Bank of Valletta has completely turned the concept of a banking website on its head, and rather than presenting an ‘online brochure’ of its products and services, the site puts the customer’s needs as its focus.
“We wanted a website that did not concentrate on our offering but on what the client wanted. So if you go to the site, the sections start with ‘I want’ or ‘I need to know’,” BOV chief executive officer Charles Borg said.
“The needs of each client are different. Therefore we have designed this website to be as customer-oriented as possible.”
The concept for the website was drawn up over a year ago, and working with Infusion Solutions, a multidisciplinary team at the bank had to start from scratch to come up with a completely revolutionary site-map, which made it more intuitive for customers to find what they wanted.
The website also allows the customer to personalise the experience, by creating a profile and customising features like the quicklinks section to reflect their own favourites. There is also a ‘live chat’ feature, which is linked to the bank’s customer care centre.
Mr Borg said the bank was sold on the approach from the first concept presentation.
“If you look at all the local banks, their branches are in the heart of towns and villages. Today everybody is on the internet and the website is our virtual piazza. Therefore we have to be accessible to our clients, to listen to their comments, and to service their needs,” he said.
The bank was the first to introduce ATMs, then internet banking, and most recently, mobile banking. But Mr Borg said the process had not diminished the role of the traditional branch network.
“We firmly believe that a financial institution like ours is as good as its contact with its clients. This is not a clich banking is all about relationships.
“The branch network is a very expensive model but remains very important – particularly for our business model, which has always been a retail operation. Abroad, particularly in the UK, there was a move some years back to move everything online and reduce the branch network and the staff in branches. But they found that they lost contact with the clients,” he explained.
BOV will actually be investing in branches, not only changing their ‘look and feel’ but also installing electronic terminals in them to give customers more options.
“You can now do your banking from your home or office or elsewhere, but you will also be able to do it within a branch. But people still want personal contact for things like loans and investments. What they do not want is to find a queue when they need cashier services.
“The website is important as you can go online and find information about the application process and terms and conditions so you can go to the bank prepared, saving a lot of time.”
The website will also be linked to social media – something that many other financial institutions have been wary of, particularly Facebook.
“Facebook is the virtual piazza. People are talking about the operation and you want to be part of that conversation. You need to hear the feedback, whether it is positive or negative.
“That is the way we are going to use it but in the beginning in a limited way. But we are going to try it. Unless you try, you will never learn. If it works, we will expand it,” he said.