BBVA launches new offer in Germany
The Spanish Bank BBVA It is no longer possible to extend its ambitions to become a major player in European financial services. After ItalyIt has just announced that it is launching a new digital offer in a new market, not least Germany.
FACTS
- BBVA has just launched a new 100% digital bank offering in Germany, based on a 3% paid current account at no cost associated with a German IBAN and a 3 % cashback debit card.
- This card provides access to cash from 70,000 vending machines and withdrawal points (supermarkets, shops and some gas stations) in Germany.
- Other services, such as instant SEPA transfers, automatic debits and a Pay&Plan service (which allows customers to split their purchases by debit card up to 90 days after payment, in three to twelve monthly instalments) will also be offered.
ISSUES
- Building on technology : BBVA promotes an efficient, convenient and reliable mobile banking application capable of serving its customers on a daily basis. The first European economy also relies on a population that BBVA considers to be frantic about digital technology. Finally, BBVA points out that digital channels are fundamental today for the bank. Currently, 66% of its new customers reach it via digital channels. The banking group has over 59.3 million mobile customers and 79% of its sales are made on digital channels.
- Valorizing its status : BBVA defends this digital promise in order to position itself against alternative players but nevertheless emphasizes its status as a historical bank and reference of its original market. It also promotes the reliability of its services and the trust that its future customers can give it.
- Continue expansion BBVA is now looking to Germany, after Italy, to continue its European expansion. In Italy, the bank launched By 2021, it now has more than 700,000 customers and plans to reach a million customers by the end of 2026.
PERSPECTIVE
- The German financial market remains coveted and since the beginning of the year, various players in the bank or payments have presented initiatives to strengthen their position in this territory. Besides BBVA, it is also Tink and Adyen who chosen to become a partner at the beginning of the year, to introduce the instant transfer payment ("Pay by Bank") in Germany.
- In March, it is a French bank, Credit Mutuel Federal Alliance, which announced the signing of an agreement to acquire the German bank Oldenburgische Landesbank (OLB), via the TARGOBANK subsidiary of the mutual bank. And more recently, in May, PayPal's online payment giant insured the deployment of its new service called
- This competition also contrasts neo-banks. Most recently, it was N26 and Revolit that marked their ambition locally, choosing to diversify via an alternative offer of mobile telephony.
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