At the Wemind conference in Copenhagen on Wednesday, March 12, Per Ladegaard, Concern Director for Nykredit, a Danish bank, made a presentation on how his organization is using both new media and social media for improved customer service and product innovation.
The banking industry has never struck me as being particularly creative and certainly not as early adopters, but the fact that the Concern Director came to a small conference to talk about Web 2.0 says a lot about why NyKredit is surprising and why they are leading the pack in this area.
Per understands the paradigm of dialog and is brave enough to find a place for it in Nykredits communication.
Per talked about how important online activity has been for the bank since the mid 1990s and showed how, little by little, they have added web 1.0 and web 2.0 offerings in a way that both better serve their customers and (perhaps more importantly) fit in with their company’s core value proposition: “Tænk nyt” or “Think New”.
Being a credit union, Nykredit is blessed with some realities that surely make it easier for them to “think new” in the banking industry. They have a large capital base and the fact they are relatively small in comparison to banks like Nordea and Danske Bank makes them more flexible. In fact, they seem to relish the role of being the class “daredevil” and frontrunnner.
Some of the programs they have been the first to implement - such as webcam based tellers who can walk customers through complex web banking transactions via screencontrol, the ability to upload personal photos for use as credit card themes, online video tips and online loan calculators are not truly web 2.0, but show how Nykredit embraces digital media to create a competitive advantage and build their image as a company that uses new technology to improve stakeholder communication.
Nykredit has been using blogging as part of a “dialog” program with customers for several months and it recently won an award from Computerworld for its efforts.
Nykredit is now also using crowdsourcing - or user-based innovation - to improve its financial products. In the short couple months they have been live, the bank has already started a no-fee account based on user suggestions. Per also pointed out how top executives are constantly looking at the feedback and votes as it gives a direct channel to customer insights.
In the end, two things really struck me about his presentation:
1.) the fact that when he was presented with the concept of crowdsourcing that he immediately asked himself how the idea fit in with the company’s values.
Wow! Looking at a lot of company’s stated “mission” or “values” it might be easy to come the conclusion that such things are nothing but HR babble and PR spin. Refreshing to see a CEO who really considers them in making calculated decisions.
2.) When asked about the ROI of the Crowdsourcing initiative, Per responded, “It has already paid for itself in terms of the image boost it has given us”.
Yeah, pretty refreshing to meet a CEO who thinks this way too.
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