Banking Innovation of the Month: Nicole by Raiffeisen Bank International

Innovation of the month

15 January 2020

Efma-Accenture’s Banking Innovation of the Month award for January 2020 goes to Raiffeisen Bank International, for their service “Nicole”, a personal finance tool helping people better manage their money by showing them peer comparisons.


Talking about one’s personal financial situation is taboo. As a result, people are very often in the dark about how their financial choices compare to those of their peers and whether they are making the best decisions.

So, Raiffeisen International spoke with their customers in order to develop a better understanding of how people manage their finances and make important financial decisions. They quickly realized that many customers felt they were not well-equipped to make the best financial decision.

The bank took this information and decided to put its efforts towards personal finance management and create a tool to alleviate some of the pain associated with financial decision making. The result was “Nicole”, a first-of-its-kind tool in financial services. Nicole combines the transactional data of millions of customers with national statistics to provide people with a benchmark of how others in similar financial situations are managing their money.

Customer confidence and empowerment are at the heart of this new tool. Customers can now better understand their situation through peer comparison. Based on personal, behavioral and transactional data, Nicole derives a peer group that customers belong to and shows them how much other people like them earn, what they spend their money on, and how they make financial decisions. With more contextual information, customers can adapt their spending and investing behaviors to optimize their financial situation. They can better prepare for life changing situations such as moving cities, starting a family, or buying a home.

To date, the results are promising. The bank has seen high conversion rates and promising customer acquisition costs. In feedback sessions conducted by a marketing research agency, bank customers have remarked that they appreciate getting advice from a peer group. When the information is coming from their peers as opposed to directly from a financial institution, customers feel more confident in the decisions they are making.

The initiative fits neatly within the bank’s commitment to being data-driven and putting the customer experience at the center of their innovation efforts. By providing the best digital banking solutions for its clients, the bank ensures a superior customer experience. True to their vision of being the most recommended financial services provider in central and eastern Europe, Raiffeisen continues to innovate and deliver new, relevant, and practical tools for its customers.

Raiffeisen Bank International’ s peer comparison innovation will be automatically selected as a nominee for the Efma-Accenture Distribution & Marketing Innovation Awards 2020. Submit your innovations on the Efma Distribution & Marketing Innovation portal. Participation is free of charge and open to all banking institutions. Innovation of the Month is reserved for Efma members.

Nicole_Logo.png (19 KB)

Raiffeisen Bank International’s Nicole will be automatically selected as a nominee for the Efma-Accenture Customer Insight & Growth Awards 2020. Submit your innovations on the Efma Customer Insight & Growth portal until 5 February for the February Innovation of the Month. Participation is free of charge and open to all banking institutions. Innovation of the Month is reserved for Efma members.

Keywords : PFM/BFM , Innovation , Bank Products & Services

Geography : Austria