Annual Report
2017

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Intellectual capital

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What does intellectual capital mean to us?

The commercial success of mBank is derivative of its exceptional approach to managing intellectual capital. We understand it as intangible innovative assets of our organisation and our employees. These assets affect our results and market position and will do so in the future.

Our intellectual capital is composed of:

  • intellectual property such as patents, copyrights, licences, algorithms, digital platforms, applications and other software;
  • intangible assets related to mBank’s brand and reputation (quality standards, brand identification standards, rules of good communication with clients).

Our intellectual capital makes mBank one of the world’s top client-centric IT organisations. We will continue on this track. Intellectual capital is the source of our present and future competitive advantage.

How do we manage intellectual capital?

  • Development of intellectual capital is one of the pillars of our strategy for 2016-2020. Intellectual capital management is among the key topics addressed in our “mobile Bank” Strategy. It is also an important component of our growth strategy.
  • We spend a lot of money on technology. Similar to 2016, the majority of our capital expenditure in 2017 was spent on technology. We expanded our product mix with new highly innovative and convenient transactional solutions. Over the next 10 years mAccelerator (a fund set up by mBank) will invest EUR 50 million (i.e. more than PLN 200 million) in new technologies.
  • Our know-how comes from the best experts. At mBank innovation is the product of innovative employees. We create conditions to make employees fully engaged in the development of new products and solutions. The priority of our HR strategy is to attract and keep the best and highly motivated specialists and managers.
  • We develop technologies through research and development. We build a database containing sources of knowledge and inspiration. We cooperate with start-ups. mBank develops its intellectual capital based on internal resources, solutions acquired on the market and through cooperation with technology start-ups offering solutions for the financial industry. mAccelerator, for example, has invested in Digital Teammates, a company dealing with robotic automation of routine banking processes.
  • We anticipate the future of technology and try to be one step ahead. We estimate that by 2020 clients will initiate and perform the majority of interactions and transactions on smartphones. This is why, in 2017, we added features such as QLIK (a service that makes it possible to exchange information about invoices and bills to pay between entities issuing large amounts of invoices and payers), mobile authorisation, push notifications and Android Pay to our most important applications and platforms. For the first time in Europe, Android Pay had been offered in an entirely different model, in which cards are added to the service directly in the mobile banking application.
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