Enpara.com a digital-only branchless approach resulting in 77% Net Promoter Score

Turkey’s first purely digital bank, Enpara.com was created in response to the needs of millennials. This increasingly important customer group doesn’t like to interact with banking representatives or visit traditional branches. Instead, they are looking for rich and meaningful digital and mobile experiences. As a result, Enpara.com adopted a digital-only branchless approach, creating an outstanding user experience ‘resulting in an excellent Net Promoter Score (77% compared to the 45% average for Turkish banks) with their popularity driven predominantly by word of mouth. The response has been so good that 50% of all their new customers come through referrals.

The absence of traditional brick-and-mortar costs also translates into savings that are passed on to the customer in the form of free services and loyalty rewards. In contrast to other banks, Enpara customers receive annual fee for using their Enpara credit card rather than being charged for the privilege of having a credit card!

Millennials want digital experiences

Enpara.com was established in 2012 by QNB Finansbank. The bank was looking to address the growing customer base of people between 18 and 45 years of age and creating a digital branch was a key pillar of this effort as the millennials prefer online, social and mobile channels as opposed to using traditional banking branches.

When we came up with the project, we needed to decide which brand to use, explained Emel Gökcan Sünter, Product, Process and Digital Channels Division Manager, Enpara.com. We carried out market research and realized that a new brand will be a better fit to what our target group is looking for. Enpara.com was the result of this research.

Reinventing the banking contract for simplicity

After conducting market research, one of the first and most significant issues the new bank had to address was not even technological in nature.

Banking contracts are complex legal documents that can run for 20 or even 30 pages and are hard to understand, said Emel Gökcan Sünter, Product, Process and Digital Channels Division Manager, Enpara.com. This was among the most significant complaints we’ve received from focus groups and we set out to work. It took us almost 6 months to create a contract that’s just 2 pages long and written in simple and easy-to-understand language.

These contracts are now the foundation of Enpara’s onboarding process that is designed to be as simple and user-friendly as possible. Enpara.com does not operate any branches, so its employees visit customers in person after they open their account online to get the required signatures. Afterwards, the customer experience is completely digital and available from a web browser or a mobile device, resulting in fully digital onboarding.

Launching the bank

VeriPark was selected as the digital technology partner for the bank with its VeriChannel solution providing the bank’s customers with an Omni-Channel experience. Finansbank and VeriPark have collaborated well in the past and decided to extend their partnership to this fully digital business enterprise.

Enpara.com wanted to launch quickly and thus kept their initial product offering simply by focusing on providing savings and deposit accounts only. In order to stand out and make their initial product offering attractive, Enpara.com’s strategy was to provide the most competitive interest rates in the market and then expand their product portfolio by introducing credit cards, loans and corporate services.

Today, customers can do everything online: open new accounts, take out loans, apply for a credit card, transfer money or update information. This approach also drives digital inclusion for the young who now have access to a full range of services anywhere and on any device. By focusing on digital channels only, Enpara.com is the only Turkish bank that offers services without a subscription fee and no transaction fees on payments and transfers. It also offers loyalty benefits, including discounts on popular millennial-focused services, such as Spotify and Netflix.

Fully digital onboarding process

After launching the online bank, Enpara.com also immediately launched a TV advertising campaign. The marketing and advertising push drove rapid customer growth, which was in part a result of the fully digital onboarding process that encouraged all consumers to open an account and try out the service.

After the initial promotional stage, the company began increasingly relying on customer referrals and word of mouth. Internal research data shows that 50% of new customers arrive through referrals or word of mouth. By offering the best interest rates and transactions without fees, the bank is already in a good competitive position but the user experience it delivers through its website further cements its market position.

We have 1,5 million customers and our customers are very happy with us and our Net Promoter Score is 77%, while the average for banks in Turkey is only 45%. 9 out of 10 customers are happy to be our customers and we see that response was hugely positive on social media as well. Our platform is receiving good reviews across the board.

Net Promoter Score (NPS)
50% of new customers arrive through referrals or word of mouth
Only to reach out to a customer representative on the phone

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Focus on expanding the offering in SMEs

The bank initially launched in 2012 and has been expanding its offering steadily. After adding a full range of consumer products, the bank launched corporate banking services in 2016 which has been their focus for the past two years.

Once SME’s become a customer of Enpara.com, they can reach out to a customer representative on the phone in just 30 seconds when they need any kind of support for their banking transactions and they even earn interest while paying salaries to their employees. The bank is focused on growth and adding new products for consumer and corporate accounts that will further distinguish it from other traditional players in the market.

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