VIENNA, Austria – April 10, 2019 – BAWAG P.S.K. has successfully launched the strategic partnership with MediaMarktSaturn Austria. Since the beginning of 2019, BAWAG P.S.K. has been the exclusive financing partner for Austria’s market leader for electrical appliances and electronics. Retail customers can secure financing for the products offered by MediaMarkt or Saturn using BAWAG P.S.K.’s products at MediaMarkt and Saturn’s 52 locations and in the respective online shops www.mediamarkt.at and www.saturn.at. David O’Leary, a member of BAWAG Group’s Managing Board and head of the BAWAG P.S.K. Retail business segment, described the partnership as a success for all involved. “We have successfully completed the Austria-wide rollout and we are very satisfied. We’re especially happy about the positive reactions by employees and customers to the fact that we will serve as their financing specialist. We wanted to make the customer experience modern and innovative. All of the processes are fully digitalized. This will enable customers to secure financing for their purchase more quickly than in the past.”
“We want to provide our customers with a 360-degree shopping experience, both offline and online. The experience of technology does not stop with a product. A flexible financing offer is vital too," explained Andreas Mittelhann, Head of Sales at Saturn Austria. Wolfgang Goger, Head of Sales at MediaMarkt, added: "With BAWAG P.S.K. as our banking partner, we have further deepened our range of services and digitalized our financing. In recent weeks, we were able to further increase the acceptance rates for retail loans at MediaMarkt by improving the processes. For us as retailer, it is also important that our partner handles the credit requests of our customers carefully, which is now entirely fulfilled.”
Fully digitalized: Customers can conclude product agreement within ten minutes and sign using mobileTAN
At the launch of the partnership, the focus is on the following BAWAG P.S.K. products: At the moment, the bank is offering point-of-sale loans of up to € 10,000 and an additional credit facility in the form of the BAWAG P.S.K. Extrapolster, which serves as an additional reserve of up to € 5,000 on top of the existing loan and does not require a new application. During the rollout, BAWAG P.S.K. was able to utilize its years of experience in digital banking. A team of experts at the bank took on the task of implementing this important, strategic project and was able to do so in less than six months. “Our goal was to offer innovative, fast, and simple financing solutions. And we accomplished that,” said David O’Leary. “We want to enable customers to secure financing for their purchase – ideally within ten minutes after they pass a credit check.”
The automation of the processes has also led to other innovations: Customers who want to finance their purchase in the MediaMarkt or Saturn online shops with a loan can verify their identity using video identification starting immediately. In order to achieve this, BAWAG P.S.K. is using the latest WebID methods with high security standards. In addition, after the customer’s identity has been successfully verified, it is now possible for the first time to sign the loan agreement using a mobileTAN in the online shops or in all 37 Media markets and 15 Saturn stores. Another positive highlight is the fact that the digitalization of the processes significantly reduces the consumption of paper in the loan application process. This will save more than 55 tonnes of paper per year.
Emphasis on employee training and customer advisory
In the months leading up to the launch of the partnership, emphasis was placed not only on the technical implementation but also on providing intensive training for the financing advisors at MediaMarkt and Saturn with regard to the legal conditions and the new, fully digitalized process for taking out point-of-sale loans. In addition, key account managers from BAWAG P.S.K. were present in the stores and provided on-site support for the teams during the rollout. BAWAG P.S.K.’s customer service team is also available to customers at MediaMarkt and Saturn to answer questions about their financing products from BAWAG P.S.K.
Outlook: Omni-channel approach with additional partnerships
As David O’Leary explained, the sales partnership with MediaMarktSaturn Österreich fits into BAWAG P.S.K.’s omni-channel approach: “Strategic partnerships are a key component of our retail strategy, because we want to be present wherever customers need us to help them realize and finance their personal wants and needs. The good start with MediaMarkt and Saturn in Austria shows that we can implement innovative projects quickly, reliably, and with a high level of customer focus. We are open to additional partnerships in the retail sector – including beyond the borders of Austria on a medium- to long-term horizon.”
Manfred Rapolter (Head of Communications, Spokesman)
Tel: +43 (0) 5 99 05-31210
Sigrid Anna Kuhn (Head of Communications, Spokeswoman)
+43 (0) 1 69907-221