MBank cranks it up
With one million customers, 1.3 million registered accounts, and fourth position in the individual banking sector MBank is proving a success story.
"Back in 2000 we were thinking about a new business model for quite a long time," Sławomir Lachowski, BRE Bank's CEO, says. "In the end we came to the conclusion that we could not conquer the market using the same methods as our rivals. That's why we chose the most simple solution and created an e-banking department in BRE Bank, known as MBank."
MBank's plan for the near future is simple: it wants two million customers by 2008, and to become a hybrid of e-banking and traditional banking by establishing a network of MKiosks (ATMs connected to the bank's web) and finance centers. Meanwhile, entering the Warsaw Stock Exchange also remains a goal. According to Lachowski, this should not make their services more expensive: "The cost of establishing a traditional branch is at least zł.800,000. An MKiosk costs us zł.10,000 and the finance center around zł.300,000."
"It's a real possibility for MBank to have two million customers in three to four years," says Elżbieta Oleszczuk, an adviser to the Polish Bankers' Association's CEO. "It has had a terrific marketing strategy from the very beginning and I believe there is already a detailed plan of action ready for the next few years."
