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Innovation of the month: Widiba 09 July 2015

Efma’s Innovation of the Month award for July goes to Widiba, a bank which has been co-created by its customers. Marco Marazia, head of business and products at the bank, tells us more

Wanting to create a better reputation for the banking industry, we believed that we could create a bank that its customers would love. We would do this by giving customers the ability to help create ’no ordinary bank’ in an ordinary industry. This meant taking on board customers’ ideas and suggestions throughout every step of the process. The first step in doing this involved the creation of the bank’s name and brand. 1,853 different logos and names were submitted during an online open contest. The name Widiba (Wise Dialog Bank) and its quirky logo won the contest, among a shortlist of five which were presented at an awards ceremony on September 18th 2013. Adding weight to our commitment to social responsibility, the font of the strapline ’no ordinary bank’ was bought from an organisation in Barcelona which sells the fonts of the homeless people they save from the street. The next step was deciding which products and services to offer. Widiba listened to users’ ideas and proposals on products and services both before launch. An online platform called Say&Play was created in order to collects users’ views; they could comment and vote for each other’s ideas, share them online, and collect points (widistock) with a gamification approach. Over 4,000 ideas and opinions were posted by users, reflecting what they would like to have in their ideal bank. We then transformed the ideas into products and services which can then be rated and reviewed by customers. The same process has been applied on our 600 personal advisors’ network which we integrated into our distribution model on December 22nd. No ordinary bank The disruptive impact of Widiba relies on its ’no ordinary’ building approach as well as a huge list of innovative products and services. Widiba is the first bank to: - Let the customer create and choose brand & logo - Let the customer sit in an official committee - Let the customer participate in creation and development - Let the customer rate every single piece of the service - Use a unique font and payoff designed by a no profit association.

Widiba became accessible to the general public on the 18th of September 2014. Before that moment, for a month the bank was available only for users that participated in its development. On the 2nd of October 2014, Widiba counted 180,000 fans on social networks and, by the end of March 2015, the bank reached 125,000 customers. Widiba has a 14% Net Sentiment Score, the highest on the Italian financial market, and a products and services rating of 4.6 out of 5, from a total of 100,000 pieces of feedback received from clients. Widiba will be automatically selected as a nominee for the 2015 Efma Accenture Distribution & Marketing Innovation Awards. Enter the competition and submit your innovation!

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