HELPFUL FINDINGS

• The number of new businesses registered in Poland in 2016 was 43,523.
• "An enterprise may be a corporation, a quasi- corporation, a non-profit institution, or an unincorporated enterprise."
• In 2018, Poland had 823 companies listed on the stock exchange as can be extracted graphically.
• According to European Fact Sheet, the 2018 SBA listed 1,695,991 as the total number of businesses in Poland as of 2017.
• The total number for the non-financial business economy of microbusinesses or sole trader/proprietor businesses in Poland as of 2017 was 1,623,093 and this represented 93.1% of the total businesses in Poland.
• The total number of persons employed in Poland by these micro-businesses for the non-financial business economy is 3,445,505 people.
• Microbusiness for the non-financial business economy has 1,623,093 enterprises in Poland with 3,445,505 employees.
• Small Businesses for the non-financial business economy has 54,781 enterprises in Poland with 1,177,609 employees.
• Medium-sized businesses for the non-financial business economy has 14,821 enterprises in Poland with 1,585,267 employees.
• Large businesses for the non-financial business economy has 3,296 enterprises in Poland with 2,907,128 employees.
• "In 2016, the non-financial business economy in Poland in had 1,620,219 with firms that had 0 to 9 employees which are likely to be sole proprietorship firms."
• "In 2016, there were 3,315 enterprises with 250 employees or more in Poland."

RESEARCH STRATEGY

REAKTOR

• Reaktor's website can be accessed here.

IDEA HUB

• Idea Hub's website can be accessed here.

CLOCKWORK

• Clockwork's website can be accessed here.

RESEARCH STRATEGY:

THE PROCESS OF STARTING A NEW BUSINESS IN POLAND

• Starting a business is relatively easy as one can register at the appropriate town or community administrative office.
• The registration process is initiated by an application for entry into the register of trade, which usually costs about 100 PLN.
• The applicant would need to choose at least one category from the classification of activity.
• After receiving written confirmation of a trade registration, the applicant would need to apply for a REGON number from the National Statistics Agency. The REGON is used on several other forms so the applicant will be blocked without it. The applicant will then have to register at the ZUS (Social Insurance Institution) and apply for a tax number (NIP) at the tax office.
• It is possible to get a subsidy for setting up a business. This will require addressing the department of business development. European Union (EU) citizens will need to find out the available EU-programs because the programs and subsidies offered are prone to change.
• After going through this process, the business is ready for kickoff.
• Note that, in general, all documents have to be validated through signature and a company stamp.

LENGTH OF THE GOVERNMENT REGISTRATION AND ASSOCIATED CHALLENGES

• The process of starting a business in Poland can be long, taking about 37 days to complete the various procedures.
• In Poland, EU citizens or those within the European Economic Area (EEA) do not need a work permit to work, but people from outside these areas require a work permit as well as the appropriate visa.

LENGTH OF TIME IT TAKES TO SET UP BUSINESS BANKING ACCOUNTS AND ASSOCIATED CHALLENGES

• The process can take between one hour to one whole week.
• A bank account has to be opened in person in Poland, and it requires a personal visit to the bank branch by a representative of the company. It is not possible to open a bank account through an attorney in Poland in any Polish bank.
• Polish Banks can only examine foreign documents that are translated into the Polish language by a sworn translator.

IS POLAND GENERALLY CONSIDERED CHALLENGING FOR THOSE SETTING UP A BUSINESS?

• Poland offers a desirable market for foreign investments. The country offers many business opportunities and a suitable environment for opening a new business.
• While it is desirable for opening new businesses in many industries, it is also desirable for starting a small business.

CLIMATE FOR FINTECH BUSINESSES IN POLAND

• With an estimated value of €856 million. Poland is the biggest FinTech market in Central and Eastern Europe.
• There are approximately 100 companies innovating the Polish FinTech, according to research by Accenture.
• Warsaw, home to nearly 45% of startups in the country is also a hub of financial technology in the region. The Global Financial Centres Index (GFCI) ranks capital of Poland as the 12th most competitive major Financial Centre in CEE, and 45th in the world.
• The ’Welcoming Innovation Revolution’ report by GE Global Innovation Barometer 2016 shows clearly that 83% of Polish companies are highly interested in new technologies. The 2018 edition of the report proves that the innovations in Poland are driven mainly by SME’s.
• Poland has one of the most technologically advanced banking sectors in the world.
• Polish banks are driving innovation with constant investment in improvements and novelties in various areas such as modern sales channels (including online channels), remote client service technologies and digitalisation of traditional branches or new payment methods.
• About 15.5 million Poles use banking services online at least once a month, according to Polish Bank Association. The use of mobile banking technologies is also widely spread.

ATTRACTIVE OUTSOURCING MARKET

• Poland is also one of the most attractive markets in terms of outsourcing. Currently, there are 524 foreign companies with Business Process Outsourcing (BPO), Shared Services Centres (SSC) and Research and Development hubs (R&D) employing over 244.000 people (according to ABSL). One of the crucial elements of the Polish BPO industry is outsourcing for global financial institutions.
• Names like Credit Suisse, Citi and UBS have made Poland their home for all outsourcing and customer support. It is speculated that Brexit will not only increase the workload for these ‘back-offices’ in Poland and the CEE region but also accelerate the relocation of middle-office services.
• With the cost of operating a business of any size in England continuously increasing, many more FinTech entrepreneurs will be looking to scale their business elsewhere. Poland is properly poised to be the major European FinTech hub attracting foreign entrepreneurs to come and run their business there. One of them is Rene Skaflestad, CEO of the Norwegian FinTech startup Liber Finance Group, who chose Warsaw as their headquarters.

FINTECH TRENDS 2018-2020

• The FinTech industry is undergoing both vertical and horizontal growth, rise of B2B services and closer cooperation with financial institutions. These are three strongest trends, which might impact CEE in the next 24 months.
• An electronic survey conducted by FinTech Poland Foundation and Obserwatorium.biz showed that major domains where Polish FinTech companies operate are financial platforms and electronic payments.
• A report by Deloitte indicates that Poland does not mean much on the FinTech map of the world. According to the report, "Warsaw — the only Polish city that matters as a FinTech hub — is not included among the top cities in the category of the so-called new hubs, i.e. those located in developing markets."
• While Polish FinTechs (there are more than 100 such companies) are worth about €900 million (according to Deloitte’s estimates from a few quarters ago), they are not popular with investors. In 2016, on the Polish FinTech market only a few acquisitions of negligible value transpired. During the same time, transactions with a value of US$62 million were concluded in Sweden.
• Many FinTechs are targeting the piece of the financial market pie which is not regulated because the regulated sub-sector is dominated by banks.

MAJOR FINTECH BUSINESS LINES IN POLAND

• In the FinTech industry in Poland, financial platform occupy the lion share in terms of amount of businesses at 25%, followed by crowd funding and P2P lending at 13%, digital and mobile payments at 13%, data analytics/machine learning at 13%, personal finance management at 6%, and cryprocurrency at 13%.
• The majority of services in the FinTech industry are intended to be used by other companies (B2B) or banks themselves. Only half of the FinTech ventures dedicate any of their services and/or products to consumers. This is not surprising, as 76% of Polish startups provide B2B services, according to the Startup Poland Foundation.
• Polish FinTech companies focus mainly on a domestic market but simultaneously try to launch their product in foreign markets. The size of the local market is big enough to let FinTech ventures generate a significant income. On the other hand, it is too small to be meaningful on a global scale.

COOPERATION WITH FINANCIAL INSTITUTIONS

• The climate for FinTech in traditional financial institutions is positive and still improving. This is because of the maturity of the banking sector and their level of advancements.
• Major banks disrupting the FinTech industry in Poland include Alior Bank, ING Bank, mBank, Pekao SA, PKO BP, BGŻBNP PARIBAS Bank and BZ WBK.

FACTORS DRIVING THE GROWTH OF FINTECH INDUSTRY IN POLAND

• Success in the FinTech sector is determined by several factors, and Poland fulfills all of them. These include geopolitical location (very good in Poland’s case), financial infrastructure (also very good), human resources (Poles are well-educated and willing to work) and the ability to conduct research and to use outsourcing (there are over 450 outsourcing companies operating on the Polish market).
• Poland also has a good regulatory environment for FinTech businesses as well as government goodwill towards FinTech businesses. Institutions like the Polish Development Fund are providing sensible help in the development of FinTechs.
• One of the major factors affecting growth of FinTech businesses in Poland is lack of a coherent ecosystem, in which FinTechs could grow and fully develop.
• Specialists indicate that in a certain sense this innovative banking sector inhibits the development of Polish FinTechs, as it constitutes excessively strong competition on the local market.

1. CREAMFINANCE

•   Funding Received/Year: In 2019, the company received $30 million in series C funding.
•   Description: Creamfinance is one of the reputable consumer loan startups that offers its clients multiple credit loans across international markets. The company accesses applications through analyzing credit intelligence and applicant’s online data from both traditional sources and online platforms.
•   Website: https://www.creamfinance.com

2. AIOCARE

•   Funding Received/Year: This project is funded by the Joint Polish Investment Fund and received $1.1 million in series A funding on February 3, 2018.
•  Description: AioCare is a portable spirometer that lets patients monitor their respiratory functions. This Polish startup produces the personal system that not only monitors but also treats pulmonary ailments.
•  Website: https://aiocare.com/patient

3. IPOS

•  Funding Received/Year: On March 22, 2019, the company reported having raised €360k in series A funding from the president of sCard as well as the founder of Inteligo and former head of PZU.
•  Description: Founded in 2016, iPOS is geared towards simplifying daily routines of merchants through its duo cash terminals. These terminals consist of basic functionalities of payment terminals as well as tracking and offering remote store managing solutions.
•  Website: http://ipos.pl/

4. SHOPLO

•  Funding Received/Year: The company received series A funding in the amount of €730k in February 2019.
•  Description: Founded in 2011, in Warsaw, Shoplo is an established eCommerce platform which helps small scale businesses sell throughout the globe. The company was estimated to be worth ~$4 million in 2017. The startup ownership is said to be, accelerator, subsidiary, and venture capital.
•  Website: https://www.shoplo.com/

5. BRAND24

•   Funding Received/Year: Its latest Series B funding was held on May 6, 2018, raising PLN 1.5 million.
•  Description: Brand24 is a reputation monitoring service that allows customers to track online mentions, hashtags, etc. This company allows instant access to social media mentions that its consumers' businesses depend on.
•  Website: https://brand24.com/

6. CALLPAGE

•   Funding Received/Year: Callpage's last funding round was for series A funding on July 31, 2019; the company raised $4.5 million.
•  Description: Founded in Kraków, this startup assists commercial sites in converting views into sales calls. They accomplish this through an instant callback to real phone numbers.
•  Website: https://www.callpage.io/

7. BUSFOR

•  Funding Received/Year: Busfor received series C funding on May 15, 2019, raising $4.5 million.
•  Description: The company is a startup that operates in the bus transport industry. Currently, it manages more than 300 buses in its inventory and works with more than 500 travel agents. The firm was initially called Gillbus.
•  Website: https://busfor.com/

8. PACKHELP

•  Funding Received/Year: Its series A funding round occurred on March 18, 2019, raising $10 million.
•  Description: Packhelp is a packaging custom solution company for both online and offline firms. The company’s packages include products, eco-friendly mailers, and shipping packages.
•  Website: https://packhelp.com/

9. FINAI

•  Funding Received/Year: Received series A funding on Feb 8, 2018, of $3.4 million.
•  Description: FinAi is a fintech company that uses big data and innovative technologies while creating an outstanding user experience. Founded in Nov 2016, it supports its customers in making "smarter, easier, faster and more convenient financial decisions.
•  Website: https://www.finai.com/en/

10. TUATARA CAPITAL

•  Funding Received/Year: Its latest funding was series B funding held on May 16, 2019, raising $206.8 million.
•  Description: Tuatara Capital offers businesses user analytics for conversion rate optimization. Its portfolio includes big data real-time analysis to clients.
•  Website: https://tuataracapital.com

CLOUD BANKING

DESCRIPTION

• Business units and IT executives upgrade with an enterprise-level cloud solution which will be mix and match hybrid and multi-cloud solutions based on their organizational needs, maturity, and readiness; most organizations choose a multi-cloud approach.
• A public cloud provides products-as-a-service offerings that can help banks implement business operation models to improve revenue generation, customer insights; contain costs, deliver market-relevant products quickly and efficiently, and help monetize enterprise data assets.

WHY CLOUD BANKING IS A TREND

• According to Deloitte, “Companies across the global financial services industry have been on the public cloud journey for the last three-to-five years, with tremendous acceleration over the past 12–18 months.”
• IBM and other major cloud computing companies support banks and help them stay compliant with the recommendations of the European Banking Authority on cloud computing.
• Public cloud solutions are expected to dominate the market over the next decade, while business constraints such as security concerns and the limitations of existing infrastructure make it difficult for companies to fully adopt the public cloud.

A COMPANY DRIVING THE TREND

• Idea Bank, Poland, offers an entire financial ecosystem for their clients, from cloud-based internet banking to an Uber-style ATM.
• Idea Bank also won an award for the best innovation at BAI Retail Delivery in 2015 LINK, and this was the most notable feature for both the EFMA and BAI Awards.

BLIK

DESCRIPTION

•  The Polish Payment Standard (PPS) was created by a tie-up between six Polish banking institutions; it has embedded BLIK into banking apps so that customers can transfer money, use ATMs, and use it to pay online or in stores.
•   BLIK offers one-click purchasing, ATM withdrawals and peer-to-peer payments via smartphones.
• The success of BLIK also highlights the “readiness of the Polish consumer to migrate to digital-only payment options.”

WHY BLIK IS A TREND

•   BLIK provides its users, both consumers and merchants, with contactless payment services at all Mastercard-branded payment terminals across the globe, like Mastercard.
• BLIK is taking advantage of Mastercard virtual debit cards, which are tokenized by Mastercard Digital Enablement Service (MDES), to offer its services.
• BLIK's services will enable its customers to access the most convenient point of sale payment experiences throughout the world, as per the Polish Payment Standard.
• BLIK is very popular in Poland, with 91 million transactions completed in 2018.

COMPANIES DRIVING THE TREND

• Poland’s BLIK Partners With Mastercard, Netflix And Uber For Payments.
• According to Reuters, “people who use Polish payment system BLIK will soon be able to pay for things like Netflix and Uber with it.”
• mBank of Poland also offers BLIK services at no additional fees, and can be used on any telephone with the mobile application installed.
• mBank also organized BLIKOMANIA in 2019, which gives prizes to consumers using the feature the most.

ONLINE AND MOBILE BANKING

DESCRIPTION

• The investment expenditure of banks on new technologies is expected to rise in 2019, due to the implementation of PSD 2, that is, a directive changing the landscape of payment services.
• The increase will also be seen due to the creation of the Polish API standard, that is, a unified interface for access to bank accounts for third parties.
•  Polish banks are also starting to monetize the electronic tools provided to their clients.
• All major Polish banks offer online services, from balance-cheque functions to cash transfers and deposits. These are available in the national currency, the Polish zloty (PLN) and foreign currencies.

WHY ONLINE AND MOBILE BANKING IS A TREND

• According to Business Insider Intelligence, 56% of credit unions surveyed saw an annual increase in mobile wallet adoption, while 53% saw an increase in transactions.
•   Over 7 million Polish account holders regularly used mobile banking applications in 2018, according to the Polish Banking Association.

COMPANIES DRIVING THE TREND

• PKO Bank Polski’s IKO mobile banking application was the “best on offer”, for the second time in a row, according to Britain’s Retail Banker International magazine’s global ranking.
•   Nine million people downloaded mobile applications, and are using locally developed services like Blik.

VOICE BANKING

DESCRIPTION

• The continued rise of voice assistants, like Alexa, is influencing another trend in voice banking.
• Voice interaction with digital touchpoints could generate about $3 billion in annual cost savings.
• With technology companies applying for banking licenses and banks becoming more technological, the market for retail banking is intensifying, and voice banking is a most likely solution to how consumers will interact with, and use financial products.
• Voice interaction will effectively convert human input into standardized data structures/process automation via APIs and RPA/IPA (robotic and intelligent process automation) to integrate customer requests with core banking systems without significant technology investments.

WHY VOICE BANKING IS A TREND

• Voice-interaction devices, like Alexa, had sales of over 100 million units in the first three years of their availability; 52% of all smart speaker owners use their devices daily.
•  Twenty to thirty per cent of all mobile phone searches are currently done by voice. This figure is expected to increase to over 50% by 2020.

A COMPANY DRIVING THE TREND

• PKO BP is working on a “Talk to IKO” service option, which will enable the application and other new services to be steered by voice, that is, voice banking.

CONVERSATIONAL BANKING/CHATBOTS

DESCRIPTION

• Chatbots, or Virtual Assistants, “simulate the activities of agents in the Call Center” and can duplicate the human way of learning questions and specific languages, which is used to operate on the known data functioning on all kinds of chat applications.
• The financial sector is using Chatbots for customer service automation, quickly replacing traditional channels such as toll-free lines or application forms.
• Customers also appreciate virtual assistants because they solve their problems instantly.
• Companies providing financial services are focused on supporting clients’ active money management through applications-based on communication technologies.
• “Forward-looking financial institutions” are investing in chatbots to deliver ‘contextual insights’ to the right person at the right time and through the preferred channels.
• Financial institutions have begun transitioning to ‘conversational banking’ and are viewing chatbots as “new age contact centre executives, minimizing TAT and costs”.

WHY CONVERSATIONSL BANKING/CHATBOTS IS A TREND

• According to eMarketer, 43% of consumers of a survey prefer to address any issues they have with their banking provider via chatbots, more than visiting a branch (35%) or finding the answer on a website (35%).
•  About 90% of bank-related interactions will be automated by 2022.
• Banks are likely to save an estimated $0.60 on average per chatbot interaction, and address more customer questions.

A COMPANY DRIVING THE TREND

• Aviva Investors’ Chatbot: Virtual Assistant, Aviva24, is available through the website and acts as an investment advisor.
• The Polish-speaking Chatbot is a part of the help centre, responsible for the chat channel, which supports the voice helpline and application forms.
• The chatbot has a built-in database of pre-ready answers, which it constantly uses to resolve 30-60% of the most common customer inquiries.

RESEARCH STRATEGY

KEY FINDINGS

• The number of Google Pay users in Poland is 300,000.
• The number of Google Pay payments by volume is 401,379 per year.
• The number of Google Pay payments by value is EUR 92,000,000.
• The number of merchants accepting Google Pay in Poland is 400,000.

ADDITIONAL FINDINGS

• In 2018, the average value of transaction per user in the Mobile POS Payments segment was $254.3 or EUR 229.21. 
• The total annual card payment in Poland is EUR 4,600,000,000.

RESEARCH STRATEGY:

HELPFUL FINDINGS

• Apple only recently launched Apple Pay in Poland and saw a massive adoption of the product by users in the country.
• According to The Mac Observer, Google Pay had about 300,000 users in 2018 after its launch in 2016, and it took Google Pay about four months to reach 25,000 users in Poland. However, it took Apple Pay ten days to reach about 200,000 users.
• With 64% of people living in Poland using smartphones, Android has a market share of about 95% while iOS has a share of about 2.32%.
• There are 253 million Apple Pay users globally.
• There have been more than 10 billion Apple Pay transactions in 2019.
• Apple Pay has a 70% share of the global card payment volume.
• In 2017, it was estimated that about 87 million people used the Apple Pay app worldwide.

RESEARCH STRATEGY

HOW COMMON DIGITAL BANKING IS IN POLAND

• According to STX Next, digital banking in Poland is thriving, with many new apps and trends being released in the market regularly.
• The popularity of online and mobile banking in Poland continues to grow and is causing bank networks to shrink rapidly.
• Banks are increasingly investing in new digital banking technologies and all major banks in Poland offer online services, from cash transfers and deposits to balance-cheque functions. Nearly all banks in Poland have also launched digital transformation programs, incubators, and accelerators.
• People in Poland love digital banking with a MasterCard study revealing that over 91% of Poles who responded "make online payments at least once a month." This figure is higher than the European average for those who make online payments which is 85%.
• According to the Polish Bank Association, around 15.5 million Poles use online banking services at least once a month, with mobile phone technology banking widely spread as well.
• The European Banking Federation states that at the end of 2017, 35.5 million Poles had access to online banking services.
• According to Statista, in 2018, 44% of all Poles used the internet for online banking, with usage being higher, at 57%, among people who had used the internet within the last three months.
• About 60% of smartphone owners in Poland have used mobile banking, the third-highest figure in Europe.
• A Deloitte’s CEE Fintech report valued Poland's Fintech market at nearly €860 million, putting the country in the lead in that part of Europe. The country's Fintech market primarily serves electronic payment methods and financial platforms.
• Also, research conducted by Deloitte concluded that Poland is among the leading countries in digital banking, with Polish banks mBank, ING, and Bank Millennium named as digital leaders.
• Approximately 100 companies are innovating in the Polish FinTech, and the areas they work in include electronic payments, loans, credits, financial platforms, and transactions. The major domains operated by Polish FinTech companies are financial platforms and electronic payments.

HOW PEOPLE ACCESS DIGITAL BANKING

• People in Poland access digital banking using digital banking apps. An example is the IKO mobile app which was created by PKO Bank Polski to enable its customers to conveniently manage their accounts and make bank transactions, including cardless payments, using their phones.
•  Mobile banking applications are regularly being used by Poles to transfers money, check account balances, open an account, apply for a loan, and contact bank staff via audio or video call.
• According to Central European Financial Observer, over a third of Polish bank customers or 38% access online banking services using a smartphone. The number of Polish bank customers with a mobile banking application and who use it at least once a month is 6.27 million.
• Polish banks such as mBank have allowed their customers to access digital banking money transfers via Facebook and mobile phones since five years ago, an innovation that is only currently gaining popularity among other large European banks. mBank customers also get loan approvals in 30 seconds via their iPhones.
• Poles also access digital banking via website visits. For example, mBank has an average web traffic score of 73, with its main website, mBank.pl, getting more than 60% of traffic from direct visitors.

RESEARCH STRATEGY

FINANCIAL INDUSTRY/SECTOR

• According to Braincode digital agency, the financial platform industry (financial services industry) is one of the industries with the highest uptake of digital business banking services in Poland.
• The financial services' industry represents about 25% of business organizations using Fintech services in Poland.
• The Fintech revolution across the world is democratizing payment solutions, advancing digital banking services, and shaking "up the world of payments and investments."
• Poland represents the largest FinTech market existing in Central and Eastern Europe.
• The Polish Fintech market is valued at €856 million.
• It is the 12th most competitive and significant Financial Centre in Central and Eastern Europe and is rated 45th in the world.
• Fintechs are known to offer "digital-only" banking services.

CROWDFUNDING & P2P LENDING INDUSTRY/SECTOR

• The crowdfunding & P2P lending industry/sector is one of the industries with the highest uptake of digital business banking services in Poland.
• About 13% of businesses using Fintech services in Poland are from the financial service's industry.

DIGITAL & MOBILE PAYMENTS INDUSTRY/SECTOR

• The digital & mobile payment industry/sector is one of the industries with the highest uptake of digital business banking services in Poland.
•  About 13% of businesses using Fintech services in Poland are from the digital & mobile payments' industry/sector.

BIG DATA ANALYTICS & MACHINE LEARNING INDUSTRY/SECTOR

• The big data analytics & machine learning industry/sector is one of the industries with the highest uptake of digital business banking services in Poland.
• About 13% of businesses in Poland using Fintech services are from the big data analytics & machine learning industry.

PERSONAL FINANCIAL MANAGEMENT INDUSTRY/SECTOR

• The personal financial management industry/sector is one of the industries with the highest uptake of digital business banking services in Poland.
• About 6% of businesses in Poland using Fintech services are from the financial management industry.

CRYPTOCURRENCY INDUSTRY/SECTOR

• The cryptocurrency industry/sector is one of the industries with the highest uptake of digital business banking services in Poland.
• About 6% of businesses in Poland using Fintech services are from the cryptocurrency industry.

RESEARCH STRATEGY

ING

•   https://www.ing.pl/  
• ING has been called a digital banking leader in Poland, and their headquarters are located in Katowice. 
• ING has a 2019 market penetration of over 40% of the largest Polish businesses.
• ING boasts of having one of the best internet banking systems in Poland.
• ING is an established financial brand in Poland that provides a full range of products including arranging bonds, asset based lending, custody, and advisory services.
• ING also offers client-focused, single point of contact tailored services.
• ING has a network of product specialists and industry experts.

MBANK

•   https://www.mbank.pl/ 
• mBank has been named a digital banking leader in Poland, and their headquarters are located in Warsaw.
• mBank has a 2019 market share penetration of 10.5-7.1% for deposits and loans to all Polish businesses.
• mBank was the first fully internet-based bank in Poland.
• mBank offers a wide range of services to meet the needs of their business clients in Poland.
• mBank also offers specialized digital banking services for their business clients like mElements and mAcclerator.
• mBank was a laureate of the Financing Bank of the Year award this year of the Polish Private Equity and Venture Capital Association for their achievements on the Polish private equity/venture capital market.

PKO BANK POLSKI

•  www.pkobp.pl 
• PKO Bank Polski was recognized in 2019 as having created the best digital mobile banking app for the second year in a row, and their headquarters are located in Warsaw, Poland.
• PKO Bank Polski had a 2018 market share penetration of 15.2%-12.1% for deposits and loans for all Polish businesses.
• PKO Bank Polski is an undisputed leader in mobile banking with a 25% market share in Poland.
• PKO Bank Polski offers a wide variety of services to meet the needs of their business clients in Poland.
• PKO Bank Polski also offers specialized digital banking services for their business clients like E-Lawyer and E-Accountant.
• PKO Bank Polski was awarded The Heart Corporation Innovations award in 2018 for best digital transformation team.

RESEARCH STRATEGY

ENGLISH AS A FIRST OR SECOND LANGUAGE IN SWEDEN OR POLAND

• From statistics of people who speak Swedish and English in Sweden, it was reported that Swedish is the first and primary language with 92.72% of people speaking it.
• While, English has a 53.97% usage in Sweden.
• From statistics of people who speak Polish and English in Poland, it was reported that Polish is the primary language with 95.15% of people speaking it.
• While English has only a 19.85% usage in Poland.
• The population of Sweden is 10,061,733 million as of Friday, August 16, 2019. This statistic is based on the latest United Nations estimates.
• The population of Poland is 38,018,544 million as of Friday, August 16, 2019. These statistics is based on the latest United Nations estimates.

ENGLISH USED FOR BUSINESSES PURPOSES IN POLAND AND SWEDEN

• The use of spoken English is on the rise, especially with the younger generation in Poland.
• The country is a “strong, dynamic economy and a gateway to emerging markets of Eastern Europe,” and there are over “300 flights a week between the UK and Poland.”
• The CEE region which Poland is a member country “has widespread use of English as the business language.”
• The Swedish business culture can be different when compared to other countries, but the use of English is still prevalent in Swedish businesses. However, it is always advisable to learn as much Swedish when interacting with people within the country.
• Business meetings can still be held with the use English language due to the exemplary implementation of English in most of the country’s educational levels.

ENGLISH IN POLISH AND SWEDISH MEDIA

• According to a survey, a first stage analysis of ten Swedish magazines examined had 430 advertisements, out of which only 73 contain English to some extent. This is only 17% of the total ads. From the 73 ads, nine messages were entirely written in English, and 64 other advertisements had the mixed-use of both English and Swedish.
• The ratio of English and Swedish in shows have stated that English has a relatively low frequency, and it is mostly employed in combination with Swedish.
• Furthermore, campaigns written exclusively in English are quite rare, as stated in the survey.
• In a study in Poland that analyzed 346 ads in twelve different Polish magazines, it found that 88% of the magazines had at least one English word, with a mean of 8.5 words per advertisement.
• Another study that analyzed 13 magazines and 235 product ads found that in 79% of the product ads, English was used alongside Polish.
• The survey have shown that English is highly utilized for advertisements in the Polish Media.

RESEARCH STRATEGY

CALCULATIONS