January 11, 2021

Fininbox is digitizing services of RATO Credit Union

One of the largest credit unions in Lithuania, the RATO Credit Union, which seeks to become a specialized bank, invests in broadening the range of the offered services and moving of a part of them to the electronic space. Undoubtedly, this will serve for promotion in the market – information technologies ensure the efficiency and promptness of customer servicing.

Gaining a competitive advantage

According to Vladislav Jančis, the head of the RATO Credit Union administration, the broadening of the range of the credit union services and moving of certain financial services to the electronic space had been planned for a long time, however, it has become especially relevant during the pandemic. The customers’ need to access all financial services online has become relevant, and the employees work mainly remotely to reduce the risk of being infected.

“Implementation of the new technical solutions is not a tribute to fashion, but rather the striving to improve the quality of customer servicing and to ensure the safety of the employees. Emotional closeness and comfort of our customers are our top priorities. We choose to be closer to our customers and meet their needs. Even though we do not intend to abandon the highly valued live communication with our customers, we have moved some of our services to the digital space. Therefore, in order to start using the Credit Union services, one does not have to visit the branch, since we can identify the new customers remotely,” said the head of the RATO Credit Union administration.

At the beginning of September 2020, the RATO Credit Union became the first Lithuanian credit union to introduce its mobile app, and at the end of November – the instant payment services developed and implemented by Fininbox, a  digital solutions company belonging to the Forbis group.

“We do not take cues from FinTech and transactional banking, which sometimes involves a lot of IT solutions of low relevance. Having found the reliable partner – Fininbox – we chose to invest in those technologies that allow us to provide prompt, affordable, understandable services without replacing the human interaction by communication with the call centre robot,” emphasized the head of the RATO Credit Union administration.

Anton Zujev, head of business development in Fininbox, stated that the implemented digitalization of the RATO Credit Union’s services will provide this financial institution with a significant competitive advantage – the ability to offer live interaction alongside with the technology-based efficiency and promptness.

"Both the app and the SEPA Instant Payments, as well as the Smart ID functionality, whose implementation is currently being completed, allow making a major technological leap among credit unions. In fact, the RATO Credit Union has become the first to make it. As a result, a wider circle of clients will choose the Union's services – these are not only the supporters of traditional financial services, but also those who value mobility and promptness,” said Anton Zujev.

Vladislav Jančis, the head of the RATO Credit Union administration, emphasized that in 2021 RATO intends to expand the range of services provided by enabling customers to initiate payment services through an application-programming interface (API), as well as to use the Smart ID app, which is an easy-to-use, secure, and smart tool to verify their identity electronically.

More consideration for the elderly 

The digitization of financial services, according to RATO representatives, not only creates many advantages, but also evokes certain challenges, which the Union has also decided to cope.

"Many people, especially the younger generation, like electronic services significantly simplifying their life. However, digital tools often become a major challenge for some elderly people. In the face of the pandemic, this is a big obstacle,” said Žaneta Baltrušaitytė, head of the RATO customer service department.

According to her, some time ago, it used to be only a matter of inconvenience and inefficiency, and now, it is a matter of human health or even life.

"Lack of knowledge about finance management and insufficient digital skills are among the main reasons why the elderly people are forced to go to financial institutions or post offices, where they pay bills or withdraw cash. Therefore, we do our best to ensure that this segment of people, when visiting us, would gain as much practical knowledge as possible on how to use the electronic services of the Union,” explained Žaneta Baltrušaitytė.