When İşbank embarked on the journey to design a daily banking experience for the next generation, it entered a highly competitive sector with over 600 fintechs vying for the attention of the exploding market of young, digitally savvy customers. A dedicated team was assembled and tasked with developing a banking app within just six months. And they delivered! Just three months into the pilot launch, the app managed to attract one million registered users. Within a year, Nays became the fastest-growing banking app in Türkiye, with over four million downloads and three million registered users. Ceyda Yalçın, the Nays app leader, sat down with McKinsey’s Andrew Roth to discuss the winning formula of Nays – cutting-edge technology, a gamified banking experience, and a value proposition that delights customers through simplicity, fun, and rewards.

Origins and Market Challenges

The Turkish financial sector is undergoing a massive transformation driven by technology and innovation. İşbank faces a vibrant and diverse fintech ecosystem that offers new and convenient ways to manage money. These fintechs appeal to millions of customers, especially the young and digitally native ones who expect simple, easy, and transparent banking solutions. Türkiye has over 600 fintechs with a record-breaking investment of $89 million last year. The competition is fierce, and regulatory restrictions on know-your-customer (KYC) processes and digital marketing activities pose challenges. However, Türkiye also has a large young and digitally savvy population with over 45 million people below 35 and a 70 percent smartphone penetration. There are over 85 million mobile bank accounts, with over ten million digital accounts created annually. Young customers want easy, simple, and user-friendly banking solutions.

Vision and Goals

The team had a clear vision from the start – to lead the market, design the next-generation daily banking experience, become the biggest player, and acquire millions of customers. They shared this vision with the board, along with value propositions backed by customer tests and benchmarking. A new brand, Nays, and a new app for daily finance were created, focusing on simplicity, fun, and rewards. The team aimed to become the fastest-growing daily finance app in Türkiye, reach millions of new-generation customers, integrate with popular platforms, and achieve more than ten million downloads and four million active customers by 2027.

Initial Challenges and Milestones

The launch of the first minimum viable product (MVP) in late 2021 was a challenging test period. The load on new systems was high, and new features were being developed for the official launch. Despite the challenges, they reached their year-end target of one million registered users in only three months during the pilot launch. This required confidence, courage, determination, and resilience. Demonstrating high standards of performance and problem-solving was crucial during this turbulent time.

Key Features and Customer Attraction

The hassle-free onboarding process with no hidden fees or conditions was a major attraction. The user-friendly interface made it easy for users to manage their daily banking and shopping. The cash-benefit program with cashback and gamified incentives was very popular. Exclusive deals and discounts on digital platforms also added value. Extensive customer research showed that customers valued free money transfers, easy access to loans, gamification, and attractive campaigns.

Marketing and Growth

Word-of-mouth and a referral campaign worked well to publicize Nays. Customers promoted the app on websites and created videos. The addition of the microcredit feature and advertising activities, including using a celebrity and television/radio campaigns, led to rapid growth. Nays became the fastest-growing finance app in Türkiye, with over four million downloads and three million registered users in 12 months. Twenty percent of users were new to banking and under 35, attracted by the unique experience.

Future Plans

The future holds big plans for Nays. They aim to offer more features, benefits, and value, creating value beyond conventional financial practices. They want to deepen their presence in the ecosystem with easy payment and borrowing options using a digital prepaid card. Integrating loyalty programs of business partners is also on the agenda. Nays has strong growth and revenue potential, with a digital asset already valued ten times the investment. They plan to evaluate spin-off options soon.

Attracting and Retaining Talent

Building Nays was a team effort involving technology and business partners. A culture of innovation and collaboration was fostered. Agile management practices were implemented, and teams were empowered to take ownership. Data-driven decisions were made to gain trust and support. The quality of execution, autonomy, and intense stakeholder management were the pillars of success.

Leadership and Data-Driven Culture

Learning from the team and leaders along the way, Ceyda Yalçın emphasized the importance of being in touch with the team, having one-on-one conversations, and listening. Seeking different perspectives before making decisions was crucial. Dashboards were used, but the focus was on the culture. In problem-solving, facts and data were examined to ensure customer-centricity. While being data-driven, a balance was maintained as trusting gut feelings was also important in times of crisis.