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Garanti Bank Maintains Its Lead as a Retail Banking Pioneer With App Annie

App Annie

“App Annie’s platform enables us to keep an eye on trends in the marketplace.” - Bora Uluduz, SVP of Digital Channels, Garanti Bank.

The only bank to be voted “the best retail bank in Turkey” for three consecutive years according to World Finance Magazine, Garanti Bank is set on leading from the front when it comes to banking innovation. With mobile at the heart of all of its customer channels, its app remains steadily at the top of the download charts. Garanti uses App Annie's platform to take a high level view of the banking and finance app marketplace, to ensure it continues to provide best-in-class features for its customers. Garanti Bank’s Bora Uluduz, SVP of Digital Channels, explains the importance of mobile and how App Annie gives the bank a head start against competitors.

Mobile at the centre of our business strategy

Right now mobile is our main driver of sales and growth. Today, around 3.5 million of our 4.5 million customers are using our mobile app, not call centres or ATMs; their channel of choice is through their smartphones. Close to 96% of Garanti bank’s digital services are self-service and can be carried out by customers alone, without the need of Garanti staff. This figure is a key indicator of our digital capabilities and an important gauge as to how we are performing amongst the digital disruption in the banking sector.

Mobile provides the majority of our transactions and we’ve found that most of our mobile users are far more loyal to our brand than other channels’; rather than go to a high street bank once a month, our mobile customers are logging into the app 10 to 15 times a month thanks to its convenience. In fact, we have four times as many customers logging into our mobile app than online banking, and 60% of our digital users are mobile-only. Through the app they have many product features and functions at their fingertips and as a bank I have more opportunities to cross-sell and up-sell to the customer, cultivating further brand loyalty.

In fact, we have four times as many customers logging into our mobile app than online banking, and 60% of our digital users are mobile-only.

Turkey: at the forefront of banking innovation, worldwide

We’re very proud to be among the top few banks that are seen as driving innovation across the finance sector worldwide. The popularity of the mobile channel in Turkey stems from the fact the country has a young population and good smartphone penetration at around 74%. This provides a great foundation on which we can offer the financial solutions that our customers will need at every stage of their lives, and in turn meet our vision to be the best bank in Europe.

Becoming the pioneer in mobile finance

Mobile is in the centre of all our channels and Garanti Bank strives to be a pioneer in finance. We continually invest to improve our overall user experience, decreasing login time to online banking through mobile notifications, and innovating through mobile money withdrawal and deposit using QR codes. On Money Deposit with QR, which was released at the end of August 2017, we saw 35,400 transactions as of the end of October 2017.

Also, 70% of our loan applications are generated in-app today, with loan applications conducted via video call for those customers who still prefer the human touch. We are also expanding into retail and transportation and looking at ways we can rip out the friction in regards to payments there too. We recently won the BBVA’s Open Talent Ideas fintech competition for GarantiStore, a mobile app able to identify products automatically. We have also enabled our customers to top up travel cards on public transport in one Turkish city, using our mobile app and online banking channel, which we are expanding out to more cities now.

Choosing App Annie

We started our collaboration with App Annie to be able to see our competitors’ app downloads in relation to our own, and to compare user ratings and reviews to track what our customers wanted from a mobile app experience. App Annie provides us with an exciting depth of data that helps us strategically measure our app against others in the marketplace so we can ensure we’re going in the right direction, as well as plan ahead through being able to spot trends.

App Annie provides us with an exciting depth of data that helps us strategically measure our app against others in the marketplace so we can ensure we’re going in the right direction, as well as plan ahead through being able to spot trends.

Planning for tomorrow’s mobile tech services at Garanti Bank with App Annie

App Annie’s platform enables us to keep an eye on trends in the marketplace. Through its data we’ve discovered voice is a key trend, and one that we are already moving forward with MIA, our mobile interactive assistant. MIA is a virtual voice assistant that enables our customers, of which one million had signed up for MIA by the end of October, to perform banking transactions by voice. MIA is offered through our mobile app and accessed by swiping down from any screen within the application.

Another mobile advancement proving popular across many industries, not just finance, is the ability to onboard through digital, using video to verify customers. This has become very important to us strategically as we find customers less inclined to come in store to open new products and more comfortable doing most banking activities from their phone. The video allows us to maintain a personal connection with our customers, something that we pride ourselves on. Subsequently, we’re using App Annie’s market data to see how other players and industries are leveraging biometrics. Given the nature of our business, security features are very important to our customers. We think face ID may be the next big thing; we are already using Iris ID, with over 400,000 customers using our biometrics security for mobile banking.

Finally, Blockchain and Bitcoin is very high on customer priorities and most banks are now trying to find a way to incorporate it into everyday life. The question is can we do it, and is it safe? However, we are sometime away from launching in this area.

App Annie is becoming a true partner within our business

What’s really great about App Annie is the extent at which its data is relevant to so many parts of our business. Having been using the platform for just over 6 months I feel we’re just scraping the surface. Next, we’re hoping to use the advertising data in the platform to help us improve our creative marketing campaigns and our user acquisition through cross app usage.

But it’s not just the data from App Annie that we rely on, we have a great team there working with us to get the best out of the platform. In particular, their support team is helping create a bespoke dashboard for Garanti Bank highlighting the most important metrics for our business in a format that we can easily share with our whole mobile team, as well as other areas of our business. App Annie is undeniably a great partner to have with us as we continue on our massive growth period.

February 6, 2018

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