From Tradition to Transformation: How Česká spořitelna Is Redefining Banking

European Business: Mr. Bouc, Česká spořitelna has a long history – how has the bank evolved over time, particularly after the economic transformation in the Czech Republic? 

František Bouc: Following the economic transformation in the 1990s and Erste Group’s entry, we evolved from a retail bank into a modern universal bank, strengthening retail and corporate banking and becoming a key partner for individuals, businesses and public institutions. Our footprint is traceable in many areas.

European Business: How has your business model developed over time?

František Bouc: Today, we operate as a universal bank serving retail, corporate and public-sector clients. Our approach goes beyond traditional banking, focusing on financial health, personalized advisory and long-term value creation for both individuals and businesses. We aspire to be more than a bank, we work toward becoming a trustworthy financial advisor who guides customers to long-term prosperity.

European Business: What does ‘more than a bank’ mean in practice?

František Bouc: We put financial health at the center of our strategy. This means helping customers build reserves, prepare for retirement and invest wisely. We move away from standard segmentation and focus on truly personalized advice for every individual client. 

European Business: What role do companies play in your strategy?

František Bouc: We have grown to become the largest provider of business loans. But we do not stop there. With the business environment quickly changing, we have to adapt our advisory and support to companies. We support the second economic transformation of the Czech Republic. Companies need to become more productive and efficient, so more value creation stays in the country. Through programs like Trafo 2.0, we analyze business models, identify inefficiencies and support targeted improvements. Seed Starter enables early-stage financing for companies without a sufficient track record.

European Business: How do you go beyond traditional banking in terms of social impact and new customer engagement?

František Bouc: Česká spořitelna has been ecouraging community development from its early days. It comes as no surprise that we currently invest in affordable rental housing through a dedicated company inspired by the Vienna model, focusing on key public-sector professions. We also run the largest foundation in the Czech Republic which recently introduced. Skoala – a state-of-the-art platform that provides teachers with tools to teach financial literacy and cyber security. We are also exploring new touchpoints, from innovative payment solutions like OLED cards to first steps in gaming environments.

European Business: How is Česká spořitelna positioned today, and what defines your attractiveness as an employer?

František Bouc: We serve around 4.5 million clients with 9,500 employees, 329 branches and 1,500 ATMs. Around 2.7 million customers actively use George, our digital banking platform. While our retail business focuses on the Czech Republic, we serve corporate clients across Europe. We are not a global bank, but a strong regional player within Erste Group across seven markets in Central and Eastern Europe. We offer development opportunities and new challenges, and have been ranked the most attractive bank employer for young people in the Czech Republic for five consecutive years. Initiatives like our Future Mindset Board - consisting of six young people who „shaddow“ regular board of directors - reflect this culture.

European Business: Why is the Czech banking sector so stable? 

František Bouc: Česká spořitelna and most of the other banks in the Czech Reoublic are trusted partners, not low-cost providers. We have created strong capital buffers. Also, we put strong emphasis on risk management, and so does the Czech National Bank which regularly carries out strict stress tests. Another factor is that the Czech Republic does not use the euro euro and so its monetary policy is independent. Despite COVID, the war in Ukraine and ongoing uncertainty, our banking sector remains very stable.

European Business: What are the key drivers of the Czech economy today – and how are innovation and AI shaping your approach?

František Bouc: Domestic demand is a key driver, while the economy remains closely linked to Germany and supported by the stability of the Czech crown. It is more than clear that the ability to adopt innovations will be crucial for further grrowth. Česká spořitelna is pioneering various technology solutions and supports innovations. For example, we use new branches as innovation labs, where customers can interact with a mix of AI-powered tools, self-service options and personal advisory, supported by avatars and 24/7 access.The concept extends beyond traditional banking with additional services such as remote health consultations, and we have not seen a comparable model in Europe. We aim to be pioneers, using AI to deliver highly personalized solutions within strict security and regulatory frameworks. George Business is a key platform for corporate clients.

European Business: What are your strategic goals until 2030 and what motivates you personally?

František Bouc: Our ultimate goal is to become a “love brand.” Our strategy focuses on technology leadership, a new service model for corporates, innovative investment and pension solutions and a membership model that rewards financially healthy behavior. Our ambition is to be “superhuman and super digital.” I have been with the bank since 2013 and still enjoy coming to work. The diversity of projects – from Bank Identity to affordable housing – makes the role both meaningful and exciting, you never fall into a boring routine.