Banca March reimburses up to €1,200 in fees for new online broker customers
28 June 2023 Category: Products
- Banca March's welcome package for its investment platform Avantio includes a Broker Bonus which entitles new customers trading through the platform this year to a fee rebate of up to €1,200. The initiative is part of Banca March's strategy to deliver an optimal digital experience for investors seeking greater autonomy in their investment activity.
- The bank also offers bonuses to new customers who transfer their investment portfolios to Banca March: 0.4% up to a maximum of €1,800 on securities portfolios, 1% up to a maximum of €2,000 for investment funds, and for pension plan transfers, 2% for over €5,000, 3% for over €15,000 and 4% for over €50,000.
- Banca March has digitalised its private banking model with Avantio, the most comprehensive investment platform on the market. The platform's broad range of functions include an online broker service (Broker Avantio), which posted a 40% increase in revenues in 2022.
- Eight out of ten customers in Banca March's various specialist business units (Private Banking, Business Banking, Wealth Management and Large Companies) make regular use of digital banking channels to perform the majority of their transactions. This significant adoption rate is a clear reflection of the ambitious digital transformation process underway at Banca March.
Banca March, which launched the online investment platform Avantio last year to deliver a more comprehensive digital experience for customers seeking greater autonomy in their investment decisions, is offering new customers the best Broker Bonus welcome package in the market, with a fee rebate of up to €1,200. There are also portfolio transfer bonuses for new customers who decide to give Avantio a try. The offer is part of the bank's strategy to position itself as a leader in advisory technology and to continue to roll out a responsive, omnichannel business model underpinned by exclusive, unrivalled products.
To invite new investors to give Broker Avantio a try, securities portfolio transfers attract a compelling bonus of 0.4% up to a maximum of €1,800 and investors are afforded access to real time data on the global equity and exchange-traded fund (ETF) markets. The Broker Avantio platform boasts a real time service for the Spanish and US markets (NASDAQ and NYSE) which is free of charge until 31 December 2023. Custodian fee rebates are yet another advantage for investors using the platform.
For investment fund transfers, the bonus payable stands at 1% up to a maximum of €2,000, with access to all the funds offered by the top global asset management firms. As for pension plans, a bonus is payable of 2% on transfers of over €5,000, 3% on over €15,000 and 4% on plans with a balance of over €50,000.
Customers who sign up to Avantio will also enjoy access to a broad range of online deposits available through the platform. Prime examples are Depósito Plus V and Depósito Flexible Avantio 12 meses, both of which require a minimum initial deposit of €10,000. The first offers fixed annual interest of 2.50%, one of the best rates on the market, and a maturity period of 12 months. Depósito Flexible Avantio 12 meses pays a nominal annual interest rate at maturity of 2.60% and allows for early redemption at any time.
Banca March is the first bank in the market to digitalise its private banking model. In 2022, the bank launched Avantio, the most comprehensive investment platform on the market, designed for modern customers who want greater autonomy in managing their investments. The platform's broad range of functions include an online broker service (Broker Avantio), allowing customers to make autonomous investment decisions, always supported by expert advice from Banca March.
In 2022, revenues generated through Broker Avantio activity were up 40%. In March 2023, the year-on-year increase in these revenues amounted 20%.
The use of digital channels
Across all of Banca March's specialist areas (Private Banking, Business Banking, Wealth Management and Large Companies), 80% of customers use digital channels on a regular basis. In other words, eight out of every ten customers in these banking areas use remote banking channels on a regular basis to perform the majority of their transactions. Digital channel adoption is particularly strong in the Business Banking division, with 93% of customers using digital channels. In Private Banking, 75% of customers were using digital channels by March 2023, up 3% year on year.
The strong digital user figures across all of Banca March's specialist areas are a clear reflection of the ambitious digital transformation process underway at the bank to position itself as a leader in advisory technology and continue to build a responsive, multi-channel business model underpinned by exclusive, unparalleled products.