The investment projects run by mBank in 2019 were aimed primarily to support technological development and, in consequence, further organic growth of the bank. We put the greatest emphasis on solutions enhancing customer satisfaction and experience. With PLN 424.1 million spent in 2019 (vs. PLN 363.5 million in 2018) the Group’s investment spending was lower than in the past years.
As in the previous years, the biggest portion of mBank’s investment spending was allocated to IT (PLN 339.9 million). We further enhanced our mobile banking app by launching new features such as the finance navigator for private banking clients and factoring financing for small and medium-sized enterprises. Other important investments which began in 2019 and will be continued in 2020 include the development of mInvest, an investment app, and mDM Mobile, a brokerage services app that will replace the current one. Our digitalisation efforts focused on, among others, automation of the mortgage process for individuals, improvement of customer interaction in the chat platform, direct invoicing in online banking, and client onboarding via video chat.
We continued to invest in cost optimisation and process efficiency improvement projects. We streamlined our lending processes for businesses and implemented a new centralised onboarding and after-sales service model in Corporate Banking. We increased our operational advantage through internal process automation and procurement platform development.
Furthermore, we carried out a number of projects adjusting the bank’s processes and systems to new regulations, such as MiFID (Markets in Financial Instruments Directive), PSD2 (Payment Services Directive), EU General Data Protection Regulation (GDPR), the new definition of default (changes affecting default triggers and parameters), and changes in Polish tax regulations (clearing house ICT system (STIR) and split payment).
With PLN 41.2 million, the real property area ranked second in terms of investment spending. In 2019 we continued the One Network project adding two light branches to the existing network (in Warsaw and Katowice).