Bank of Georgia’s Chief Marketing and Digital officer Levan Gomshiashvili reveals what it takes to win the overall World’s Best Digital Bank.
Global Finance: Having won the World’s Best Digital Banking Award 2024, what’s next for BOG’s innovation efforts?
Levan Gomshiashvili: Winning the World’s Best Digital Banking Award is a tremendous honor, but it’s also a reminder that our journey of innovation is ongoing. At Bank of Georgia, we’re committed to staying at the forefront of digital banking technology and continuously improving the experience for our customers.
Over the past year, we have introduced various enhancements in our digital channels for both individuals and businesses, and we aim to accelerate our pace even more next year. We believe that our ability to swiftly implement and refine products and services based on customer insights is a key factor in earning such recognition. In the past year alone, we have gathered feedback from more than half million customers, providing us with valuable perspectives on product satisfaction and areas for improvement. Moving forward, we’re committed to sustaining this momentum and building on the success the bank has already achieved.
Ultimately, our goal is to maintain our position as a leader in digital banking by delivering innovative products and services that exceed our customers’ expectations.
GF: Why is it so important to tailor banking solutions to customers’ unique needs?
Gomshiashvili: Our primary focus has always been on understanding and meeting our customers’ needs. We believe that a truly exceptional digital banking experience is built on deep customer insights. By tailoring banking solutions to individual needs, we’ve been able to create a truly personalized and exceptional experience. This has not only driven customer loyalty but has also allowed us to identify new opportunities for growth and innovation.
Our data-driven approach enables us to understand our customers’ preferences, behaviors, and financial goals at a granular level. This allows us to anticipate their needs and deliver highly relevant products, services and recommendations.
In today’s competitive market, tailoring banking solutions to customers’ unique needs is crucial for enhancing customer satisfaction, driving customer engagement, improving operational efficiency, and gaining a competitive advantage.
GF: How is AI being used to improve financial decision-making?
Gomshiashvili: AI is transforming the financial industry by enabling institutions to process and analyze vast amounts of data more efficiently, predict future trends with greater accuracy, provide personalized financial advice, detect fraudulent activity, and automate routine tasks.
At Bank of Georgia, it enabled us to make more informed and data-driven decisions, enabled us to create products and services with higher efficiency and speed, and ultimately improving outcomes for both businesses and customers.
We’re also leveraging the power of data and technology to enhance personalization. By harnessing machine learning and AI, we can analyze customer behavior and preferences to offer tailored recommendations, products, and services. This data-driven approach enables us to anticipate customer needs and deliver highly relevant experiences.
GF: What benefits is your Ads Manager platform bringing to your business clients and their customers?
Gomshiashvili: Our Ads Manager platform is a game-changer for businesses seeking to optimize their advertising efforts and drive sales. It empowers businesses to execute analytics-based campaigns and craft tailored offerings, similar to Google and Facebook’s ads managers, or create/sell digital gift cards. With an audience of over 1.5 million customers across Bank of Georgia’s channels, businesses can set precise targets based on interests and transactional behavior, share creative content, and monitor campaigns in real-time.
Meanwhile, our retail users benefit from a variety of offers from their favorite companies. By leveraging advanced AI and data-driven insights, we’re helping our business clients achieve remarkable results, from improving ad performance and enhancing customer experiences to increasing brand awareness and simplifying campaign management.
GF: What is the power of gamification for banking apps?
Gomshiashvili: Gamification has the potential to revolutionize the way we interact with banking apps. In Bank of Georgia, by incorporating elements like points, badges, and challenges, we’re making banking more enjoyable, engaging, and educational. It’s a powerful tool for increasing user engagement, building brand loyalty, driving product adoption, and differentiating ourselves from competitors. Ultimately, gamification helps us create a more positive and rewarding experience for our customers, which is essential in today’s competitive market.
