Raiffeisen Bank Czechia - Rebuilding digital channels

Total assets

Over EUR 11.9 billion in 2023

Parent company

Raiffeisen Bank International, Austria's leading corporate and investment bank

Market position

Czechia's 5th largest bank, offering private and corporate banking, savings, insurance and leasing services

The challenge:

Rethinking Raiffeisenbank's channel development and infrastructure needs

In 2011, Raiffeisenbank, the Czech arm of Austrian Raiffeisen Group, launched a high-stakes project to replace two core banking engines, Midas and Transact, prompted by its recent acquisition of Expandia Banka.

The undertaking cost the bank years and involved an unsuccessful attempt to integrate the two banking and digital systems, but it was eventually scrapped without producing any meaningful outcome.
Several board members were even dismissed from their position over the fiasco.

The bank still had two core banking systems running in parallel and was bleeding customers to its competitors. Senior executives were unsure where to go from there but knew one thing: there was no room for more risk, let alone another failure.

The solution:

A low-risk, high-performance backend to power Raiffeisenbank's core and digital banking services

Raiffeseinbank decided not to merge the two core banking systems as originally planned, but use one to serve its retail customer base and the other one to cater to corporate clients.

They were also looking to roll out new digital banking channels for online and mobile users. This called for a backend solution that was capable of pulling data from both core banking engines and serving both web and mobile native applications.

Finshape was selected as the vendor of choice, given our extensive experience in both software delivery and the financial services industry as well as our available talent resources.

Well-priced and technologically advanced, Finshape's Digital Bank Platform, proved to be just the right solution for the task.

The result:

Digital banking channels, old and new, moved to a scalable backend infrastructure

Over the next 12 months, Finshape successfully implemented a new Digital Bank to meet the online banking needs of Raiffeisenbank's retail and corporate banking customers as well as to support the bank's third-party mobile application.

Migrating the bank's entire customer base to the new banking platform and connecting it to the two core banking engines emerged as a key challenge in the implementation process but was executed without any major hiccups.

"When we started, the bank had a 400,000-strong customer base," recalls Finshape's Tomas Denemark. "Since then, through organic growth and acquisitions it has swollen to 1.2 million. The system we implemented back then still provides optimal performance to each and every one of them."

Raiffeisen Bank

Rebuilding digital channels

Total assets

Parent company

Market position

Total assets

Parent company

Market position

The challenge:

Rethinking Raiffeisenbank's channel development and infrastructure needs

The solution:

A low-risk, high-performance backend to power Raiffeisenbank's core and digital banking services

The result:

Digital banking channels, old and new, moved to a scalable backend infrastructure

50%

Earnings per share

10%

Market Share Increase

4%

Deposits

Raiffeisen Bank

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