How One of Our Banking Clients Is Adapting to Technological Disruption

Opinno was recently involved in a project that materialised in the creation of a card and bank account, at one of the leading savings banks and credit unions in Spain.

Our client is a customer-centric organisation, continually looking to understand its customers and increase the quality of products offered. It is a traditional banking institution with a reputation for professionalism, reliability, and transparency.

In the last decade, the financial system has faced a massive technological disruption.  Banks have to implement a digitisation agenda to remain relevant at all times while meeting and exceeding customer expectations. AI and blockchain will play a significant role in the evolution of banking but modernising the core functions of the bank system that covers credits, loans and deposits are the most important steps banks need to take right now. A recent study shows that three billion global users will have access to retail banking services through smartphones, tablets, PCs and smartwatches by 2021.

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Bringing to the market an account and debit card with zero commission only when used online was a strategic decision to move the bank closer to younger customers that enjoy the accessibility of online banking, mobile payment systems and the easiness to use mobile apps. Additionally, what differentiates this account and associated card from other similar products is the personalised customer service, 24 hours a day.

With the launch of the new banking package, our client sends the signal that it is working towards becoming a modern, digitised financial institution that will accommodate the needs of the generations that have grown up in an era of interconnectedness where efficiency and rapidity have become the norm.

The main benefits of the account and card are:

• Customers can set up direct deposit and debit arrangements;
• The debit card is customisable and allows customers to make up to four monthly debit withdrawals free of charge at ATMs other than those belonging to the group;
• Free access to mobile banking from a mobile, tablet, computer.

The future of banking will continue to be highly impacted by digitisation. Investing in a digital