The big banks have had no choice but to get their act together in the current post-pandemic scenario and have decided to change their business strategy and offer completely free accounts on their online channel, aimed almost without exception at new customers.
Given the advance of the so-called neobanks, traditional banking has been almost forced to extend to the general public a “zero cost” offer that was previously reserved for its best clients, those with the most contracted products, from the payroll account to the mortgage. , through insurance and investment funds.
The objective is to attract clients and link them, the more the better, so that the volume of business compensates for the very low level of income, heavily weighed down by years of zero and even negative interest, and the digital channel is the ideal one to cast the rod in the fishing grounds most desirable: young, with payroll and mortgage.
BBVA
In Spain, BBVA was the first entity to offer on its digital channel, only for new customers, which can be contracted without stepping foot in a branch, through the web or the mobile application and with which they have so far convinced 700,000 customers.
Without commissions and without conditions, explains the entity on its website, without waiting, without paperwork and in a fast and very innovative way and in keeping with the times, since to open the account the client only has to take a selfie.
Santander
Banco Santander, as the newspaper Expansión reported this week, has also wanted to make a move and has launched a completely free account, exclusively for new customers, which does not require a link or charge for maintenance or cards.
CaixaBank
CaixaBank, through imagin (the former imaginBank), also has a mobile account with no administration or maintenance fees for people over 18 years of age. The account includes a debit card with no issuance or maintenance fees and the possibility of making free transfers in euros within and outside of Spain.
The entity does not ask for direct deposit of payroll or receipts as a requirement to access these and other benefits, some of which are highly focused on younger customers, such as free access to digital content and services such as music, video games, trends, technology and sustainability.
Sabadell
The Activa Account, from Banco Sabadell, does not charge fees or commissions and allows free national transfers and also to the countries of the European Economic Area (EEA).
It also offers debit and credit cards and free withdrawals with no minimum amount at ATMs in the Sabadell network and at the main entities that are members of the EURO 6000 network.
bankinter
Bankinter, for its part, has a Salary Account, which is contracted online and does not charge any maintenance fees, in addition to offering free national transfers, a free credit card and free debit cash withdrawals at more than 14,000 ATMs.
As they have explained to Efe from the entity, it is a remunerated account, which pays up to 5% APR the first year and up to 2% APR the second, with a maximum limit of 5,000 euros.
Banking, in full transformation
At the same time that they are competing for customers, deposits and mortgages, Spanish banks are in the midst of another wave of mergers and acquisitions, which they justify with the argument of digitalisation, the crisis and low profitability.
However, unions, consumer associations and even some entities of the so-called ethical banking ensure that the continuous closure of branches, especially in small cities and rural areas, puts customers who are not used to operating at risk of financial exclusion. via Internet.
In this way, at least the main entities expect to close the year with some 4,000 fewer branches, which will join the approximately 23,000 that have disappeared since the start of the previous crisis, in 2008, according to a recent report by JP Morgan.
They also plan the departure of some 16,000 employees, including the 6,400 of the new CaixaBank after the absorption of Bankia; the 3,600 that leave Santander, the almost 3,000 that BBVA calculates, the 1,900 that Banco Sabadell announced last week and the approximately 1,000 that Unicaja could lose after absorbing Liberbank.