Other parts of this series:
- DMI Awards Celebrates Innovation in Retail Banking
- How DenizBank Helped Turkey’s Independent Farmers
- How Sberbank Overcomes Information Overload with Innovation
- Belgian Bank Uses Blockchain To Help Auto Loan Customers
- Why Intesa Sanpaolo Made Netflix For Bank Training
- Customer-Centric Approach Helps N26 Burst into Banking
- BBVA’s Innovation Turnaround in Banking
- How DBS Bank broke new marketing ground with storytelling
- Looking ahead to another year of banking innovation with Efma-Accenture
- How mBank simplified launching a business
- Idea Bank's “Branch on Tracks”, a brilliantly simple phygital innovation
- Barclaycard takes payments one step closer to its Holy Grail
Buying a car can be a major challenge. On top of selecting the car and negotiating with a salesman, customers must reach out to banks, insurance companies and government authorities to secure financing, risk management and regulatory approval for their new vehicle. All these steps add friction and potential aggravation.
Belgium’s KBC bank created an innovative way of tearing down these walls. KBC’s My Car, which launched last year, is a digital ecosystem that connects all the players in a car purchase with blockchain technology, creating a single, trusted source of truth and a centralized workflow that takes the hassle out of buying a car.
My Car won the Customer Experience & Engagement award at last year’s 2017 Efma-Accenture Distribution & Marketing Innovation (DMI) Aw
ards. The award was accepted at the ceremony in Rome by KBC’s Tom Swerts, Senior Project Manager, who said that My Car was dehttps://www.youtube.com/watch?v=OHQ93-jIh7sveloped with surprisingly freeform project management.
“We just surfed on the energy of people within the organization who really wanted to solve this problem,” he said. The bank imposed only one Key Performance Indicator on the project team: make something that truly solves a problem for our customers.
The results speak for themselves. My Car significantly speeds up and simplifies the process of buying a car. Users can apply for a loan, request a license plate and buy insurance in one easy place. The system also puts KBC in touch with more customers looking for car loans.
The innovative system has proved a hit with customers. This, said Swerts, is the sign of successful innovation.
KBC doesn’t “just innovate to innovate,” he said at the awards, “but to solve problems, to improve the customer experience and make banking as easy as possible.”
For KBC’s remarkable success in doing so with its My Car system, it was awarded the Customer Experience & Engagement award at last year’s DMI Awards. To learn more about My Car and KBC’s approach to innovation, watch the video below.
Come back next time for a look at the winner of the Workforce Empowerment & Behavior category.