Available only via mobile app, imaginBank is a new initiative by Spanish bank Caixabank that targets millennials.
CaixaBank CEO Gonzalo Gortázar said the new mobile-only bank was part of a “commitment to provide new services that perfectly complement the more traditional banking model.” He added that imaginBank would “secure greater loyalty” among the 18-to-35-year-old bank customer, as well as boost new customer acquisition.
imaginBank provides customers with a complete array of financial services such as a commission-free current account, a Visa imaginBank debit card, and PFM tools, as well as up-to-date mobile and P2P payment technology. imaginBank also offers consumer financing of up to €15,000 with no arrangement fee.
CaixaBank serves 2.9 million customers in Spain aged 18 to 35. And one in every three Spanish millennials is a customer of their bank. Chairman Isidro Fainé of “la Caixa” Group underscored this point, saying that, with imaginBank, Caixabank has successfully leveraged both its “leadership in the world of innovation and mobility” and its “experience as a leading bank among the young client segment in Spain.”
“This has enabled us to incorporate in this project all the features that our young customers look for in financial services, such as digital banking, simplicity and service excellence,” Fainé explained.
The mobile app for imaginBank is available as a free download from Google Play (Android) or from the Apple App Store (iOS). imaginBank also has special services for smartwatch wearers, including ATM- and branch-finding functionality. imaginBank users can also use CaixaBank ATMs for transactions and to manage their accounts.
In addition to being mobile-only, imaginBank is social media friendly, as well. Users of the app can access their imaginBank accounts from within Facebook, checking account balances and viewing recent transactions securely. They can also use apps like Twitter and WhatsApp to access 24-hour customer service.
CaixaBank joined fellow Finovate alum PayPal on stage at FinovateEurope 2012 in London. The bank won 2011 and 2013 Banking Innovation Awards from the Bank Administration Institution, and was recognized as “World’s Best Retail Bank for Technology Innovation” by Euromoney magazine in 2013 and 2014. CaixaBank launched its mobile payments app, “CaixaBank Pay” last August, enabling contactless payments for NFC-enabled and Android devices.