Banca March’s digital Private Banking and Wealth Management customers grew by 15% in 2021
10 February 2022 Category: Results
The rest of the specialized areas of the entity have also registered a notable increase in online operations during the past year, in particular, the Business Banking division.
- In the Private Banking and Wealth Management area, 70% of customers use remote banking channels on a regular basis to perform the majority of their transactions. In the Business Banking area, this rate stands at over 90%.
- Banking transactions through the Banca March website and app continued to intensify throughout 2021 and half of all digital customers now operate exclusively via the app.
- The strong digital user figures across all specialist areas of Banca March 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.
The number of digital customers in Banca March's Private Banking and Wealth Management area was up by 15% at year-end 2021, with seven out of ten customers making regular use of remote banking channels to perform the majority of their transactions. The bank's other specialist areas also reported a significant increase in online transactions over the course of last year, especially the Business Banking division, which has a digital user rate of over 90%.
These strong figures are a clear reflection of the ambitious digital transformation process underway at Banca March, which is being directly overseen by Vice Chairman Rita Rodríguez Arrojo, to position itself as a leader in advisory technologies and continue to build a responsive, multi-channel business model underpinned by exclusive, unparalleled products.
Operations through the Banca March website and app continued to intensify throughout 2021. Following the upturn in usage triggered by Covid-19 in 2020, the bank's digital banking and app use have enjoyed continued momentum this year. Currently, half of Banca March's digital customers operate exclusively using the app.
Providing responsive, omnichannel advisory services
Banca March is rolling out a digital transformation process as part of its #WeAreTransformation Plan, which is intended to improve the experience of customers and managers alike through responsive, omnichannel advisory services and generate enhanced operating efficiency thanks to continuous improvements to the bank's technology systems to deliver a fully satisfactory online experience for its customers.
Banca March continues to incorporate new functions at an intense pace to enhance excellence levels in the quality of advisory services and all other services provided by the bank to its customers.
Recent improvements include the use of voice biometrics to approve transactions and the launch of a new tax simulation tool. The use of voice biometrics is a pioneering service in Spain which speeds up transactions and enhances authentication security, as customers register and use their voice from their own trusted device only. The tax simulator offered by Banca March is one of the most comprehensive such tools in the financial sector, allowing the bank's customers to optimise their investment decisions from a tax perspective.
Further recent improvements also include online reporting – detailed, easily accessible reporting on the real time performance of savings and investments –, simpler remote product arrangement, the use of cloud-based management tools, encryption using blockchain technology and commercial management and business solutions on social media.
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