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Traditional banks have an eye on the mobile-only model

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Welcome to the mindset of a growing demographic of today’s banking customers. All are committed device users – not power users or early adopters – just people that manage their lives using phones and tablets. Many are young such as millennials, but not all. Most have modest incomes and are determined to live debt-free and unconstrained by financial commitments.

As a customer segment, this group holds little traditional revenue potential for a bank. Instead of writing it off, however, Spain’s CaixaBank has embraced it wholeheartedly, launching an entirely new mobile-only proposition: imaginBank.

I caught up with Jordi Guaus, CaixaBank’s Head of Digital Marketing and Chairman of Mobey Forum, to understand the thinking behind imaginBank, which launched earlier this year.

“Customer behavior is changing,” Guaus said. “We knew this segment was growing and that if we didn’t offer a banking service that would address these changes, then another bank would. We also know that once a customer switches banks, it is very difficult to win them back. Many of the customers in this group are young and in the early stages of their careers, so instead of focusing on immediate revenues, we are taking a longer term view. At least some of today’s imaginBank customers are going to need more sophisticated services in the future, at which point CaixaBank will be there to help.”

For more on this story visit the following link: Traditional banks have an eye on the mobile-only model

Source: Mobile Payments Today

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