Equa bank, innovative bank operated successfully for 6 years on the Czech banking market.

Over the last two years, Equa Bank has doubled its mobile and internet banking users. Providing security for bank accounts on these channels is therefore crucial to the bank.

About the bank

The bank achieved a historic milestone in 2016, when it recorded positive profits for the first time. The bank reinforced this positive trend in the first quarter of 2107, when it more than doubled its profit compared to the same period in the previous year. Year-on-year, client deposits increased by 10% and the number of loans approved increased by 15%. However, Equa Bank is proud of its accelerating, new client numbers, proof of a well-established direction. Compared to the previous period, total client numbers increased by 40% to 266 000, the fastest growth of all banks in the Czech Republic. This trend clearly shows how well Equa Bank is performing.

At Equa Bank, they have chosen to focus on internet and mobile banking

Neither a newcomer nor a bureaucratic financial institution existing in the past, Equa Bank has been successful for six years on the Czech banking market and is looking forward to the future with optimism. Not only, because despite the challenging competitive environment under the Czech banking market, it has succeeded in consolidating its position as one of the most important players in banking products and services. Why is the bank so attractive to new clients? Usually, banking institutions focus on developing a network of core branches, increasing its venue and ATM numbers. By contrast, Equa Bank promotes a broad portfolio of products and services, personal communication with customers, and open access to technological innovation and change. This allows customers to offer their services online ahead of their competitors. This approach is adopted by clients who are not just passive account owners, but by more than 3/4 of active users of the wide range of services offered.

A wide range of what banks now offer is on the market. Therefore, distinguishing and engaging your customers by offering something extra is necessary. Take a quality product portfolio in modern, attractive packaging and offer it in a welcoming and accessible form, as clients today demand. Only then can the bank attract new and keep existing clients. At Equa Bank, they have chosen to focus on internet and mobile banking. The bank thus considers the needs of particularly younger generations who want to communicate online with the bank via their mobile devices.

Next-generation of mobile banking, security like “Alpha & Omega”

The next-generation mobile banking project was created primarily in response to client needs for a more modern, streamlined, and safer user environment providing greater convenience and saving time. 39% of all clients enter their bank via a mobile app. Over the last three years, this number of mobile app users has increased threefold. Users are often very careless when using mobile devices. Only 3 out of 10 people use mobile phone security, and a third does not lock their mobile phone. This puts relatively high demands on banking application security.

The upgraded Equa Bank mobile application is faster and access is now possible from mobile phones running either Android or iOS with just a fingerprint. Via a mobile app, clients have a consistent view of their accounts, balances, account history, standing payment orders, notifications, or planned and executed payments. The project’s key implementation criterion was the need for maximum security without the product losing simplicity or its pro-client approach. It was also necessary to consider quick rollout and no unnecessary delays, so that Equa Bank would not lose its edge over competitors.

From a range of possible solutions to security in developing a new Mobile Banking solution, Equa Bank decided to work with us and employ our PowerAuth product. Out of the analogue solutions offered by global players, they preferred a local contractor who would let the bank quickly accomplish the project with significantly lower costs and without retreating from its high security requirements. All stages of implementation were addressed quickly, flexibly, and by the deadlines, which is not always common in corporate projects. It has resulted in a service that is convenient, easy to use, and most importantly, safe.