Comeco – TEO

COMECO —
TEO

TEO

Re-inventing an existing financial digital services range to compete with growing fintechs in the market and attract new customers.

Client

Beyond Banking Value and New Revenue Streams

Beyond Banking Value and New Revenue Streams

In 2018, COMECO approached us to solve some critical business questions together: How can you re-invent an existing financial digital services range to compete with growing fintechs in the market, retain your customer base and, most of all, attract new customers? Especially in light of the new regulation of open API (PSD2) and the challenges but also opportunities of how to use it for own customers’ and business’ advantage.

Challenge

How to attract new customers with a new digital financial service platform for the broader financial ecosystem, capable of responding correctly to existing and future customers’ needs

OUTCOME

New, fully functioning company set up in 8 months. Modern, fintech brand built and registered across Europe in 3 months.

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SCOPE OF THE PROJECT

Strategy
Digitalisation
Agile Transformation

Key challenges

  • How can COMECO create a competitive offer for banking customers since traditional banks face strong competition from fintech innovators such as N26 or Revolut and Tech Companies moving into the finance industry.
  • How can we support COMECO to become a pioneer in beyond banking services to secure the current customer base of investing banks with modern customer experience and generate new revenue streams.
  • How to attract new customers with a new digital financial service platform for the broader financial ecosystem, capable of responding correctly to existing and future customers’ needs.
  • Last but not least: How can you replicate that success to similar legacy banks who face the same challenges.

What we did

COMECO hired us, together with BGK, Finnoconsult and Horváth & Partners to support their setup of the tech company, with initial funding from a German banking group of regional banks.

In close collaboration with the client and our partners we focused on:

  • Shaping the vision and business model of the company.
  • Full branding of the new company.
  • Supporting the design of the right partnership and support scheme with investor banks.
  • Managing right staffing and resources management.

Together with COMECO and support from BGK, Finnoconsult and Horváth & Partners, we facilitated planning of a digital ecosystem with the first hero digital product – modern and technologically advanced lifestyle banking platform.

In order to bring TEO to life the following steps were taken together with COMECO:

  • Fintech trends and customer research of what exists, works well and is desired by customers (current and existing)
  • Putting together the vision of the digital ecosystem
  • Full branding of the new ecosystem
  • Shaping the external communication strategy
  • Taking part in digital ecosystem agile product development with extensive and ongoing customer research, prototyping, testing and applying customer feedback
  • Supporting the launch of TEO lifestyle banking in public beta. TEO is a beyond- traditional-banking platform and offer that is part of the ecosystem
  • Supporting with digital marketing efforts in acquiring, activating, retaining customers with performance and growth marketing methodologies
  • Supporting the marketing department in agile work methods and set-up of cross-functional teams company wide

How we did it

Management support and sparring

Strategy workshops and ongoing strategic support

 

Operations

Working hands-on at client side to support the build up of the new company and beyond banking ecosystem

  • 3-5 consultants on the ground
  • Remote support from Berlin and Vienna
  • Integration of external experts, selected partners and vendors to ensure smooth development and roll out of COMECO & TEO
  • Training and handover to new employees

Values delivered

What we helped COMECO to achieve:

  • New, fully functioning company set up in 8 months
  • Modern, fintech brand built and registered across Europe in 3 months
  • 18 months from idea to beta launch of TEO digital banking product
  • More than 350 customers involved in concept and product testing
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SCOPE OF THE PROJECT
Content Strategy
Digitalisation
Agile

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The New Normal.

The COVID-19 outbreak is a new global reality that arrived fast and unexpectly, resulting in the birth of completely unfamiliar business context. With the beginning of the new calendar and fiscal years, businesses have seen their plans for 2020 become obsolete over the course of a few weeks. Undoubtedly as part of immediate crisis management, business leaders are coping with today but also revising plans, projections and priorities for what many are calling the ‘New Normal’.

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