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Sabadell launches a free digital account to try to exceed 200,000 new annual customers | Economy

César González-Bueno, CEO of Banco Sabadell, during a press conference of the entity.
César González-Bueno, CEO of Banco Sabadell, during a press conference of the entity.

Banco Sabadell is trying to boost its customer acquisition. The entity had stagnated in the entry of 200,000 new customers per year in gross terms, as explained on Thursday by César González-Bueno, CEO of the entity, in a meeting with journalists in Barcelona. In other words, this figure does not discount the outflows produced by those who were already in the portfolio, a fact that the bank prefers not to provide. Hence the commitment to a new digital account, without commissions and with access to all Sabadell services, to promote the arrival of users and overcome this barrier.

“We believe that the rise [de nuevos clientes] it can be significant”, highlighted González-Bueno, who did not want to give the set objective. The target audience might be thought to be primarily younger, although the bank considers the age range to be much broader. This is explained because the opening of accounts through digital media at the sector level already accounts for around 20%-25% of the total. “We could think that it was aimed at a very young profile, but it is not,” he added.

In this way, Sabadell tries to take advantage of this entry route through the market on-line. “We did not notice a drop, but we did notice that the growth capacity was lower due to not having this digital access”, González-Bueno acknowledged. In other words, the bank maintained stable customer acquisition but saw how more than 20% of potential users left because it did not have this channel available.

The new digital account already available will not have commissions. And it is traded within the Sabadell brand and not through another banner as other banks do. In addition, it will give access to all the products offered by the entity for the rest of the clients. For example, they will be able to use the offices just like other users. Yes, they will have to pay for certain products with the same conditions as the rest. In other words, the account is free, although if you want to make use of the investment in funds or other products with a cost, you will have to pay the corresponding commission.

For this launch, the Sabadell management team has carried out an extensive study with almost 1,500 financial clients (of the entity and others). “It has been a long process and we have seen that it is highly valued that they can access the offices, although there are many people who never go. But when there is an incident and it is needed, it is something they have available”, González-Bueno underlined as one of the conclusions of the analysis.

Another of the points that have come out of the study has been the preference of customers for the account to be under the umbrella of the Sabadell brand and not, for example, under its ActivoBank banner. This remains active, although at the moment the entry of new clients has been paralyzed to promote the main brand.

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In addition, with this new access route, another of the problems that could arise was a difference in conditions between digital and physical customers. However, the CEO and Jorge Rodríguez Maroto, director of private business, have assured that the existing commission payment has been thoroughly reviewed so that there is no discrimination. “It has been reviewed very thoroughly and all our good or vulnerable clients already have zero or very low conditions,” González-Bueno insisted. These clients referred to are mainly those with Sabadell as their main bank.

This new account will only be enabled for new customers. Among other reasons, it will give access to the same portfolio of products that other users already have with the bank. That is to say, there will be no addition beyond the registration and the usual operation being done through the digital channel.

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