Transforming Deposit Growth Strategy for mBank

How a data-driven deposit strategy helped mBank accelerate balance growth, acquire new and reactivate existing clients, improve competitiveness and build a scalable growth model in the Czech and Slovak markets.

Client

mBank is a leading digital-first retail bank operating in the Czech Republic and Slovakia since 2007. It entered the market as one of the first banks focused on simple, transparent and low-fee everyday banking delivered primarily through digital channels.Today, the brand serves more than 7 million customers across Central Europe and is recognized as one of the region's most successful financial services brands. In both Czechia and Slovakia, mBank is known for innovation and strong capabilities in modern payment methods.

At a glance

+ 50%

growth in daily new client acquisition

~ 80 mld. CZK

in new deposits

1 000 000

active clients target

2 markets scaled

Czech & Slovak

Challenge

mBank’s average deposit balance per client remained below key competitors, revealing an opportunity to redesign its approach to deposit growth in the Czech and Slovak markets. The existing business model was heavily product-oriented and relied primarily on flat pricing as the main lever for deposit growth. This reduced flexibility in addressing different client needs, lifecycle stages and value segments.At the same time, the bank had ambitious strategic targets to reach 1 million active clients and achieve a 5% market share in deposit balances by 2029 while preserving profitability.To meet these goals, mBank needed to shift from a price-led deposit model toward a more customer-centric growth strategy covering acquisition, engagement and retention across the full customer lifecycle.

Solution

We designed a comprehensive deposit growth strategy for the Czech and Slovak markets focused on the full customer lifecycle, from acquisition to retention.

The cooperation later continued with a growth strategy for the youngsters segment.

The engagement included

Result

Within four months of implementing the initial wave of changes, mBank significantly accelerated deposit growth, acquiring nearly CZK 80 billion in new deposits. This level of growth had previously taken many years to achieve cumulatively. Moreover, daily new client acquisition increased by 50% compared with business-as-usual levels.