Digital channels now used by 73% of Banca March Private Banking and Wealth Management customers
07 April 2022 Category: Digitization
These strong figures are a result of the ambitious digital transformation process underway at Banca March.
- The number of digital Private Banking and Wealth Management customers rose 8.6% yoy.
- In the first quarter of the year, the adoption rate of remote banking channels in the Corporate Banking division exceeded 93%.
- 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 adoption rate of Banca March's digital channels by Private Banking and Wealth Management customers stood at 73% in March 2022, up 8.6% versus the same time last year. In other words, seven out of every ten customers in these banking areas use remote banking channels on a regular basis to perform the majority of their transactions. The bank's other specialist areas also reported a significant increase in remote transactions over the course of last year, especially the Corporate Banking division, which has a user rate of over 93%.
These strong figures are a result of the ambitious digital transformation process underway at Banca March, which is being directly overseen by Deputy Chair of Banca March, Rita Rodríguez Arrojo. Thanks to an intense digital transformation plan, which foresees total investments of nearly €220 million between 2018 and 2022, Banca March has become a leader in advisory technology, with the development of tools for customers and relationship managers that provide a state-of-the-art omnichannel advisory experience.
Leaders in technology
During 2021, as part of the digital transformation plan, Banca March incorporated new functions at an intense pace to ensure it offers its customers and managers complete satisfaction with the digital experience. These include:
- Voice biometrics. Banca March was the first Spanish bank to offer its customers a voice biometrics service to authorise their transfers. To develop this new solution, the bank worked with technology by Nuance Communications, a leading provider of Artificial Intelligence, Security and Biometrics solutions with over 650 million users worldwide. Adopting this procedure, which is available for any type of transfer that the customer makes, will allow the bank to enhance authentication security for digital banking transactions, as customers will register and use their voice from their own trusted device only.
- The new online reporting service. Banca March customers have access to the most comprehensive online reporting service on the market, exclusively available to few institutions. This new online reporting service gives Banca March customers access to detailed, easily accessible information on the real time performance of savings and investments, 24/7. This information covers returns, yields, performance, composition, movements and management fees.
- The new tax simulator. In 2021, Banca March offered its customers one of the most comprehensive tax simulators in the financial sector. This is the first tool in the sector which includes a customer's entire investment portfolio and financial positions held with other financial institutions can also be entered, allowing for a comprehensive overview of each customer's overall financial situation. The application, which was developed in conjunction with Analistas Financieros Internacionales (Afi) and Inversis, allows Banca March customers to calculate the annual tax liability generated through security sales and returns on all investment positions. It is also possible to include data pertaining to property transactions and other assets eligible for inclusion in the savings tax base.
- Mortgage process. Banca March integrated digital submission into its mortgage process, a pioneering initiative which will cut registration times by 50% and remove the need for hard copies. Fully digital submission of mortgage deeds to the Registry will reduce effective registration periods by between 25 and 28 days, to just half of the time required for the usual physical procedure. It will also eliminate the cost of issuing basic and certified copies, allowing significant savings in paper as well as notary and registry costs, which amount to around 120 euros per transaction.