Zuno Bank Launch

Agency: MUW DIGITAL, spol. s r.o.
Category: Product/Service Launch
Country: Slovakia

The launch of ZUNO bank is an initiative of Raiffeisen Bank International to bring a new type of direct bank to emerging markets in Central and Eastern Europe. ZUNO is an alternative for modern people against non-transparent, fee-heavy, traditional banking. ZUNO sells to and services customers over the internet. Slovakia was its first market, launching in January 2011 followed by the Czech Republic in July; more countries will follow in the near future. ZUNO bank faces well-established competition in each of the above-mentioned markets, competing directly with traditional "bricks& mortar" banks and other online banks. ZUNO delivers easy to use online banking, a limited set of basic products and consistently great prices.

On the Slovak and Czech markets, ZUNO began with basic services – current accounts and savings accounts – and, unlike other banks, did not offer a full portfolio of banking products. Aside from banking products, ZUNO has focused on the philosophy of smart banking, simplicity, user-friendliness and transparency. ZUNO's launch took place during the troubled times of the financial crisis, which weakened the willingness of rather conservative clients to try their hand at using the services of a brand new financial institution.