The Spanish group enters a new market through checking accounts and debit cards
The BBVA announced this Thursday its entry into the Italian retail market with a digital bank of new creation that for the moment will only offer basically checking accounts and cards, but not credits, deposits or other financial products. The group already had a presence in the country Since more than 30 years in the wholesale banking business (business financing), so it has not had to request a bank card to start offering its services to individuals.
The first executives of the entity of Basque origin had been affirming for some time that they had the intention of landing in new markets, but not through purchases from other banks as has traditionally been done (in fact, BBVA tried in 2005 to take control of the National Labor Bank (BNL), in which he participated since 1998, but the opposition of the Bank of Italy prevented him). The bet, thus, now passes to make the landings through their own digital banks, with which the one in Italy is a first step in that strategy.
This has been endorsed by its CEO, Onur Genç, in a press conference that he has offered in Milan, in which he has not ruled out extending this model to new markets in a while. BBVA has considered that Italy is a good starting point given the growth potential of digital banking in the country. “It is a large market, which is immersed in a profound digital transformation. Online commerce, the use of mobile banking and card payments have grown in double digits in recent years, which offers great opportunities for growth & rdquor; , has affirmed the number two of the group in a note.
What commercial hook launch, the entity has offered its future clients the possibility of obtaining up to 180 euros. Thus, the first month will return 10% of all purchases made, with a maximum of 50 euros; the following 12 months 1%, with a maximum of 30 euros; and they will also receive 20 euros for each person they invite and open an account, with a maximum of 100 euros. The invited friend who becomes a customer will also receive 10 euros.
The BBVA proposal, which has created a team of more than 100 people in Italy to launch the project, it is for the moment the most basic of financial services. Thus, it offers an account with a debit card (which will not have the account number or CVV printed, as it has been doing in Spain for some time) without expenses or commissions. The transfers up to 1,000 euros will be free if they are instantaneous or up to 6,000 euros if they are ordinary, while the cash withdrawals at ATMs it will have no cost throughout the euro zone from 100 euros. In addition, the bank offers split payments up to 1,500 euros and anticipate up to the same amount of the payroll with a maximum cost of five euros.