In 2023, Nest Bank celebrated another successful year, with a significant 76% year-over-year increase in gross profit, reflecting the bank's growing operational efficiency. Strengthening its capital position to 17.9%, the bank confirms its readiness for continued dynamic growth. Beyond impressive financial results, Nest Bank made significant technological advancements, particularly in AI solutions. Early in 2024, it became the first in Poland to introduce an AI assistant to its clients, with further significant updates to the mobile app on the horizon.
Another Year of Strong Results and Customer Growth
Nest Bank achieved higher profits and reinforced its capital position for another consecutive year. Here are the selected 2023 results:
Profit growth: +76% YoY
Gross profit: PLN 90.9 million
Net profit: PLN 6.4 million
Strong capital position: TCR 17.9% (+2.6 pp YoY)
Dynamic balance sheet growth: +15% YoY (PLN 7.3 billion)
Increase in individual customers acquired: +21% YoY (32,000)
Increase in corporate customers acquired: +25% YoY (11,600)
Value of corporate loans granted: +80% YoY (PLN 663.8 million).
- The past year has brought groundbreaking changes that solidified our market position and demonstrated that our approach to banking is forward-thinking and effective. This success is due to our strategy of offering high-quality products at accessible prices and fostering a culture of AI utilization across many aspects of Nest Bank's operations. We provide top-tier digital services while ensuring accessibility for many clients. Efficient use of cloud technology significantly enhances our operational effectiveness, allowing us to leverage the world's most powerful AI models while maintaining cost control and security, including protecting our clients' privacy. Additionally, our commitment to ESG practices and corporate social responsibility, evidenced by our certifications and awards, strengthens our position and brings real benefits to the community and the planet, says Piotr Kowynia, President of Nest Bank.
- Our strategy focuses on innovative solutions and delivering top-tier services, which drives the dynamic growth of the bank and enhances customer satisfaction. Last year, we recorded a 22% year-over-year increase in our customer base. We also achieved growth in loan sales thanks to an attractive offer, the modernization of our sales network, and making our services available where customers need them, including through our partners' systems – says Janusz Mieloszyk, First Vice President of Nest Bank.
- Customer satisfaction and sustainable growth are our priorities. That's why we were the first in Poland to implement the N!Assistant, powered by GPT-4 AI. Equipping our customers with AI tools improves their banking experience, democratizes access to modern technology, and helps them better understand their finances. Additionally, entrepreneurs banking with us appreciate the time savings and the ability to handle many tasks online – a direction we will continue to focus on in the future – adds Janusz Mieloszyk.
AI-Powered Growth
Nest Bank is also accelerating its digital transformation, significantly expanding its cloud infrastructure and implementing innovative tools that simplify clients' lives. Effective use of cloud computing has allowed for service scaling and better cost and data security control. Early in 2024, Nest Bank launched a pilot version of its AI assistant in its mobile app, the first of its kind in Poland. The AI Assistant, powered by the GPT-4 language model, enables clients to discuss finances in natural language and perform intelligent expense analyses.
- By introducing the first AI assistant in Poland based on the GPT-4 model, we have made a significant leap towards providing our clients with service quality exceeding standards known only in private banking until now – says Piotr Kowynia, President of Nest Bank.
2024: The Year of Change and AI
Nest Bank has announced revolutionary changes in its mobile app for 2024. Some upcoming features include a new design, intuitive navigation, and biometric transaction authorization. The app will be presented in a completely new format, offering new functionalities and full customization. Additionally, the bank will continue to develop its AI Assistant intensively. The AI Assistant will support clients in a broader range of tasks — from initiating transfers and blocking ID documents or payment cards to issuing new cards.
- The AI Assistant is one of our key projects, bringing clients into the true GenAI era. We believe AI has the potential to change the way banking is done completely, redefining functionality as we know it – says Janusz Mieloszyk, First Vice President of Nest Bank.
What's new in the upcoming version of Nest Bank's app?
Modern and Intuitive Main Screen: The revamped login screen will be more modern and user-friendly, prioritizing frequently used products and options.
Clear Navigation: Nest Bank has redesigned the app's navigation to respond to client needs. Navigation will be more functional and clear with additional sections and highlighted product cards.
Biometric Authorization: The new authorization method will enhance transaction security. Logging in and confirming transactions will be faster, more convenient, and safer, eliminating risks associated with traditional passwords.
Better Financial Control: The refreshed transaction history will be more transparent and user-friendly. An option to view current subscriptions and mobile wallet-linked cards will also be available, ensuring full control over financial activities.
Multiple Virtual Card Designs: Users can choose the look of their virtual payment cards. The new version of the app will be available in Q3 2024.
