Friday, September 29, 2023

Revolut enters the payroll war by offering cash

And new contender about to join the war to get the payrolls which maintains the Spanish banks today. revolution the British neobank, ending a “aggressive plan” to attract salary accounts through economic incentives, within the “very new short-term strategy” that the entity has in mind and where it intends to become the main bank of its clients. It was confirmed by Ignacio Zunzunegui, head of growth for Southern Europe at Revolut, to La Información and that it will revolve around gift money.

The entity, which was born as a financial application, has surpassed the barrier of two million customers in Spain (doubling its customer base in just one year), also managing to increase local transactions. “To get an idea, we took 6 years to exceed one million customers and at the beginning of the year, although we do not have targets, we can confirm that the evolution is very positive,” said Zunzunegui, who -insist that now “we want Revolut to be the account principal of all Spaniards”.

the new Revolut campaign so follow the path marked by leading banks in Spain who chose this type of prize as a basic claim to attract new customers and get them to deposit regular income and finally increase their loyalty. The offer from the 400 euros provided by Banco Santander for payrolls above 2,500 euros and the domiciliation of two receipts, an amount cut by 300 for income of more than 600 euros, up to 150-200 euros rewarded by entities such as BBVA or Banco Sabadell.

In this sense, Zunzunegui insists that Revolut has become a excellent alternative to traditional banking, even in the face of the current digital banking “which is not as agile when it comes to launching new products as we could”, insists the person in charge of Southern Europe, who appreciates positively that the “application begins to set. trends” among other entity objects. In addition, by not having the infrastructure of the big banks, but with the same regulatory requirements, “the price is better.”

Spanish IBAN first, mortgages later

In addition, the the bank celebrated since it launched the Location of Revolut Bank in Spain. It has added one more big milestone and that is that they started offering since the beginning of August Spanish IBAN for new customers and transfer existing customers to a national IBAN later this month. Eduardo Pérez Toribio, credit officer and head of the Revolut Bank UAB branch in Spain, explained that “the registration of the Revolut Bank UAB branch makes us a full bank in the country, which allows us to offer a national IBAN account number” .

This situation make it easier For example, the daily management. Likewise, it also opens doors to offer other services that clients demand such as Bizum, the receipt of various subsidies or the payment of taxes through the bank. In the second stage, having a Spanish IBAN will allow, as expected by Pérez Toribio, the sale of more sophisticated products. “Customers want mortgages and we’re working on the product, but this is a complex product, which we want to launch in two, three years.”

And the product portfolio does not stop growing within the section financing and savings. A few months ago, the application launched personal loans, specifically, in December last year, said Pérez Toribio. Now “in August we released on credit card, with a grace period of 60 days with a nominal rate of 17% and that the APR reaches 18.37% and also has a cashback of 1% for the first three months and 0.20% forever”.

Another product is their ‘Flexible Account’ which offers 3.7% profit, which is paid daily and which allows us to attract a more senior customer profile, with a greater storage capacity. In addition, it has the advantage of no salary limit. To achieve this, the entity based on monetary funds (the value of the investment is likely to go up or down) “products with very low volatility, with positions in Bills and bonds,” recalls Zunzunegui, admitting that they have “moderately low” risk, even yet the environment of the increase in interest will only increase.

Nation World News Desk
Nation World News Desk
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