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Update on what’s going on in the fintech and banking world

Digitization has occupied the last headlines of the banking sector: investment in ATMs, two banks that add wallets, another that wants to invest billions in its digital transformation … In addition, gifts to attract customers continue to have a privileged place in the shop windows of several banks. The financial product comparator HelpMyCash tells us the latest developments in the sector.

Banks

The British bank Revolut has reached 200,000 clients in Spain, a figure that has achieved a year and a half after arriving in our country. Likewise, the entity affirms that “it has noticed a strong increase of users who already use Revolut as their main bank account”. Currently, fintech grows in Spain at a rate of 700 new users per day. Globally, Revolut has four million customers.

ING customers can now pay for their purchases with Apple Pay. The entity incorporated this functionality on April 2 and fulfilled, thus, one of the main demands of its users, who had been waiting for this service for months.

On the other hand, BBVA has done the same with Samsung Pay and its customers can now link their cards with the wallet of the South Korean multinational. In this way, BBVA users already have the possibility to pay with the three main wallets available in Spain: Samsung Pay, Apple Pay and Google Pay (it also has its own virtual wallet).

Following with BBVA, the entity would be considering acquiring the whole of the British Atom Bank, a fintech bank which currently controls 39%. If it did, it would have to face a cost of about 700 million euros.

Banco Sabadell will invest 45 million euros in renovating and expanding its ATM park. Specifically, the entity intends to install 105 new terminals and replace 595 existing ones. In addition, it will add new functionalities to 1,045 machines. Among the technological innovations that tellers will have after the renewal plan, contactless technology would be.

Finally, Banco Santander will allocate more than 20,000 million euros to the digital and technological transformation of the entity during the following four years, as announced in the past Investors Day in London. The objective, according to the bank, is “to improve and personalize the customer experience and, with it, increase their trust and connection, in addition to reducing costs”.

Accounts

April has arrived loaded with gifts. ImaginBank has renewed its catalog and continues to give to customers who deposit their income in the entity with a credit of 40 or 100 euros or a Samsung TV 32 inches. To get 40 euros just enter 250 euros per month for three months in the current account without commissions and make purchases with the associated card, as well as a stay of two years, while to choose the other two gifts is necessary to domicile a payroll of at least 600 euros and three quarterly receipts, as well as using the card for two years and remain customers for two more years. The offer is valid until April 30.

Openbank, for its part, gives a year of subscription to Amazon Prime to the 1,500 first new customers who open an Open Current Account before April 26 and maintain a balance of at least 300 euros until next May 6. It will be necessary to enter the promotional code AMPR in the registration process. The account has no commissions and does not require any type of relationship or permanence beyond the above.

Credits

Deutsche Bank has lowered its DB Fixed Rate Trust Loan, whose interest has dropped from 9.99% TIN (12.46% APR) to 8.99% TIN (10.55% APR). As of the second year, the interest rate can go down one percentage point to 7.99%. Likewise, the maximum amount that can be requested has increased from 60,000 to 75,000 euros (the minimum is 6,000 euros). The repayment term is between two and eight years.

The 1 | 2 | 3 loan of Santander has seen its TAE reduced from 8.20% to 7.83%. It has an interest rate of 6.95% and allows you to request up to 90,000 amortizable euros in a maximum of eight years.

Caja de Ingenieros has modified the conditions of its Loan Studies. Specifically, the entity has increased from 6,000 to 10,000 euros the maximum amount that can be requested with an interest rate of 0% (to enjoy this price it is necessary to pay an opening fee of 50 euros and adjust the term to 10 months) . For higher amounts or longer terms, the opening commission is higher and interest must be paid.

Cajasur has increased the minimum amount requested with its Car Loan from 1,500 to 10,000 euros (5% TIN) and Globalcaja, meanwhile, has reduced from 75,000 to 24,000 euros the maximum amount of its loan for the acquisition of a new vehicle (type of interest of 7.5%).

Mortgages

Banco Sabadell relaunches its Bonded Mortgage with an interest of 1.90% the first year and Euribor plus 0.90% the following. Likewise, the 30-year interest on your Bonded Fixed Mortgage goes down from 2.50% to 1.90%. In both cases, the entity does not charge an opening fee, although it does require domiciliary payroll and pension and to take out home insurance, another life insurance and one of payment protection; the last two of the single premium financed. In case of not fulfilling these requirements, the interest goes up one percentage point and an opening commission of 1% with a minimum of 750 euros is applied.

BBVA also reduces interest on its Fixed Mortgage. Thus, the low rate of 1.95% to 1.85% at 15 years, from 2.15% to 2.05% at 20 years, from 2.35% to 2.20% at 25 years and from 2 years, 55% to 2.40% at 30 years.

Published inFintech

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