The launch of imaginBank marks a major change for CaixaBank’s value proposition for millennials, enabling consumers to self-serve the management of their finances via their mobile.
The Spanish retail banking sector is undergoing a period of significant change. With consumer habits shifting and new entrants emerging, many banks in Spain are streamlining their processes.
When it comes to customer interaction, one of the key catalysts for change is mobile technology. This new trend is redefining the relationship between banks and their customers, and represents an opportunity rather than a threat for retail banks in Spain.
For example, CaixaBank has now launched a mobile-only proposition called imaginBank. This new, fully digital service leverages the latest technology available in banking and the high penetration rates of smartphones and social networks in order to target tech-savvy millennials.
According to the Verdict Financial 2015 Financial Services Consumer Insight Survey, social media usage is high in Spain, with 42% of consumers using social platforms to communicate with their bank compared to 35% globally. Delving deeper, this rises to over 76% among consumers aged 18-24. This strongly suggests there is latent demand for financial services to be delivered through smartphones and social networks.
Mobile banking provides scope for banks to add real value to their propositions and demonstrate that they understand the needs of the 21st century retail consumer. Given the high usage of social platforms in Spain, I expect more institutions will follow CaixaBank’s lead.
– This article is reproduced with kind permission from Verdict Financial. Some minor changes have been made to reflect BankNXT style considerations. Read more here.