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WSBI-ESBG member CaixaBank creates imaginBank, Spain’s first mobile-only bank

Provides complete range of commission-free products and services 

Builds on CaixaBank's leadership role in tech innovation, reaching young adults market

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BRUSSELS, 14 January 2016 – WSBI-ESBG Spanish member CaixaBank launched today imaginBank, Spain's first mobile-only bank providing banking services exclusively through mobile apps and social networks.  

Led by ESBG President and CaixaBank Chairman Isidro Fainé and CEO Gonzalo Gortázar, CaixaBank has created a new fully digital service model that leverages the latest technology and high penetration rates for smartphones and social networks, especially among young adults.  

imaginBank adopts an entirely new and innovative model, one that harnesses the potential offered by cutting-edge digital technology and high rates of smartphone ownership, particularly among Millenials.  

The model differs starkly from the traditional multi-channel approach adopted by banks. imaginBank provides all of its services via mobile applications and social networks, creating a unique proposition. The mobile app is available to download for free from Google Play (for Android users) and from the App Store (for iOS users). The only way to register as a customer and access with imaginBank is via the application.

 

 

 

Core product: current account

The core product is the imaginBank current account, which is completely commission free and users are able to close their accounts at any time. There are advanced services to allow customers to manage personal finances and make transfers and P2P payments.

imaginBank represents another leap forward in CaixaBank's innovation strategy, which has seen it win international recognition as one of the world's leading banks in terms of harnessing new technology in financial services.

CaixaBank is considered the world's best mobile banking operator, according to the "2015 Global Mobile Banking Functionality Benchmark" report from Forrester Research, which examines the mobile applications provided by 41 major retail banks all over the world. CaixaBank is the leading mobile banking operator in Spain in terms of number of customers, with 2.7 million active users each month.

 

>> See more stories about imaginBank in: Financial Times (English) and Expansión (Spanish)

>> Find out about ESBG position Paper on digitisation

>> Read Mr Fainé interview that appears in latest News & views

>> See Mr Fainé's 2015 WSBI World Congress speech on digitalisation

 

Innovation; Digitalisation; Communication - institutional & commercial; Access to Finance; Payments innovation; E-commerce; Mobile Banking