New generation of digital banking services

The growth in the use of electronic banking in Spain in the last decade has been spectacular, to the point that the percentage of digital banking users is above the European average.

Thomas Osborne
Thomas Osborne
24 May 2022 Tuesday 12:54
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New generation of digital banking services

The growth in the use of electronic banking in Spain in the last decade has been spectacular, to the point that the percentage of digital banking users is above the European average. In 2020, data published by statista.com indicated that 62% of Spaniards already used electronic banking services, while the European average was two tenths lower, at 60%. The increase has been exponential, going -according to data from the same portal- from a 26% percentage of users in 2010 to more than 60% today, just in a decade.

This rapid development of neobanking follows Banco Sabadell's firm commitment to continue advancing in a digitization process that adds benefits to all its customers, providing agility, ease of contracting and use of digital methods. But redoubling efforts so that this process does not leave aside the human treatment, solvency, efficiency and capacity for personalized attention that Banco Sabadell considers an essential part of its brand. The entity expands its digital offer and does so by adding two new products to its services: a new digital account designed for private customers, which it has named Online Sabadell, and a new POS that completes the utilities of the traditional ones, designed to help self-employed and SMEs to streamline their procedures, facilitating their day to day.

The new Online Sabadell was born to respond to a growing online need detected by the entity. In 2021, 30% of new Banco Sabadell customer registrations were digital, which prompted the entity to invest efforts in responding to a need that is clearly growing and is expected to continue to grow. It is estimated that by the end of 2023 the digital account will be able to capture 200,000 new customers and that, just one year later, the new registrations processed through this channel will already exceed the traditional ones.

This account, intended solely for new customers for personal use and for a single holder - a second holder could be linked but in a procedure to be carried out at the branch -, involves the implementation of a direct online banking model to which it adds the possibility of count, if necessary, with the best specialists of the entity.

Its image is that of a 100% online account, modern, that adapts to new consumption habits, that is configurable, intuitive and evolutionary, and that allows a relationship between client and entity that is 100% digital and adapted to the needs of the client. . The account, moreover, is advertised with 0 conditions and 0 commissions and under the motto "It has everything" without the obligation to manage a payroll through it, domicile receipts or contract other related products.

Online Sabadell provides cards free of charge, as well as access to all the usual services of the entity and its entire network of managers in a range of services that want to be its hallmark and mark the differential fact with respect to online management accounts offered by the rest of the banking sector. All with the aim that its clients have an autonomous and easy management account for daily transactions, with the added bonus of having the entity's entire network of expert advisers available in the more than 1,000 physical offices spread throughout the country. . Its associated debit cards also allow you to withdraw cash on debit at the Banco Sabadell ATM network in Spain, as well as without additional charge for amounts equal to or less than 60 euros at any of the ATMs of the main entities attached to the EURO 6000 network. .

Expansion completely free of charge. In this way, and through the digital account app, the customer can establish personalized savings routines of amounts that, month by month, will be accumulated in this associated savings account. In this way, the user uses his digital account for daily transactions in the most agile way through the app – which he can download on his mobile and use approximately one hour after having processed the registration, after submitting his data to a process validation-.

If the Online Sabadell account is the entity's great asset in attracting digital customers, the new Smart POS are so in the services sector. Banco Sabadell offers its businesses a state-of-the-art POS terminal with multiple functionalities that represents a great technological leap thanks to its Android operating system, which allows applications to be installed directly on the terminal (in the same way as with mobile phones) . The new POS can be connected by Wi-Fi or directly by 4G, it is much faster than any other terminal and it incorporates a new payment module that allows the digital receipt to be sent in a sustainable way, either by whatsapp, by email or by generating a QR code to scan.

Among the advantages of these new payment terminals are the applications directly hosted in the Sabadell Store as well as the preloaded options from origin. Among others, it has the possibility of being able to make charitable donations to NGOs through purchase round-ups, as well as applications for the restaurant sector that serve as commanders to place orders directly through the terminal, include advertising messages on tickets, carry out surveys of satisfaction to the buyers or dividing the bill among several diners, among other functionalities. Each merchant can personalize their terminal, downloading the preloaded applications that they are going to use, thus adapting the terminal to their needs. All transactions are executed with great ease and speed, achieving a differential experience for the merchant and for the buyer.

The Smart POS integrates a unique and innovative payment module that, together with its large color screen, facilitates easy and intuitive navigation. It supports new forms of payment such as Alipay (just by scanning a QR code) and allows operations to be searched at the terminal or merchant level, facilitating returns by simply reading the QR code on the sales receipt.

It also allows operations with DCC (currency payment) in a much more visual way, integrates a tip management application, a calculator and even has a personalized notification to a third party (panic button) that can be activated if necessary. . Another great novelty is that the Tax Free functionality can be activated directly through the terminal, allowing the merchant to automatically manage the VAT refund to customers who are not residents of the European Union.