Sabadell takes another step in its strategy digital profile And To increase market share in the individual segment. And he does this by taking advantage of high interest rates, reigniting the battle for liabilities, i.e. customer savings. The Alicante-based organization presented this Monday what will be its new star product. Online account to pay 2% the first 20,000 euros of the balance unlike other similar products uncertain And without any terms or conditionssuch as direct debit of payroll or other requirements that such notebooks usually require.
An account “for everyone”, as the CEO of the business puts it, César González-BuenoThe person responsible for presenting the bank’s new strategy in this segment this Monday, accompanied by the Retail Banking manager, Jorge Rodríguezand Director of Marketing, Customers and Investment Savings, Manuel Tresanchez. In this way, Sabadell makes it clear that, compared to previous events, the industry’s determination to capture family savings will only increase. existing accountscompared to the option term deposits.
González-Bueno himself justified this decision in the presence of more than one incident. 36 million people have checking accounts against spain only 2.7 million term depositsIt is also a product of consideration”outdated“Therefore, he insisted, there are now other “alternatives” such as mutual funds for the portion of savings that customers can put aside over the long term.
The decision follows Sabadell’s success with the online account, which he opened more than a year ago and now offers an even higher fee (2.5%), albeit for a limited time. A strategy that already makes this possible 55% of new customer registrations are managed digitally and remote banking now accounts for 46% of card transactions and 75% of consumer credit sales.
With these precedents, the organization decided to launch a survey among more than 14,000 citizens to determine what the main customer demands would be at the moment. So new account will pay the first 20,000 Euros of the balance at 2% indefinitely, Instead of being a one-time offer unless market conditions change. There will be no commission or any affiliation obligations, the cards will be free and will refund 3% of receipts.
Although the figure is well below the 4.5% of the fiat price set by the ECB, which in other cases points the way to payment of customers’ obligations, the bank considers it an appropriate amount. Take into account the other features the new laptop offers. For now, we should not overlook this fact: No other major bank has begun offering higher returns on similar products. This gives them a certain competitive advantage – although there are smaller organizations that do this.
cross selling
As for how they will make the interest they pay profitable, the Sabadell CEO stated that the goal is to ensure that the new online account becomes a gateway for these new customers, who he believes will eventually recruit. New products and services for the business, As you gain your trust. The ultimate goal will be to become the bank of reference for these customers and increase the organization’s existing share in the retail segment it currently dominates. 7% of the turnover is in Spain and 10% of the number of customers.
Regarding the existing customers the business already has, Manuel Treserras states that existing online account holders They will maintain their current situation They will have those in the new online account, which will open this Friday, until and unless the promotional period they are contracted for ends. When it comes to branch customers, César Gónzález-Bueno assured that the majority already have or will have. Products with “equivalent” features.
Commitment to digital channels is one of the strategies that the bank’s new CEO initiated upon his arrival to strengthen the institution.