland, where we cooperate with many international companies. Equally important is individually created solution. Through the years of creating oﬀers and servicing companies we have learned more about the business of our partners what makes Citi Handlowy able to anticipate the future needs of companies operating on particular markets, even if they are not yet aware of them. One of our key market advantages is global reach and bideractionality of such attitude – if our foreign client want to invest in Poland, or Polish company plans to expand its presence abroad, each of them will be supported by Citi team on site. This way speciﬁc knowledge from local teams helps our clients save time and do business on almost any market. That’s what we are good at, and that’s what our clients value most. We continue our strategy of being a stable, strong bank, which responds ﬂexibly to market changes, focused on serving international companies or those aspiring to expand their business to foreign markets. We want to play the role of a partner and an advisor in running business for our customers.
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Online Lending to SMEs We managed to provide financing to online vendors faster and more seamlessly than anybody before n May 2017, you launched the pilot in cooperation with PayU for online loans for small e-commerce businesses in Poland. What is the scope of the pilot and what are the results as for now? This is the ﬁrst collaboration between a small business lender and a payment system provider at such an advanced level of integration in the European ﬁntech market. We managed to provide ﬁnancing to online vendors faster and more seamlessly than anybody before. On the basis of customer consent, we use their PayU transaction data and publicly available sources to give them targeted lending oﬀer without any hustle on the customer side. How exactly process looks likes? In which part of the process PayU is involved? The entire lending process, including the ﬁling of the application, the creditworthiness analysis, the credit decision, the signing of the agreement and the disbursement of the loan is facilitated online using iwoca technology. In the simpliﬁed process, a loan application requires just two ﬁelds to be ﬁlled, and a credit decision for a loan of up to 20 thousand zloty is made within a few minutes. The loan is provided by iwoca, but made possible through the integration with PayU, which provides detailed data on the creditworthiness of the loan applicant. In order to apply for a loan exceeding 20 thousand zloty (up to a maximum of 150 thousand zloty) current bank statements will have to be provided. The decision for these applications is made in just a few hours. The ﬁnancing provided by iwoca does not require any collateral and is extremely ﬂexible. It can be obtained for a period ranging from one day to 12 months, with no commission and no early repayment fees. Costs are charged daily, proportionally to the amount and the term of the loan. This is exactly the type of ﬁnancing that an entrepreneur selling online
IWOCA IS UNDERGOING A SHIFT FROM LENDING MONEY DIRECTLY TO PROVIDING LENDING TECHNOLOGY TO INCREASING NUMBER OF PARTNERS. WE CALL IT CREDIT-AS-A-SERVICE.
Mariusz Zabrocki, Managing Director at iwoca Poland would need to increase their scale faster or avoid liquidity challenges. Do you have in your nearest plans partnership with banks? How can the model of such cooperation look like? In Poland, we are working with several banks on rejection referrals, that is stepping in with iwoca ﬁnancing where banks fail to provide a loan to a small business customer because of underwriting rules, regulations or lack of risk appetite. First partnerships are planned to be launched in September, but there are more potentially coming in fourth quarter and 2018. However, for us it is just the beginning. At the next stage, we want to provide Polish banks with seamless, end-to-end online lending process. Another dimension of those partnerships is ﬁnancing, initially, iwoca lends from its capital, but when the scale of collaboration gets bigger, it makes more sense for a partner to step in with their low-cost ﬁnancing. Can you share the names of banks that you already collaborating with? We are already cooperating with several banks, both the largest banks in Europe, such as Intesa Sanpaolo, Commerzbank, Hypovereinsbank and RBS, as well as rising challenger banks, such as Tide. The latter might seem to have smaller potential scale, but they give us a chance to make full use of our technology without facing constraints of working with large corporations. What are the main focus and plans for the near future? The main focus at the moment are several integrations, which should bring one-click lending to hundreds of thousands of small businesses across the globe. We are not limiting ourselves to markets, where we already have large experience, that is the UK, Poland and Germany. iwoca is undergoing a shift from lending money directly to providing lending technology to increasing number of partners. We call it Credit-as-a-Service. Olena Gryniuk
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Zafirmowani.pl - digital portal for SME customers in Alior Bank Alior Bank in Poland launched its digital portal for SME customers in June 2016 Sorting and capturing of unpaid invoices Accounting portal is simple to use, has a friendly interface. So it’s a solution for budgeting, invoicing and expense tracking. 2. Communication Platform is a networking platform to help entrepreneurs to get in touch with potential business partners as well as customers. By setting up user’s profile – a virtual business card – customer can promote his products and services and gain new business contacts.
Maciej Surdyk, Managing Director of Business Banking Development Division at Alior Bank
afirmowani.pl was designed to provide existing and prospect business clients with tools, resources, and knowledge helping to start and run the business. Access to the portal is free of charge. To get access, an entrepreneur has to go through a quick registration process. The launch of Zafirmowani.pl portal goes in line with Alior Bank’s strategy to be a partner for SME customers, to help and support them in starting and growing their businesses - says Maciej Surdyk, Managing Director of Business Banking Development Division at Alior Bank. The following tools are available at the portal for free:
3. Educational Platform – articles, videos, and presentations on about how to start a business and how to develop and scale up. Topics that are covered are HR, taxes, law, marketing. To create such a knowledge base Bank cooperates with different consulting, audit, accounting, law and other companies. What is more, the important thing is that customers can get not only that knowledge but also an answer to their questions. The second part of that module is digital documentation base with documents’ templates: business plans, contracts, application forms for EU funding programs, etc. We also regularly invite external companies to cooperate with portal zafirmowani.pl and to prepare special offers and discounts on their products and services. These special offers are available only to portal users - adds Maciej Surdyk. The following marketing actions are set to promote the portal and engage entrepreneurs: Bank hosts a series of seminars for SME customers around Poland. The first one took place in Google Campus Warsaw Internet marketing campaigns Marketing campaigns in Social Media targeted on SME customers.
1. Accounting application. It is set mainly for the entrepreneurs who use simplified taxation system. The main functionality includes: Monthly settlement of revenues and expenditures Automatic analysis of expenditures and revenues E-invoicing Automated tax and social payments calculations Automated generation of tax declarations
What is BanqUP and how it is different from traditional banks and other fintechs
Krzysztof Pulkiewicz – CEO at banqUP
Tell us what is BanqUP and how it is diﬀerent from traditional banks and other ﬁntechs? BanqUP is smart ﬁntech bank for small and medium business. Our goal is to oﬀer small and medium businesses the set of tools combining traditional banking products like a current account, MasterCard together with ﬁntech services to give them an ability to use these services in one single place. This is BanqUP, and we are targeting SMEs around the European Union. What will be your unique competitive advantage? We have three major advantages: the ﬁrst one is we are focused on the teams and not on a single account owner, but we are focused on helping those SMEs to collaborate with team member, employees, accountants, just to save time, just to make it really fast and avoid unnecessary work on daily basis. That’s the ﬁrst one – we are about the collaboration. Second and the core element that we do and the core element of the Platform is what we call smart analytics. We have machine learning engine; we have a lot of algorithms we designed and deployed which are looking at your data on a daily basis and provide you with assistance and some recommendations, for example, about your ﬁnancial liquidity. We are not just visualizing what is happening with your business, we also help you to understand what is the risk of losing liquidity in the nearest or longer time horizon, we also help you to use the products which actually will help you like factoring, invoice discounting or credits. So the role of the assistant is to be smart, to be insightful, and the third, and also very important, is to be personal, which means that we
OUR GOAL IS TO OFFER SMES THE SET OF TOOLS COMBINING TRADITIONAL BANKING PRODUCTS TOGETHER WITH FINTECH SERVICES IN ONE SINGLE PLACE
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Speaker at #CEE17
BanqUP is a fintech bank for small and medium businesses
are asking our users few questions about their business model, the industry they come from and then we are personalizing, customizing the functionalities, we are customizing the user interface to deliver the relevant functions in scope and in the context of what they do and what the business is. Let’s assume that I’m an entrepreneur in Belgium and I would like to open an account with you. What is the process of onboarding? The onboarding process is fully digital. You can do it from your home, even 10 PM, whenever you want. It depends on what kind of business you are. If you are a sole trader, you will go with few questions on our onboarding process, tell us something about your business, give us your Tax ID, then we will invite you for very simple video KYC process: you need to show us your ID to someone who is sitting behind, it’s like a Skype call, and two-three minutes later we will open the account for you, and you can start using your service. Immediately after we will also issue the card which will be delivered via post within three working days. That’s the process. From entering our website till having an account that you can use and make a transfer it’s just a matter of a couple of minutes. If you are a bigger business, the process is a little more complex, because we need to check your company, who is a legal representative or beneﬁciary owners, but still this is fully digital process: you will upload the document available in public register, our partner will check this document, we’ll invite one or two, depends on your legal structure, people for KYC process and again within a couple of minutes you will have your account open for business purposes. Olena Gryniuk
Scan QR code and listen to the full interview online
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SMEs: the bigger the company, the more they take advantage of leasing Leasing remains the most popular financial instrument, with 58% of companies choosing this option.
Radosław Kuczyński, Chairman of the EFL
n relation to the growing number of investments, in the second quarter of this year one in ﬁve enterprises from the SME sector expected to make more use of external ﬁnancing, according to the “EFL Barometer.” As in the previous quarter, leasing remains the most popular ﬁnancial instrument, with 58% of companies choosing this option. Looking at diﬀerent sectors, leasing was most frequently used by construction (73.8%), transport (73.8%) and manufacturing (73%) companies. The primary source of ﬁnancing for investment in micro-, small and medium-sized companies is still their own funds. This applied to 9 out of 10 of the enterprises surveyed. Taking external support into account, leasing is still the preferred option over bank loans (58.1% vs. 54.4%). One in six companies takes out insurance on company assets (17.4%), and one in ten makes use of factoring. The smallest companies reach into their own pockets, while larger ﬁrms look to leasing As in previous quarters, there is a clear tendency for the use of ﬁnancial instruments when looking at the size of various entities. The more workers a company employs, the more frequently it takes
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advantage of leasing. While, among micro-sized companies, 45.5% of managers rely on leasing, among small companies that number rises to 61.4%; as much as 71.7% of medium-sized enterprises fund their activity by means of leasing. A similar dependency exists in the case of asset insurance and factoring. As pointed out by Radosław Kuczyński, Chairman of the EFL, such results, on the one hand, correspond to huge optimism among mediumsized companies in terms of investment plans for this year’s second quarter. “Medium-sized enterprises most frequently reported growth of planned investments, with small and micro-sized companies reporting considerably less. On the other hand, however, in the case of the smallest companies, we can see less of an inclination to take ﬁnancial risks, the result of which is, above all, the use of cash,” says Radosław Kuczyński, Chairman of the EFL. Construction, transport and manufacturing companies make use of leasing most frequently From among the six sectors included in the research, three stand out – those whose representatives most frequently used leasing to ﬁnance their investments. These three sectors were construction (73.8%), transport (73.8%) and manufacturing (73%). On the other hand, the considerably greater importance of internal resources and lesser importance of leasing and bank loans was visible within the commerce sector – as much as 92.4% of the sector relies on cash, 49.2% on credit, and 48.3% on leasing. We see a similar situation in the services sector, wherein only 46% of companies opt for credit, and 40.3% use leasing. „EFL Barometer” is an indicator that informs about the propensity of companies from the SME sector to grow (i.e. development is understood as setting targets in the company connected with an increase in sales and production, expansion into new markets and maximization of proﬁts, which is related to investments in ﬁxed
assets). Quarterly forecasted ﬁnancial health of SME companies gives a reference point to the application for the intended changes that favor the growth of the company or work as an obstacle to their development. The survey is prepared by Ecorys on behalf of the Europejski Fundusz Leasingowy SA., and the results are published on a quarterly basis. The participants are micro, small and medium-sized companies all over Poland. The representative group of 600 micro, small and medium-sized companies took part in the survey. The current survey was held on May 04-10, 2017. The Europejski Fundusz Leasingowy SA was established in 1991 as one of the ﬁrst leasing companies in Poland. Since 2001, the EFL has been a part of the Crédit Agricole Group, which guarantees the company ﬁnancial stability and security, while also allowing it to take advantage of the knowledge and experience of a ﬁnancial institution with an international presence. The EFL consistently expands the scope of development for business. The company oﬀers a broad range of products: leasing, loans, long-term rental, insurance and factoring. Since 1991, it has been cooperating with the most notable manufacturers and suppliers of machinery, equipment, vehicles and other ﬁxed assets. The company has won a variety of awards, including being named a ClientFriendly Company six times and Financial Brand of the Year ﬁve times. More than 290,000 clients have already chosen the EFL as their business partner. More information at: www.eﬂ.pl.
Leasing Index Foreign expansion and investment sentiments of the SME sector According to the Leasing Index survey conducted on SMEs planning to expand their operations, 17 percent declare that they already operate on foreign markets and another 20 percent is considering to enter foreign markets for its products. There is a correlation between planned expenditures for development and awareness of the leasing financing benefits. Out of the companies that have already availed of leasing, as much 55 percent declare that they intend to broaden their scope of activity. Interestingly, SME entrepreneurs who have used leasing before, invest twice as much than those who have not.
exchange rate changes. As for the challenges, in the context of the following years, it is important to support the financing of foreign expansion of Polish companies, to subsidize their participation in foreign fairs and exhibitions (especially among medium-sized enterprises). It is also important to
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According to BZ WBK Leasing analysis, the motivation for expansion is the desire for dynamic growth in new markets â€“ 42 percent of indications. In addition, 17 percent of the researched companies believe the expansion involves the implementation of the strategy they have adopted, while 8 percent of the companies have pointed to their innovative products or services and a competitive business model that they believe will allow them to quickly gain new markets. - Our observation shows that, contrary to appearances, companies in the SME segment do not have any specific legal or formal obstacles in terms of expansion into foreign markets. However, entrepreneurs are concerned about the inability to find reliable business partners or unfavourable
Tomasz Sudaj, Managing Director of Market Strategy at BZ WBK Leasing
IT IS IMPORTANT TO SUPPORT THE FINANCING OF FOREIGN EXPANSION OF POLISH COMPANIES, TO SUBSIDIZE THEIR PARTICIPATION IN FOREIGN FAIRS
support the search of business partners abroad and identify the target market â€“ particularly relevant to the smallest companies deciding to take their first cross-border steps. This, in the coming years, should be the focus of the activity of the newly established trade offices which are suppose to replace the existing Investor and Exporter Service Centres - says Mr Tomasz Sudaj, Managing Director of Market Strategy at BZ WBK Leasing.
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THE ABOVE RATIOS CONFIRM THE ENTREPRENEURS’ GENERAL WILLINGNESS TO INVEST IN INNOVATION, WHICH DIFFER SLIGHTLY DEPENDING ON THE REGION OF CENTRAL AND EASTERN EUROPE Daniel Mrozek, Director of Marketing and Sales Support at BZ WBK Leasing
Leasing has been fuelling investments for years In the context of the interesting correlation between planned development expenditures and the awareness of the benefits stemming from leasing, the most obvious area where you can tap into this form of raising capital for development is the purchase of new machinery. And indeed, 22 percent of the
Motivation for new markets’ expansion for SMEs
companies, that have already had some experience with leasing are planning to invest in equipment, comparing to only 5 percent the companies, that have not previously availed of leasing. However, reducing leasing experience solely to financing of the equipment would be a significant simplification. Companies using leasing services indicate that they intend to increase employment (24 percent of respondents), and as much as 24 percent of the entrepreneurs want to use leasing as a source of fixed assets finance. It is worth pointing out that this is yet another proof that leasing is a flexible and accessible financial product supporting the development of SMEs and thus propping up the entire economic development, which is one of the fundamental goals of the industry not only in Poland but also in Europe.
Desire for dynamic growth in new markets
Implementation of expansion strategy a company has adopted
Innovative products/services and a competitive business model will allow to quickly gain new markets
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a strong average. There is a lot to do in this area, and the growth of the innovativeness of Polish companies is necessary to meet the very competitive global market,“ - concludes Mr Daniel Mrozek, Director of Marketing and Sales Support at BZ WBK Leasing.
BZ WBK Leasing is part of BZ WBK capital group. It offers financing of a wide range of fixed assets to SME sector business as well as large and corporate sector clients as a universal leasing provider. The company specialises in the financing of machines, appliances, real estate and means of transport. The offer is supplemented with attractive insurance packages and fuel cards. BZ WBK Leasing focuses on the quality of the offered products and services ad well as the solidity and transparency in cooperation with its contracting parties.
Read full Leasing Index Survey (available in Polish only)
- The above ratios confirm the entrepreneurs’ general willingness to invest in innovation, which differ slightly depending on the region of Central and Eastern Europe. In this respect, Poland does not stand out neither below or above the rest, thus remaining
The first car loan fintech in Poland: GPS will calculate monthly payments • • •
Idea Bank Group launches a new fintech project Happy Miles uses GPS technology to develop pay-as-you-drive financial products It’s the world’s first ‘car loan per kilometer’ concept, where monthly payments vary depending on travelled distance
LN 0.38 per kilometer? That is how a payment calculation may look like in the innovative GPS-based Happy Miles model. The exemplary rate is for a new Opel Astra travelling 20 thousand kilometers a year. Let’s imagine a sales representative at a toy company. He has a car. Unfortunately, ﬂu or a vehicle breakdown makes it impossible for him to work for two weeks. The car is not used, business freezes. Luckily, installment also decrease signiﬁcantly, protecting the company from liquidity problems. Payment per kilometer ‘Pay-as-you-drive’ is the world’s ﬁrst car loan model where the payments are calculated in strict accordance to the travelled distance. Precise information on kilometers covered is automatically sent to one’s creditor company via a GPS device installed in the vehicle. Monthly
payment is the distance multiplied by a KMbased rate, plus a small ﬁxed amount (PLN 235 in the above example).
Car loan market hungry for innovation Happy Miles is yet another ﬁntech project delivered by the Idea Bank Group – but the ﬁrst car loan-related. Idea Bank’s executive and the brain behind the Happy Miles concept, Dominik Fajbusiewicz commented: ‘We are creating an engine that might become widely popular in services associated with the ﬁnancing of sales and rental of passenger cars, trucks, agricultural machinery and construction equipment. The car loan market is the ﬁrst we want to introduce the new technology to. Fintech trends are quite strong in the banking sector, but the car ﬁnancing services lack innovation. What is important, in Poland, due to tax regulations, a popular and economical form of car ﬁnancing is leasing. It’s like the market’s asking us to be transformed. The acquisition of Getin Leasing,
HAPPY MILES IS YET ANOTHER FINTECH PROJECT LAUNCHED BY THE IDEA BANK GROUP
which along with Idea Leasing covers almost 15% of the car loan market in Poland, has provided us with some perfect tools to do so’. These two companies will be the ﬁrst to launch the innovative ‘car loan per kilometer’ service. Simultaneously the bank’s been working on implementing GPS technology and the ‘payas-you-drive’ model in other industries, such as longterm car rental and insurance. The economy of using – new model of living The Happy Miles concept ﬁts the newest global economic trends. They go by various names
– access economy, gig economy or sharing economy, and they’ve laid foundation for businesses such as Netﬂix, Spotify, or Uber. These trends are the consequence of the changing structure of consumer behaviors and needs: people’s tendency to refocus from ‘having’ to ‘using’. ‘We believe that the pay-as-you-drive model will turn the tides for many entrepreneurs. Not only it allows for adjusting ﬁnancial obligations to the company’s cash ﬂow; it also brings additional beneﬁts to having a GPS device installed in a vehicle’, oﬀers Łukasz Domański, Happy Miles PM. ‘The idea of car loan per kilometer may appear especially attractive to companies owning ﬂeets, or freight companies’, he adds. The additional beneﬁts associated with having a GPS device in a car include vehicle location and the ability to keep track of the use of fuel, speed, braking distance,
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acceleration parameters, driving time and drivers’ working hours. Happy Miles is yet another ﬁntech project launched by the Idea Bank Group. The world has already heard of its Mobile ATMs and the banking/accounts platform Idea Cloud, recognized in multiple global awards programs such as the Fintech Innovation Awards, Fintech Awards or BAI-Infosys Finacle Global Banking innovation Awards. Listed on the Warsaw Stock Exchange (WSE:IDA), Idea Bank supports Poland’s dynamic entrepreneurial culture by oﬀering its clients a 360-degree assistance on all stages of business development: from the registration of a new company with the authorities, to bookkeeping, and ﬁnancial advisory in the ﬁrst phases of growth.
Scan QR code to watch Happy Miles’ marketing campaign Idea Bank’s Press Release, 05.01.2017
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Digitalization in Leasing Industry The main areas which will be influenced by digitalization include internal processes, conclusion of agreements, and post-sales services
Marcin Balicki, CEO at Millennium Leasing (Poland), Vice-chairman of the Executive Committee at Polish Leasing Association
hat ﬁelds for digitalization you see as the priority in leasing industry, especially for SME customers ? Every company present on the Polish market is trying to come up with their own answer to that question, yet this is naturally an area in which those companies compete with each other and are rather not disclosing their plans before they are implemented. The main areas which will be inﬂuenced by digitalization include internal processes, conclusion of agreements, and post-sales services, but also the precise stage of clients comparing and choosing an oﬀer. In the area of internal processes, the eﬀects of digitalization will mainly apply to the time eﬃciency and cost reduction. In terms of conclusion of agreements, revision of the law that would allow abandoning the written form of leasing agreements is essential in Polish realities. If this condition is fulﬁlled, it shall open a broad range of possibilities to oﬀer our clients an option of concluding a leasing agreement in those areas of digital space where they conduct transactions – on websites and in mobile apps they use. The diversity of those potential procedures is so vast, that a decision of choosing a procedure will be a part of an individual strategy of each lessor.
The area of post-sales service seems to be penetrated better than any other. Solutions already present on the market or those which are going to be introduced in the near future, address the majority of clients’ needs in this extent. However, ﬁnding such a platform, that would allow facing a challenge of digitalization in the area of shopping behaviors of the clients, which in the SME sector are going to be increasingly determined by changes of such behaviors in private lives of the decision-makers, would be a real challenge for the leasing sector. We’ve opened a dialogue on the matter within the framework of Polish Leasing Association. I am personally involved in the discussion and I believe that we will manage to work out such an agreement. In your opinion, how digitalization will transform the market in terms of customer experience, products, players, etc. ? There’s a lot going on here and the pace of those changes is extremely fast. I’d like to mention examples from my own home turf – an award-winning Bank Millennium mobile app or Goodie (www.goodie.pl), a new smart-shopping platform. Car-sharing platforms are just implementing in Warsaw and it will be interesting to see how they are going to be adopted by the market. If I were to sum it up – I believe that customer experience is
I BELIEVE THAT CUSTOMER EXPERIENCE IS BECOMING AN ABSOLUTELY KEY FACTOR OF SUCCESS IN TODAY’S WORLD
becoming an absolutely key factor of success in today’s world. An access to information and a possibility of conveniently storing, processing and comparing it are becoming increasingly important. We are, even unknowingly, ever more frequently using tools which, based on our individual preferences and geolocation, are providing us with information when it can be potentially the most interesting for us. I think that everything we are experiencing as private users of social media, clients of online stores, information services, browsers, is permanently changing our outlook on the model of decision-making, including making business decisions.
CIS & Caucasus SME Banking Report 2017 SME Banking Outlook for CIS & Caucasus region and detailed analysis per countries: Armenia, Belarus, Georgia. Kazakhstan, Ukraine. Banking Groups Overview for CIS & Caucasus region in SME Banking segment Language â€“ Russian Available from June 2017
CEE SME Banking Report 2017 SME Banking Outlook for Central and Eastern Europe region and detailed analysis per countries: Bulgaria, Poland, Romania, Serbia, Turkey. Banking Groups Overview for CEE region in SME Banking segment Language â€“ English Available from October 2017
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Factoring Services in Poland Factoring market in Poland showed significant growth in 2016: associated members of Polish Factors Association (PFA) increased their factoring turnover by 20% on Y/Y basis.
t the end of 2016, 54 factoring companies were providing factoring services in Poland, 41 of which were nonbanking factoring companies and 13 were commercial banks. The principal shareholders of the 41 nonbanking factoring companies were as follows: banks for eight companies; other financial organizations and insurance companies for 10 companies; and other nonfinancial companies and private individuals for 23 companies.
billion in 2015). 7,853 customers used factoring in Poland in 2016 (7,046 in 2015), while factors financed 7.5 million invoices in 2016 (6.5 million in 2015). The structure of turnover by the various types of factoring services was as follows (in mln EUR):
The Structure of the turnover by the types of factoring services
The factoring market in Poland showed significant growth in 2016: members of the Polish Factors Association (PFA) increased their factoring turnover by 20 percent year-on-year.
14 000 11 911
PFA members reported total turnover of PLN 158.157 billion (EUR 36.258 billion EUR) at the end of 2016 (PLN 131.146
8 000 6 000 4 325
Domestic Full-service Factoring
DomesticFactoring with resourse
Export Full-service Factoring
Export Factoring with recourse
2 932 2 958
Factoring turnover within sectors of the economy (2016)
“In 2016, export factoring grew by 31 percent. Full-service factoring turnover showed a strong increase of 25 percent. Together, these two types of factoring led to a significant increase in the factoring market in Poland in general. Growth in these types of services shows that customers are increasingly looking for a service that solves the problem of trading security. The significant increase in turnover was accompanied by an increase in the number of clients, to almost 8,000 (an increase of 11.5 percent). Factors also financed 16 percent more invoices than in the previous year. Customers made better use of their factoring limits, as the average customer’s turnover in 2016 was about PLN 20 million (10 percent growth),” says Dariusz Steć, Chairman of PFA Executive Committee. 1 2016 annual average ECB euro reference rate EUR 1= PLN 4.3632
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The following table presents factors’ year-on-year turnover:
2016 mln PLN
2015 mln PLN
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21
BZ WBK Faktor
BGŻ BNP Paribas Faktoring
Bibby Financial Services
2 Until November 4, 2016, as Bank BPH Learn more about the factoring market and factoring products in Poland in the Factoring in Poland Study Available as of November 2017 Source: Polish Factors Association (http://faktoring.pl/), Press release from January 27, 2017
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Alternative financing for microenterprises What do microenterprises need to flourish?
Speaker at #CEE17 MICHAŁ PAWLIK Co-Founder and CEO at Faktoria SA
1. Eased regulations for doing business! The smallest Polish companies, so-called microenterprises (with one to nine employees) represent 95 percent of all businesses in the Polish market and account for 30 percent of the country’s GDP. Despite this signiﬁcant share, entrepreneurs in this sector do not have a lot of conﬁdence in the market. They face complex regulations, red tape, high taxes, and a lack of ﬁnancing. Beyond this, there are even more obstacles, such as payment bottlenecks and problems with ﬁnancial liquidity. Average payment time exceeds 45 days, and the majority of companies do not have any contingency plans to oﬀset payment delays. Factoring is a great way for small businesses with limited bank credit to acquire ﬁnancing. According to the Polish Factors Association (PFA), in the period from January to June 2017, the factoring industry ﬁnanced small businesses’ receivables in the amount of PLN 83.6 billion. This represents an increase of 13.6 percent year-on-year. Some 8,100 companies beneﬁted from factoring, which represents a 12.5 percent increase year-on-year. However, the usual beneﬁciaries of this instrument are SMEs rather than microenterprises. 2. The availability of good services Companies should understand that factoring is an important issue. Only 60 percent of microenterprises say they know what factoring is. Furthermore, there is a gap between declared and actual knowledge. As a matter of fact,
among those who claim to know what factoring is, only 22 percent really understand it. Consequently, designing this ﬁnancial product for a customer who does not fully understand the area is a challenge for the industry. A key to customizing and specifying product parameters is understanding microenterprises’needs (they have more in common with consumers than corporations) backed up by a design-thinking approach and customercentric design. First, one needs to determine their needs so as to come up with a customized solution. A fundamental feature of good services is their availability: the application process and decision making, contract execution, provision of funds and all customer communication should be performed online. Additionally, all phases should occur in real time, thereby saving the time entrepreneurs need to regain ﬁnancial liquidity. 3. Making plans The reasons behind the recent 17 percent growth in factoring (some estimates range from 16 percent to 18 percent) include: growing awareness of factoring, the quality and availability of services, increased availability of services for new companies, falling costs and increasing delays and arrears in invoice payments, to name just a few. Expected growth will ﬁrst be seen by small, non-bank factors, as their products are available to a broader client base. Bank factors usually have more rigorous requirements and focus on invoice packages rather than on individual debts. The largest factoring companies are not interested in the smallest clients, which is why there is room for smaller factors to expand their own businesses and sales channels. Innovation is another factor contributing to success. There are new factors in the market oﬀering innovative products in terms of their functionality, technology or structure. For example, Faktoria SA uses innovative technology based on big data, machine learning and quasi-artiﬁcial intelligence mechanisms in granting factoring limits. Obviously, there will be a ﬁnancing alternative for microenterprises in the future. Michał Pawlik, Co-Founder and CEO at Faktoria SA Before setting up Faktoria in January 2017, Michał set up “from the scratch” the factoring business targeted for small and medium-sized enterprises at Idea Money, the leading business in the (SME) factoring market. Michał also came up with eFaktoring.pl, which was established in 2015, the ﬁrst fully online factoring services for microenterprises and self-employed freelancers in Poland. Sources: the author’s own research based on data from Poland’s Central Statistical Oﬃce and the Polish Factor Association, among others.
Nearly 90% of companies from the SME sector are familiar with the concept of factoring, and factoring services are currently used by almost 11% of enterprises – these are the results of the 13th wave of the Bibby MSP Index survey carried out by Bibby Financial Services. An analysis of the quarterly results of the Polish Factors Association shows an increase in the number of customers and interest in non-recourse factoring among export enterprises; compared to the corresponding period of the previous year, the growth rate reached nearly 125%. The year 2017 is a year of challenges for the Polish SME sector when every eighth entrepreneur from the SME sector has experienced the negative eﬀects of the rise in minimum pay, and nearly half of businesses have encountered increases in the costs of third-party services. The numbers speak for themselves – entrepreneurs are taking a more and more informed approach to the issue of ﬁnancial liquidity and are more willing to use factoring services, especially when facing uncertainty on the market associated with legislative changes.
WOJCIECH CZAJKOWSKI Co-founder & CEO at Fandla.com
Fandla is fully automated mobile platform. We do not use paper-based forms of communication with customers. The entire process can be done from the smartphone. We are the ﬁrst company in Poland, who signs receivables assignment agreement digitally. Other factoring companies are doing this on paper. And that means that the customer has to print and sign the agreement, send it and wait a few days for the ﬁrst payment. In Fandla, each invoice and any related to it transaction is a separate agreement, processed quickly and fully online. The customer does not have to sign long-term agreements and does not have to bare costs related to it no matter if he uses the funds or not. If a customer has a need for cash and has an issued invoice, he can process it with us and have cash available in just few minutes.
Speaker at #CEE17
General Director at Bibby Financial Services in Poland
ISSUE T POL OPIC AND
MARCIN PASENIK Managing Director at inviPay.com
As we are ﬁntech start-up our focus is to improve our online application to give better service to our clients. We are on the market for a bit more than a year and a half. We have more than 2000 users and we’ve become very careful about the quality we deliver. Factoring we oﬀer is much more than just factoring itself, we oﬀer a system which a customer can use for managing company’s cash ﬂow. Our customers are businesses with up to 3 000 000 PLN annual turnover. The customer can sell the invoice online to us, but also, he can pay for his purchase invoice using his sales invoice (cashless) and to extend payment deadline. That’s what diﬀerentiates inviPay.com from other players on the factoring market. We give to customers more options to be more ﬂexible with their cash ﬂow. And we keep the prices low. That’s why we believe in our cooperation with banks. This channel gives us wide spectrum of possible clients we can approach. At the same time, we are not a competitor for banks as long as we’re focused on micro and small enterprises. Now we have two big partners: ING Bank Śląski and Alior Bank and we are in negotiations with others.
KATARZYNA GŁOWACKA–BAUMAN Product & Marketing Development Manager at Idea Money
The popularity of factoring among Polish entrepreneurs has been growing. It is crucial to increase the availability of factoring services for companies. Idea Money is committed to innovation and digitization – aﬀording possibilities to manage factoring limits online, and access to invoice ﬁnancing via mobile apps. This year we have launched an online factoring service, thanks to which you can gain access to the solutions oﬀered by Idea Money without signing paper documents. It is also important to provide entrepreneurs with professional support from factoring advisers over the telephone. Today, our consultants conduct several-dozen thousand calls with entrepreneurs monthly, educating them, and promoting the use of factoring services.
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Lending to SMEs within 24 hours Olena Gryniuk talked to Bruce Brenkus, Chief Risk Officer, about Spotcap’s ability to make sound credit decisions in less than 24 hours
job is to provide the best possible product and service to our SME customers. On the other end of the spectrum, and on the other side of the world in New Zealand, our job is to build industry awareness and educate potential customers about the valuable service we provide. We have developed individual strategies to embrace these diverse markets. What’s the range of your loans? We start as low as 10,000 in local currency whether that’s euros, pounds or dollars (AUD or NZD) and we go up to 250,000 local currency in each market.
Bruce Brenkus, Chief Risk Officer at Spotcap
uring recent years Spotcap entered 2 new markets, which are the UK and New Zealand. How do you estimate the competitive landscape there? Especially the UK market which is perceived to be one of the most competitive, being a European centre of fintech? This is an interesting question, because, of course, we are dealing with two very different landscapes, New Zealand has a very little competition and as you mentioned, the United Kingdom has several fintech and other players in the market. The short answer is we have embraced both scenarios. In the UK for example, we are quite happy to have competitors as they have helped the market get to a point where SMEs understand what fintech is, they recognise it as a new lending opportunity. Our
Who is your average customer? How does he look like: age, industry, company’s size? There is an interesting assumption that fintechs or alternative lenders are primarily used by early adopters. Although I can’t speak for every fintech, our average customer is over forty, has been in business for somewhere between 5 and 7 years and enjoys an annual turnover of £1-10 million (in the UK). Spotcap’s reach beyond the early adopter is largely powered by the partnerships we have made with traditional lenders, brokers, accountants and advisors. Coming back to your risk model and lending process. How does it look inside Spotcap? So, it takes maximum 24 hours to make a decision, isn’t it? How it goes from the step of receiving an application from the customer till loan disbursement? We’re able to provide a 24-hour turnaround from the time we have received a completed application which is great for our SME
WE USE ADVANCED PLATFORMS TO MAKE PRE-DECISIONS AND LET OUR UNDERWRITERS TAKE IT FROM THERE, NO MODEL CAN COVER EVERY ASPECT OF LENDING OPPORTUNITY
Interview customers with an immediate need for finance. Once we receive an application we undertake qualitative and quantitative analysis. Our risk models provide an initial recommendation about the interest rate and the size of the credit line, however the final decision is always made by one of our expert underwriters. We use advanced platforms to do a lot of the pre-work and make predecisions then we let our very smart, qualified underwriters take it from there, because no model can cover every aspect of a lending opportunity. So, this was my next question what is the human input into your credit underwriting process? We have already developed auto decision rules for a portion of our applications with the goal to fully automate credit decision processes soon. However, even with a fully automated credit decision process, we will still rely on our skilled credit operations team to provide many of the final credit decisions. Let me give you an example – let’s say we receive a small loan request, say 25 thousand in local currency, the automation
to make sure every decision uses sound logic and best practice underwriting.
WE’RE ABLE TO PROVIDE A 24-HOUR TURNAROUND FROM THE TIME WE HAVE RECEIVED A COMPLETED APPLICATION
in the tools may take it all the way to a final decision, so much so that our underwriter only has to validate and verify, almost like a quality control check. On bigger loan applications, the model will only provide a base recommendation. We use the red light, yellow light and green light approach which means our models will place an application in one of those buckets and the underwriting team takes it from there. We also have a secondary level of authority within the business – we call it ‘four eyes’ –
Bruce Brenkus speaking at CEE SME Banking Club Conference 2016 in Warsaw
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Tell us more about the technical part of the process. How do you utilize machine learning within underwriting and the whole risk assessment process? We utilize machine learning in what we call in an R&D laboratory environment. Spotcap Labs is our center where we work on the next generation of credit scoring to find predictive patterns for credit decision processes. We collect big data to develop our scoring algorithms. The lab uses our vast array of data and various techniques including machine learning to improve our credit decision scorecards, segmentation strategies, and product features such as pricing and credit line size determination. We are not always trying to look at building a new model but we are trying to identify new data attributes that can be a combination of attributes from certain of our data streams and data vendors. We are also looking at different data vendors to find out if new data sources have any added value. I love the phrase, and I hate the phrase ‘Big Data’ because having a ton of data can slow you down. So, what we try to do is wade through it to find the data which is actually helpful. And finally, we do a lot of text mining. Lots of businesses overlook how important the written word can be for data mining. We have made this one of our core focus areas. Nowadays fintech lenders set a high customer-service bar for banks and present new challenges for their risk functions. So, as I understand, you do not require a big package of documents from the customer and long loan applicants. So, do you draw some data from public sources like PayPal transactions, Amazon, etc.? How do you do this in Spotcap? To clarify, we do require certain documents from our clients – that’s a crucial part of our sound underwriting, and authentication process. But you are correct that we do not ask for unnecessary documents. We ask for financial statements, bank account data, credit reports and taxation information. So, using all those different tools we do a lot of cross-checking and verification: do the bank account inflows and outflows match up with revenue? Are there any discrepancies within
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Interview the data? Our algorithm analyses all of this data and considers KYC (Know-Your-Customer) checks to make sure that we have the right business, the right owners or directors and we are able to verify that is a legitimate business with an active business licence. What is loan approval rate in Spotcap? Is it growing? What is your targeted one? We aren’t too focused on a number here, because it depends of the applications we receive but we have found we are approving around half of our applications, which of course, is more than the traditional players because of our unique credit algorithm. We do a lot of business through partnerships which is a lot more controlled and constrained because our partners are trained to identify a robust loan candidate. Our main goal when we look at approval rates is that we are approving profitable customers with longevity in their business models. Bruce, what does your everyday job looks like? What takes your maximum involvement now? My day starts early in Berlin, I get involved with some of the final decisions on larger tickets so there is a lot of interaction with the underwriters to make sure we are constantly
I LOVE THE WORD, AND I HATE THE WORD “BIG DATA” BECAUSE HAVING A TONE OF DATA AT YOUR TABLE COULD SLOW YOU DOWN developing our skills and expanding our knowledge base. But most of my job happens in risk management. For example, I look at how the portfolio is performing, what’s going on, what’s working, what’s not working, working with the decision science and the modelling team to find new techniques, developing models and of course, the normal strategic things to
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from pricing, to liaising with investors.
Bruce Brenkus speaking at CEE SME Banking Club Conference 2016 in Warsaw
Bruce, what is your personal source of inspiration for doing a better job? I love the phrase “continuous and never ending improvement” I’ve been using it for years. It’s important because in this industry you always must continue learning because the environment and small businesses are changing. You should always look forward. As a risk person, you must be very balanced, it’s easy to take zero risk and get zero losses but that means you are putting zero on the books, and that doesn’t work. So, my philosophy is always finding the right balance between profitability. Once you put a model together we celebrate as a team, we high five, we cheer than five minutes later I’m trying to get the team to start the road to beat the new model. The philosophy I’ve always had is to put things into actions, learn and try new things but we don’t want to end up in what I call ‘analysis – paralysis’, we find things that make sense and put them in action and if there are certain things that don’t work we move forward and look at other things. The companies that are the most fascinating for us are really in other industries that are using the technologies in decision sciences in different ways, so medical research do a lot of in anomaly detection, sensory type of models that is being used in driverless cars like Uber and Google are ones we are looking at to understand. Face recognition is also interesting for us from a security and identification perspective. Although these technologies don’t have an obvious connection to what we do we are always looking for ways to constantly develop and improve and often that means looking outside the box. Spotcap is an online lender to small and medium-sized businesses. The company was founded in 2014 and is led by Founder and CEO Dr. Jens Woloszczak. Spotcap now operates in five countries and has secured
IT’S EASY TO TAKE ZERO RISK AND GET ZERO LOSSES BUT THAT MEANS YOU ARE PUTTING ZERO ON THE BOOKS, AND THAT DOESN’T WORK
more than EUR 78 million in funding. The business has enabled thousands of SMEs to innovate, remain competitive and grow. Spotcap is backed by world-class investors including, Rocket Internet, Access Industries, Holtzbrinck Ventures, Kreos Capital, Finstar Financial Group and Heartland Bank. Spotcap employs more than 110 people globally and is headquartered in Berlin (Germany) with a local presence in Spain, the UK, the Netherlands, Australia and New Zealand. Olena Gryniuk
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How to transform customer experience into bank’s key advantage During Caucasus SME Banking Club Conference 2017 in Tbilisi Olena Gryniuk talked to Mykola Chumak, CEO & co-owner at idnt, about customer experience and future of branches for SME customers. ne of the key advantages of any company on the market now and it is relevant to banking as well, is a customer experience. Products do not play a key role anymore. Emotions and added value, which customer gets from a company when interacting with products or services are becoming important. How to transform such interaction with a customer into bank’s key advantage? What kind of technologies and solutions can help to implement it? Yes, today experience became a product. You know these 4P’s marketing paradigm: Product, Place, Price and Promotion and today 4P’s has transformed to 4E’s: Product became an Experience. Customer buys experience, not a product. So, we can’t divide now experience and product. A place is Everyplace. So now we can buy everywhere. And this is a big challenge for banks to control oﬄine and online channels. Now the bank branch or retail store is only one place where the Company can control 100% of everything: all operations, quality, feedbacks, environment. You can’t do the same with the same eﬃciency in any other channel, you can’t control something on 100% on the internet, because customers control, not you. And that’s why branches are on the top edge of the iceberg. And the next question is how to connect all these innovative services and new approaches from new online and mobile channels with the physical channels. That’s a great challenge and big topic for these days. Now we can use a lot of technologies inside the branch which help to improve customer experience; we can target speciﬁc customers with speciﬁc products in speciﬁc zones and make the services speciﬁcally targeted at any person. I think this is a future of branches in humanizing the digital experience in oﬄine store.
NOW WE CAN USE A LOT OF TECHNOLOGIES INSIDE THE BRANCH WHICH HELP TO IMPROVE CUSTOMER EXPERIENCE
Mykola Chumak, CEO & co-owner at idnt Yes, actually we can see a trend now that companies are trying to synchronize digital and oﬄine customer experience and digitalize oﬄine customer experience. How does it work? Are there examples in the baking industry already? Let me describe some technologies which banks are using right now. For example, Spanish BBVA is one of the most digital banks in the world, they operate worldwide, and they have a lot of digital services connected to their branches. Banks can use some applications to appoint meetings inside the branch; they can use these applications to navigate customer inside the branch and decrease the stress while using or learning about ﬁnancial topics, they can connect self-service channels with oﬄine channels. The greatest example we can ﬁnd in Singapore, in DBS – one of the most developed universal bank in the world, and OSBC as well is highly developed in multichannel models. Other examples come from America: let’s look at Capital One – former ING Direct. Now they are developing the concept for SMEs, for startups and young entrepreneurs. They are opening kind of cafes or coworking spaces. And the next good example is Idea Bank from Poland. But what question bankers should ask is what is the particular segment they work for because to build a coworking space is not a task and not a solution, you should develop space for the speciﬁc segment which is really valuable for that segment, because now the challenge is not about entertaining customers, you should be useful to the customer, you should educate him and give him a real
Interview valuable proposition, not just to entertain him. So, free coﬀee and wi-ﬁ is not a solution; it’s hygienic part of standards, but not a solution. That’s why we can see now some banks from the US, Singapore or Hong Kong they are developing their branches another way, not as coﬀee shops or souvenir shops. In your opinion, what are the best cases of branch design and customer experience in SME banking in the world? And maybe some good examples in CIS or Caucasus regions? What I see I Caucasus region and particular in Georgian market is that banks are really trying to make that evidence of their strategy oriented on SME clients. And what we see in Georgia is speciﬁc branches for SME clients. That’s great. And another great thing is how Georgian banks are implementing this strategy in a low-cost way, they don’t spend much for these branches, they build these branches in the cost-eﬀective ways, that’s why it’s a good idea to try some good approaches, to make some pilots to try new technologies but not to invest so much money as Singaporean or American banks do. What is the ﬁrst step to start such a transformation? At ﬁrst, you have to answer few questions. The ﬁrst one is, do you have something to say to your
Bank of Georgia promotes SMEs in its new branches: at the specially defined corners, Bank presents customers’ products project is not a simple project. Can you give us some examples on how exactly these changes in branch design can improve branch’s proﬁtability? Typically, we see an increase in 20-40% in any project. What we do in idnt we start any project from developing the service model for the bank. We never start from the design, because a design is not what the customer expects from the bank. So, the ﬁrst what bank should do is to design the service model, how they will be servicing their clients, how they manage traﬃcs of diﬀerent segments, how much time customer spends inside the branch, how they connect physical experience with digital, and one of the features what bank can do inside the branch is about encouraging the migration to digital channels, so banks help their customers to learn more about digital channels and this is a role of the branch of the future. I know you travel a lot and follow the latest trends in retail design and customer experience. You visited Hongkong, USA, and Europe this year. Can you
WE CAN TARGET SPECIFIC CUSTOMERS WITH SPECIFIC PRODUCTS IN SPECIFIC ZONES AND MAKE THE SERVICES SPECIFICALLY TARGETED AT ANY PERSON
customer, something new? Do you have new service model? Renewed brands? New products, new services, new technologies? Because if you have nothing to say to your customers, you will not receive any result from new branch design. The second – you should understand that any transformation projects are really expensive for any bank, because typically such kind of projects provoke a lot of other projects, for example, with HR – how to train staﬀ in another way, in technologies and IT, in marketing, in real estate, so it’s a big challenge to transform even small things inside the branch. And the last one – do you have for this time and people. The transformational
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compare the trends you found there and do they diﬀer from region to region? Yes, let me give you an idea of one of the trends in Hong Kong, for example. Banks and Insurance companies are trying to become a kind of life coach or a business coach to SMEs. They are talking to customers not on ﬁnancial topics, but about how to develop their business or how to develop diﬀerent spheres of their lives. And that’s a big challenge because banks to have expertise in it. But that is exactly what customer needs because SME customer wants to develop his business and not to buy ﬁnancial products. Nobody is waking up with an idea to buy a ﬁnancial product from the bank or insurance company, but they are waking up with the ideas of how to develop their business. So, great ideas come from diﬀerent countries, and they are about how to be closer to the customer not only in ﬁnancial sphere but a business area, how to understand the customer better and to be really closer to him. idnt is specialized on retail design, customer experience and helps companies to improve the eﬃciency of their point of sales in retail and banking industry. Olena Gryniuk
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Implementing Innovations in Alior Bank To nurture a spirit of innovation in 2015 Alior Bank (Poland) created a unique space that fosters innovation Alior Innovation Lab is a unique space that fosters innovation and collaboration within Alior Bank. What is your primary job and targets? - Our main target is to implement innovative solutions in Alior Bank that would increase customer satisfaction, user experience and the optimization of the banking processes (internally or externally). Therefore, our daily job is to develop new ideas in cooperation with our business departments, researching for existing and new emerging technology on the market, cooperating with start-ups and FinTechs as well as carrying out the implementation work of the chosen projects. How exactly design thinking drives meaningful change in banking? Can you give us an example from Alior Bank? - Design Thinking is concentrating on humans, a person, user or a client. We put their needs in the core of our attention and design around each touchpoint they have with Alior Bank. A good example is when we understood that clients don’t feel comfortable with branch oﬃces any longer. They need bankers to be available when they want and where they want. So, we applied design thinking to our reasoning and launched a project to create a perfect banker – mobile, paperless, available on the spot, being able to serve our clients instantly. How do you combine physical and digital experience in Alior Bank if we talk about business customers? - Firstly, Alior Bank has always been one of the best-ranked banks in terms of quality of customer service. We have a fantastic group of bankers who simply understand the importance of great service. To supplement it we equipped them with iPads and sales apps so that they can be exactly there their clients are. Additionally, we just relaunched our mobile and web banking to make sure that in every single channel our clients experience the same great quality of service. We also launched Zaﬁrmowani.pl portal dedicated to small and
DESIGN THINKING IS CONCENTRATING ON HUMANS, A PERSON, USER OR A CLIENT
Tomasz Motyl, Chief Innovation Officer at Alior Bank
medium business clients where they can ﬁnd all necessary help to run their company and ﬁnd companies like theirs to share the experience. We made it simple, appealing and coherent with our strategy. What are your way and successful examples of collaboration with startups and particularly ﬁntechs? - We’ve already developed few projects with startups, which proved that a FinTech and a bank could build mutually beneﬁcial partnerships. The best examples are: Dronn – an award-winning virtual agent built with VoicePin; HAIZ – a banking app for teenagers and kids created with OneWay; Lounge & Digital Wall – a partner program distributed in the Bank’s branches via interactive mirrors – designed by Abyss Glass. This year we are moving on with a partnership with Huge Thing VC where we are organizing a full-ﬂedge acceleration program. The assumption of the project is to merge the capacity of startups with experience and resources of Alior Bank. Tomasz Motyl, Chief Innovation Oﬃcer at Alior Bank Responsible for establishing and operating of Innovation Lab - a dedicated team that cooperates with FinTech start-ups, looks for new business models and sets R&D track for innovative solutions. From the very beginning, associated with Alior Bank, primarily in the development of application architecture. His portfolio includes such projects as Alior Sync, T-Mobile Banking and Big Data. In 2016, awarded in the category “Tech Leadership of the Year” in the 17th edition of the Banking Technology Awards in London.
Design thinking - driving meaningful change in banking In business, all the time we search the balance between risk and reward. Same in innovations – we would like to get a reward but, at the same time, minimize the costs and the risk of failure. ow exactly design thinking drives meaningful change in banking? Nowadays one of the most critical competences in each organization is to innovate. I strongly believe that design thinking helps organizations to change their operating model from “copying” into “creating”. I can see two very important aspects supporting such a change. First of all, design thinking is a methodology. It really helps to approach the creative processes in a more organized way. In business, all the time we search the balance between risk and reward. Same in innovations – we would like to get a reward but, at the same time, minimize the costs and the risk of failure. And here design thinking is the answer – it makes the whole process more predictive and gives us the conﬁdence of ﬁnishing with solutions, not with creative ideas only. The second aspect of this methodology is the focus on users. Companies so far have been very focused on themselves – on eﬀectiveness, processes etc. Design thinking puts the user in the very center of the whole process, it forces companies to go outside to see, hear and watch their real customers. For many organization, this is a revolution, a completely new perspective! What was the process of its implementation in the Bank? A few years ago, we already knew that we needed to build a competency of creating a real new value for our customers – not only to copy from others but really create. We wanted it to be our
DESIGN THINKING IS THE ANSWER - IT MAKES THE WHOLE PROCESS MORE PREDICTIVE AND GIVES US THE CONFIDENCE OF FINISHING WITH SOLUTIONS, NOT WITH CREATIVE IDEAS ONLY
Magdalena Macko, Director of the Quality Department at Bank Millennium competency and even the competitive advantage. That is why we were looking for the methodology that can support this process. We started with one project as a pilot just to see if it works – it was the current account opening process in the retail branches. The results were promising enough to start the training program for the selected group of people from diﬀerent bank areas. The training was conducted by the external design thinking experts to get or increase our competence and to start additional projects to train ourselves. In which areas do you use design thinking methodology in Bank Millennium? Can you give us some example? Currently, in Bank Millennium, we are using design thinking in many diﬀerent areas-starting from designing the digital experience in mobile or internet banking up to creating service or standard models in our branches. For example, we have used that method while developing our own internal start-up – a smart shopping platform called goodie. At the moment we are starting design thinking project in the area of business clients. Olena Gryniuk
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SMEs Continue to be the Banking Sector’s Golden Goose On May 24-25, 2017, the SME Banking Club arranged the Caucasus SME Banking Club Conference 2017 in Georgia. Representatives of some of the world’s leading banks and financial institutions attended the Conference, discussing the modern trends in SME banking
Visit to Tech Park in Tbilisi during Caucasus SME Banking Club Conference 2017
n May 24-25, 2017, the SME Banking Club arranged the Caucasus SME Banking Club Conference 2017 in Georgia. Representatives of some of the world’s leading banks and ﬁnancial institutions attended the Conference, discussing the modern trends in SME banking. “The main problem facing SME banking is that SMEs are not particularly trusting of banks for a variety of reasons. They are seeking alternative sources of funding such as crowdfunding, equity service schemes, etc. Another issue is that lots of SMEs are afraid that they will fail and do not
WE ARE PROUD TO HEAR THE SUCCESS STORIES OF OUR ENTREPRENEURS, THEIR ABILITY TO FIND A NICHE AND BE SUCCESSFUL IN BUSINESS
Tamar Zhizhilashvili, Deputy Director of Marketing Communications & Business Banking at TBC Bank
want to risk even their personal ﬁnances by going to the banks and taking out loans. There are also some misconceptions from banks’ perspective, as banks are currently vert
IN THE NEAR FUTURE, WE CAN EXPECT BANKS TO CONTINUE RUNNING THEIR BUSINESSES FOLLOWING THESE TRENDS
hesitant when it comes to granting loans to SMEs because they consider it risky in that SMEs appear and disappear very quickly,” said Dimitris Petrilis, Sales and Marketing Director for Europe and CIS at Capital Banking. As Boris Dyakonov, CEO at Tochka mentioned, for SME banking, where Tochka is based in Russia at least, the banks have become much more user-friendly. “They are expanding their oﬀering, lowering their prices and becoming more aggressive in their advertising. At the
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same time, they are learning how to provide extra value in the form of non-ﬁnancial services. In the near future, we can expect banks to continue running their businesses following these trends,” Dyakonov said. “Nowadays, banks are partners to businesses,” said Zurab Masurashvili, Head of the MSME Banking Department at the Bank of Georgia, one of Georgia’s leading banks. As Masurashvili added, banks issuing loans is a perfectly normal thing but not something that makes anyone happy. “This encourages banks to get closer to their clients and provide other kinds of support; they are working to accumulate knowledge across various sectors, so that they can share this knowledge with businesses. This is one of the most important things banks can oﬀer businesses.” The Bank of Georgia has started providing various non-banking services to its customers and arranges DCFTA events to inform the business community what kind of procedures are required. Another of the bank’s important projects is a platform called #ICreate. By means of this platform, the bank’s management supports businesses and provides not only funding but also consultations and popularization. Video catalogues of successful cases were also launched, which both help businesses acquire more contacts and inspire others and teach them to achieve success by learning from the examples of others. Another leading Georgian bank, TBC Bank,
Boris Dyakonov, CEO at Tochka Bank
considers SMEs to be one of the toppriority sectors for its business. Recently, the bank launched the Startuper program for promoting entrepreneurship in Georgia. “Fear of failure is one of the most frequent obstacles facing SMEs,” said Tamar Zhizhilashvili, Deputy Director of Marketing Communications & Business Banking at TBC Bank. In her words, recognizing their success in business is crucial. In this regard, TBC Bank also established the TBC Business Award. “We
Zurab Masurashvili, Head of MSME Banking Department at Bank of Georgia
are proud to hear the success stories of our entrepreneurs, their ability to ﬁnd a niche and be successful in business. Sharing their experience is also really important for others as a source of motivation and inspiration,” said Zhizhilashvili. The year of 2016 was a period of signiﬁcant challenges for Georgia’s Terabank. 17 years since its inception, the bank has revised its business strategy and introduced new service standards as well as improved products with the aim of providing maximum comfort for its main target clients – SMEs. In addition, the bank has introduced a new design concept at its business branches, which are supposed to be a “home” environment for clients: branch interiors are arranged like a home, with a ﬁreplace, soft furniture and decorative photos. At Business Hub SME bankers and SME analysts oﬀer business banking products and can assist customers in decision-making and provide business advice. Madona Gasanova
Nika Kurdiani Startup banking and business environment in Georgia Nika Kurdiani, Deputy CEO at TBC Bank in Georgia What is the general dynamics of new businesses opening in Georgia? Is it easy to start a business in Georgia? I was looking through Doing Business Ranking: Georgia is in 16 place for Ease of Doing business and 8th place for starting a business. Yes, I would say itâ€™s quite easy. If we take 2016, we had 22000 more businesses opened in the country, which is the number of 202000 in Georgia whereas last year it was 180 000. Quite a big growth. Of course, in absolute figures country by country are different, but in terms of percentage we have quite a big growth. And also, all the rating of Doing business and Ease of Business this is one of the top priorities in the country, and we see it everywhere, wherever we go on the meetings with governmental officials or different state agencies, which are promoting business in
Itâ€™s really easy to do business or open a business in Georgia , and everything around is focused on making it even better and easier
Interview if they don’t have any projects. So, having the growth of 37 % in the biggest bank in the country in business portfolio growth – this is quite massive. All these proxy indicators to some extend give us a message that country more or less is doing OK. Tell us more about Startuper program. What is the scale of the Program – how many startups you gonna support with nonfinancial and financial services within the Program? Yes, firstly, we should differentiate financial and nonfinancial. In terms of financial, we have different banking products. They have more than 100 involved in it, because we are opening current accounts with the preferential rate, they are opening business cards. We also disbursed more than ten loans in these couple of weeks’ period, which is quite good. In terms of non-financial – we have more than 100 people attending our trainings. If you go to the website of Startuper program, you will find 100 startups have been posting their profiles into the catalog. So as for a start – which is three weeks for now – the Program has been quite successful, and it attracts a lot of attention. And this is very good. The bigger the story, the more startups we gonna have in the country, which is also the purpose of the Program.
INVESTING TODAY IN A CUSTOMER OVER THE PERIOD YOU WILL SEE MORE BUSINESS SO THAT YOU WOULD BENEFIT AND THE CUSTOMER WILL BE MORE LOYAL
Georgia – these are things they try to focus on and make it easier every time. So, I would say, yes, it’s really easy to do business or open a business in Georgia, and everything around is focused on making it even better and easier. How are small business companies doing in Georgia now - are they growing, are they exporting or they are in decline or flat over the last year? If we take a country, we had GDP of Georgia grew last year and also for this year it’s forecasted to grow more than 3%. The point is that this growth wouldn’t be if the economy and real sector wouldn’t be performing more or less OK. We know the region, we know the difficulties in the region, so despite these factors we still manage to have a good performance. Also, if you take new business opening, they wouldn’t have new businesses opened unless the economy would not be potential for doing more business. Or if you take lending portfolio growth – also this is direct representative - if there is no need for loans people would not be taking more loans,
Many banks consider products for startups as too risky to implement. So to get a loan a startup should have sales during three months.
Read full interview and listen to the podcast online
Min amount is 20 000 Georgian lari, so around 7500 EUR. Not bad! This is good! There are a couple of things one should consider when talking about startups. Banks which are operating in Retail Banking, would it be retail for private individuals or small businesses, we should understand that startup is being started and operated by a person who is at the same time a private individual. And we as banks lend to these private individuals from consumer 0financong. So more or less these people, in any case, would get a loan if they have a salary somewhere, they would back their salary for getting the loan and then investing this money to whatever their consumer financial needs are. And this can be easily a startup. So, what I’m trying to say that in any case we have these customers in our portfolio. In terms of approval rates when financing startups, we won’t have dramatically high approval rate. On average, we want to keep around 35%. and this is more or less where we are standing now. So, if from 100 application 35 are being financed is already very good. I’d say this takes a bit courage; this is not a taboo to go to startups. We should take it with a bit of clarity that we have already these customers and we
serve them. Overall I don’t think the banks shouldn’t be playing in that segment. I think this is, in any case, the same thing as investing in private individual customers when they have for example products like child deposits, or we are going with our marketing activities to children’s or youth segment with different kind of programs. So, it’s all the same calculation. Investing today in a customer over the period you will see more business so that you would benefit and the customer will be more loyal. Olena Gryniuk
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E C N E R E F N O C The Biltmore Hotel Tbilisi - the venue of the first day of the Conference
Discussion on online SME banking after the Panel: Olena Rudyk, Boris Dyakonov, Andrey Gidulyan, Slavoljub Djordjevic, Alexey Borodulin
Networking during the Conference
Tamar Zhizhilashvili, Marina Chayka, Manar Korayem, Zurab Masurashvili
Andrey Gidulyan, CEO at SME Banking Club
100 delegates and hot topics in the room
Event CE 2017 N E R E B CONF U L C G N BANKI E M S S SU CAUCA
from the left: Alexey Sayapin (SME Banking Club), Olena Gryniuk (SME Banking Club), Olena Rudyk (FUIB), Andrey Gidulyan (SME Banking Club)
Fintech startup pitches
Julia Kislukhina (Head of KUB project at Privat Bank, Ukraine)
Discovering prototypes risen in Tech Park Tbilisi
Tech Park Tbilisi - the venue of the second day of the Conference
Nurlan Akshanov (DAMU, Kazakhstan) Natia Vacharadze (Head of SME Banking at TBC Bank, Georgia)
Post - Conference Day - trip to Georgian Wine Region of Kakheti
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Post Conference Day - visiting Tsinandali Palace in Kakheti region
Scan QR Code to watch all the pictures at SME Banking Club Flikr Page
10 places to visit in Krakow The #CEE17 SME Banking Conference for the Central and Eastern Europe region will take place in Krakow, the main city in the Małopolska Voivodeship, on November 23-24, 2017. If you decide to stay for the weekend following the conference, here are 10 places that we recommend to visit:
he residence of Polish Kings from the middle of the 11th century until the end of the 16th century. The ﬁrst Polish King crowned at Wawel Cathedral was Władysław the Short (1306-1333) on January 20, 1319, beginning a tradition that would see a further 35 royal rulers crowned there. All of these rulers used the Castle as a residence, and all of them added their own architectural details to the building.
is a beguiling muddle of styles, including Medieval, Romanesque, Renaissance, Gothic and Baroque. The inner courtyard, with its delightful colonnades, is a true architectural masterpiece. The relocation of the capital to Warsaw in 1596 and Poland’s subsequent decline and partitioning saw the Royal Castle fall into a state of disrepair. After Poland lost its independence in 1796, the Austrians took over the Castle and turned it into military quarters. During the German occupation in World War II, the Castle was used as the headquarters of the Nazi GovernorGeneral, Hans Frank. Today’s Castle complex
KRAKUS MOUND (KOPIEC KRAKUSA)
he Krakus Mound is a tumulus located in the Podgórze District of Krakow that is thought to be the resting place of Krakow’s mythical founder, the legendary
LEONARDO DA VINCI’S LADY WITH AN ERMINE One of Leonardo’s undisputed masterpieces, his portrait of the beloved mistress of Ludovico Sforza, “Il Moro,” Duke of Milan, will be on display at the Wawel Royal Castle through May 7, after which it will be moved to the main building of the National Museum. http://www.wawel.krakow.pl
King Krakus. It is located on Lasota Hill, approximately 3 kilometers south of Krakow’s city center at an altitude of 271 meters, with a base diameter of 60 meters and a height of 16 meters. Together with nearby Wanda Mound, it is one of Krakow’s two prehistoric mounds and the oldest manmade structure in Krakow. Nearby, there are also two other non-prehistoric manmade mounds, Kościuszko Mound, constructed in 1823, and Piłsudski’s Mound, completed in 1937. Together, they make up Krakow’s four memorial mounds.
rakow’s main market square (Rynek) is the natural starting and ﬁnishing point for any tour of the city. Originally designed in 1257, the Rynek ranks as one of the largest medieval squares in Europe, and is surrounded by elegant townhouses, all with their own unique names, histories and curiosities. Through the centuries, Krakow’s Rynek was where allegiance was sworn to the king and public executions were carried out. Taking center stage is the Cloth Hall (Sukiennice). Built in the 14th century, this huge hall was eﬀectively the ﬁrst shopping mall in the world. To this day, it is still crammed with merchant stalls selling amber, lace, woodwork and assorted tourist items. In 2010, RYNEK UNDERGROUND , a 4,000 m2, hitech museum tracing the history of the Cloth Hall, and that of the entire city, opened underneath it. http://www.mhk.pl/branches/rynek-underground On the second ﬂoor, the Cloth Hall hosts the 19TH CENTURY POLISH ART GALLERY http://mnk.pl/branch/gallery-of-the-19th-century-polishart-the-sukiennice-the-cloth-hall
he district south of the Old Town between the Vistula River and ul. Dietla was the center of Jewish life in Krakow for over 500 years, before it was systematically destroyed during World War II. Now it’s Krakow’s most exciting district, a bustling, bohemian neighborhood packed with historical sites, atmospheric cafes and art galleries.
ompleted in 1307, the Floriańska Gate is one of the few surviving parts of the ancient defense walls that once circled the Old Town. Topped with a Baroque roof that was added in 1657, the gate stands 34.5 meters high and was the city’s main entrance in medieval times. The original starting point for what was dubbed the Royal Road, it was through this gate that visiting kings, queens and nobility would enter the city on their way to Wawel.
ounded in 1364 by Casimir III the Great, Jagiellonian University is the oldest university in Poland, the second-oldest university in Central Europe and one of the oldest surviving universities in the world. Notable alumni include mathematician and astronomer Nicolaus Copernicus, Polish King John III Sobieski, Pope John Paul II and Nobel laureates Ivo Andrić and Wisława Szymborska. Jagiellonian University is made up of several campuses and academies all over Krakow, but the main points of interest for tourists are all clustered around ul. Św. Anny and ul. Jagiellońska, just minutes from the Market Square. Collegium Maius, the university’s oldest building and home to its museum, shouldn’t be missed. Adjacent is the picturesque Professors’ Garden, and around the corner you’ll ﬁnd the beautiful Collegium Novum, beside which stands a monument to Copernicus. http://www.maius.uj.edu.pl/
SCHINDLER’S FACTORY (FABRYKA SCHINDLERA)
he story of Oskar Schindler and his employees was popularized by Steven Spielberg’s 1993 ﬁlm Schindler’s List (which was shot almost entirely in Krakow), and while that story is covered in detail at the original site where many events took place, the museum actually casts the city of Krakow in the starring role in its permanent exhibition titled, “Kraków During Nazi Occupation 1939-1945.” http://www.mhk.pl/oddzialy/fabryka-schindlera
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CEE17 Central and Eastern Europe Krakow, Poland
A Conference will focus on some hot topics: • Digital-only SME Banking: online onboarding and online lending to SMEs • Factoring and leasing ﬁnance - becoming a main source of assets and invoice ﬁnance to SMEs • New relationship models: partnering customers with less banking: non-ﬁnancial services banks are implementing to help their SME customers to scale up and breakthrough • How to achieve successful partnerships between banks and ﬁntechs https://events.smebanking.club/event/cee17 Organizer: SME Banking Club
Krakow Technology Park Park Inn by Radisson Krakow Hotel
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01st of November 2017. Full price cancellation fee will be charged for all cancellations made after that date as well as for delegates that are unable to attend unless a substitute delegate is provided. Substitutions are accepted at any time.
VENUE Krakow Technology Park – 23 November Park Inn by Radisson Krakow Hotel – 24 November
REGISTRATION FEE €400 for representatives of non-member financial institutions – price till August 31 €600 for representatives of non-member financial institutions – price from September 01 €1000 for consultants and IT/service providers €0 for SME Banking Club members* * according to membership terms ____________________________________ All registrations are strictly individual. In a case of registration more than one participant from one company the following discounts are provided: Third and next participant - 10% discount for all tickets.
LANGUAGES All sessions will be held in English ACCOMMODATION Each participant must pay the cost of his or her accommodation directly to the hotel before departure REGISTRATION The registration fee covers participation in SME Banking Conference, documents, lunches and coffee breaks. Registration fees must be paid in full before the event. CANCELLATION All cancellations must be received in writing. A 20% cancellation fee will be charged for all cancellations received before
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SME Banking Club Conferences 2017 Conference: Caucasus17 Date: 24-25 May Place: Tbilisi, Georgia Twitter: #caucasus17 III Annual SME Banking Club Conference 2017 in Caucasus region [Caucasus17] gathers international experts and local bankers as to discuss innovations in micro-, small and medium business segment and how banks can help start-ups. Additionally, we are visiting new Georgian Technology Park.
Conference: CIS17 Date: 21-22 September Place: Kyiv, Ukraine Twitter: #cis17 Banks showed significant net profit growth last year! This year senior bankers and SME experts will meet each other on VI Annual SME Banking Club Conference 2017 in ĐĄIS region [CIS17] to discuss the opportunities in sales and cost efficiency.
Conference: CEE17 Date: 23-24 November Place: Krakow, Poland Twitter: #cee17 During upcoming III Annual SME Banking Club Conference 2017 in Central and Eastern Europe [CEE17] business bankers and financial experts will meet as to discuss the latest digital transformation trends in SME banking segment and a role of new players in SME financial servicesâ€™ market.
International and regional banking conferences dedicated to micro-, small and medium business segments
For more information go to www.events.smebanking.club
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CEE SME BANKING CLUB CONFERENCE 2017 ORGANIZER: SME BANKING CLUB
23-24 NOVEMBER, KRAKOW, POLAND Krakow Technology Park Park Inn by Radisson Krakow
FINTECHS: COOPERATION MODELS FACTORING AND LEASING FINANCE DIGITAL SME BANKING