Sabadell Bank wants to gain market share among individuals and has rethought its strategy in this business segment with the launch of a new checking account online with a remuneration of 2% up to 20,000 euros and without conditions or commissions for new users.
This was announced this Monday by the CEO of the entityCésar González Bueno, in the launch of the new proposal that aims to gain more digital clients and advance in the integration of the company’s traditional and online business. “It is an account with a vocation for permanence. It is not a promotion, but rather it has an indefinite period,” explained González Bueno and Jorge Rodríguez Marotodirector of Retail Banking, before the media.
The account has no commissions or conditions, does not require payroll, returns 3% for electricity and gas bills and credit and debit cards will have no cost. The product replaces the online account that Sabadell had already had active for just over a year, in which it pays 2.5% the first year up to a maximum of 30,000 euros and 200 euros for maintaining the payroll. This account disappears and its clients will be assimilated into the new one, without prejudice to any promotions they may have in force at this time. For their part, clients who have another type of account will have an “equivalent alternative that may or may not be the same depending on their individual characteristics.”
The first and main objective of the entity with this new strategy is to attract new clients so that they become global clients of the bank, hence it is a product accessible only to new users. “We have not set a fundraising objective,” the CEO said before the media when explaining the “radical changes” in the bank’s new strategy. Some changes that involve not focusing so much on the traditional customer, “but also addressing the digital customer. We hope that our share will increase but we do not have an objective in our head.”
Sabadell currently has a 7% business share in the Individual segment and a 10% share in holders. In Spain there are 36 million current accounts and 2.7 million deposit holders, “6.5%, which reached 13% at the peak in 2011,” defended César González-Bueno.