Business Report 2023

To what extent are new customer needs at the centre of this collaboration?

2023 was an ambitious year for VeloBank, a one-year-old banking brand, operating in the Polish market. Today VeloBank is one of the top ten banks in Poland. It was the only Polish bank recognised by the Banking Technology Awards jury in December 2023, out of a pool of a hundred international nominees, winning both the Team of the Year and Newcomer Banking Brand categories.

VeloBank offers modern financial solutions which are in line with its customers’ values and needs, in particular: security, trust, transparency and a wider concern for people and the environment. These values infuse VeloBank’s strategy. The ambition of our products and services is to meet our customers’ needs and expectations for everyday banking. Bank users have access to an extensive branch network as well as electronic access channels, including mobile banking.

Why did you choose to team up with BNP Paribas Cardif?

We needed a trusted partner, one bold enough to truly embrace our vision of bancassurance, in a distinctive environment. Their capacity to integrate new products into our ecosystem in just a few weeks – 4 weeks for the CPI mortgage product and 6 weeks for the CPI cash product – were key factors in our choice.

As a responsible insurer, BNP Paribas Cardif also addressed the new needs of our customers. Their teams in Poland conceived and supported original ideas, developing a new, high-quality bancassurance offer, going beyond the Polish Financial Supervision Authority’s recommendations^* The product offer implemented in June 2023 was already aligned with the Recommendation U of the Polish Financial Supervision Authority (KNF), which will come into force in July, 2024.. This offer has a real impact on the scope of life and health protection for our customers and ensures the security of loan repayments in case of unforeseen events.

To what extent does this new product contribute to making insurance more accessible in the Polish market?

BNP Paribas Cardif provides solutions that allow clients to obtain protection insurance at an affordable price and with the guarantee of a high benefit payout level. In line with its commitment to making insurance more accessible, mainly by reducing policy exclusions, BNP Paribas Cardif has gone beyond the standard coverage available and expanded the list of serious illnesses to 17 diseases. Our joint offer is transparent and fair, our insurance policies have minimal exclusion criteria and a wide range of coverage, which is exactly what our customers expect. Product innovation and openness to current social needs are the assets VeloBank sought for its customers throughout this partnership.

What are the next steps?

Thanks to BNP Paribas Cardif’s unrivalled team of bancassurance specialists and a combination of reliable advice and shared values, we established solid foundations for further development. We know for a fact that the world keeps changing fast, just as your clients are. At the next level of our cooperation, we intend to redesign the online customer journey to give people fast, digital and flexible access to insurance. Thanks to a tech-driven approach, we also plan on implementing generative AI and voice recognition to help us drive a better customer experience and increased efficiency in telemarketing.