Our personal finances worry us and take up much of our time. Facing the payment of housing with the greatest solvency, managing to save, cutting expenses, having an investment that shows us a promising future or, simply, not seeing how our purchasing power is reduced over time are issues that affect us all. all. To face each of these scenarios we will have to have an entity that walks by our side. How should your bank respond to the main needs of the Spanish population?
Banking entities such as EVO Banco, Bankinter's 100% digital bank, adjust to the social reality and vital needs of their clients by offering innovative solutions in areas such as savings, mortgages and investment.
Many people have seen how their mortgage payment has skyrocketed with the rise in interest rates while others find it impossible to access a loan to purchase a home or start a business. “The mortgage rally in recent years was a huge setback for many families who wanted to buy a house or who had bought it in a completely different economic context,” says Juan Rosas, executive director of Business and Customer Laboratory at EVO Banco, the Bankinter's 100% digital bank.
“Many times, banking has been presented as that type of company that gives you an umbrella when it is sunny and takes it away when it is raining. At EVO we have granted more mortgages than our share by size at the sector level, and we have done so by making our conditions and rates as flexible as possible to reach many more citizens,” explains Rosas. In fact, the entity has responded to this social reality with “a shock plan to place our mortgages in the top 3 in the market in price, we maintained the policy of zero commissions, and we did not fall into the temptation of demanding connection conditions that were not “They add value,” adds the expert.
In this sense, the bank insists on the importance of adopting a very prudent risk policy. “Our delinquency rate is one of the lowest in the sector and that is a guarantee of financial strength for all our clients,” says Rosas. “At EVO we believe in fair prices and long-term relationships, and possibly that is the key that allowed us to double the business and far exceed the 3,000 million euro investment,” he reflects.
Inflation, with the consequent increase in prices, forces us to reduce expenses, something that should lead to our commitment to digital banking. “Operating with a digital bank should in itself be a savings opportunity, since as entities that do not carry the costs that banks with large networks of offices or staff have to bear, we can offer a better price for top quality products. That's why we were able to launch a paid account at 2.85% without any type of requirement, with the money always available, and with the same profitability as a good deposit," says Rosas.
In addition, entities provide other strategies to their clients with the aim of reinforcing savings, even generating direct credits when purchases are made. “This year we have promoted a smart cashback with 200 multinational brand stores that return part of their purchases to the customer. This system is being very successful because it returns money to clients without them having to do anything at all, since our app is capable of identifying the trade in real time,” explains the executive director of Business and Customer Laboratory at EVO Banco.
There are people especially worried about their financial future. Will I have enough money when I retire? Should I invest as soon as possible? Will I find a product based on my needs? Managing uncertainty is not easy either. However, for experts, the first step is to set objectives, always starting from a prior analysis. “Uncertainty is a lack of information, and one of the most important starting points for drawing an investment strategy is our ability to upload an intelligent analysis of financial health into the app,” says Rosas.
For the EVO Banco specialist, being clear about the state of personal finances “is key to understanding what has happened to our money, what our way of managing it is and what the future forecast is. This is essential to become aware of our habits and organize what savings or investment effort we must make to reach our objectives.” And once you have an accurate diagnosis, it is easier to find the ideal type of investment.
“At EVO we have very convenient investment products, but I would highlight indexed management as one of the most effective formulas both for savers who want to make the leap to investors, and for investors who are looking for very high diversification without complications,” says Rosas about An easy strategy for long-term investing. “Less than a year ago we launched the most competitive offer of the Spanish banks in index funds and ETFs, which are products that are pulverizing the results of other more conventional investments,” he adds.
70% of the Spanish population uses digital banking, a figure that is above the European average (60%), according to the latest data provided by Funcas and the consulting firm KPMG. And this percentage can also meet all your financial needs using only your smartphone. “EVO's goal is to be the premier bank for anyone who wants excellent financial service and doesn't want to waste time in an office. Our way of working is to provide a 100% digital response to all the financial needs that a person has throughout their life,” says Rosas.
“Our goal is to do the same as others, but in a simpler and friendlier way. And once that objective has been achieved, we want to go one step further with innovations that provide comfort and security to customers,” explains Rosas. The entity has measures created expressly to combat a very sophisticated form of crime. For example, “our immediate transfers are approved by voice, which is an infinitely more secure system than codes or touch or facial fingerprints,” Rosas reveals.
The entity sees its great challenges as “achieving a digital experience that is as impeccable and simple as possible, with good quality of service, with products adapted to people's real needs and with very competitive prices. This vision was what placed EVO as the Most Innovative Bank in Europe in 2022 by The World Finance publication and it is what we are working on for the coming years,” concludes the executive director of the bank's Business and Customer Laboratory.
