Spanish financial services provider CaixaBank, owned by La Caixa, has announced the launch of a "mobile-only" bank providing banking services exclusively through apps and social networks. The new bank, to be called ImaginBank, is touted as the first of its kind in Spain and is targeted squarely at the country's so-called "digital natives", with the company aiming to attract half a million users by the end of 2017, according to CaixaBank CEO Gonzalo Gortazar. "The service is aimed at young people of all ages; anyone to whom a new, simple and innovative service model might appeal," said Gortazar, adding that ImaginBank covers all the financial services demanded by the young target market without charging maintenance fees.
Services provided include current accounts, debit cards, consumer loans, personal finance management tools and the latest functionality in mobile and P2P payments. Pre-approved customers can also set up a one-click lending facility, offering up to EUR 15,000 to finance personal projects with no arrangement fee. The service is based on the imaginBank mobile app available from Google Play and the App Store, which allows users to browse and sign up for the full range of services and products, check their bank balance, query transactions and view their overall account activity. The app also supports fingerprint identification for devices with fingerprint sensors.
ImaginBank customers can also use CaixaBank ATMs to manage their finances and make transactions using a personalised interface. In addition, an application has been developed that allows users to interact with their bank without having to leave the Facebook environment, all within a fully secure environment.
CaixaBank said it currently serves 2.9 million customers aged between 18 and 35, nearly one in three Spaniards in the age range.
