Digital channels now used by 80% of Banca March Private Banking and Business Banking customers
23 May 2023 Category: Digitization
- Business banking customers are among the top adopters out of all the bank's specialist areas, with 93% of customers using digital channels for their daily banking transactions.
- In Private Banking, 75% of customers were using digital channels by March 2023.
- The strong digital user figures across all 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.
- Banca March has digitalised its private banking model with Avantio, the most comprehensive investment platform on the market. The platform's many functions include an online broker service (Broker Avantio), allowing customers to make their own autonomous investment decisions supported by the expert advice of 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%.
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 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.
Leaders in advisory technology
Banca March was the first bank to digitalise its Private Banking model for the next generation of customers, who want high-tech investment management services offering greater autonomy. To meet these new customer needs, the bank launched Avantio, the most comprehensive investment platform on the market, last year. The platform's many functions include an online broker service (Broker Avantio), allowing customers to make autonomous investment decisions, always supported by the expert advice of 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 Broker Avantio platform offers a real-time service for the Spanish and US markets (NASDAQ and NYSE) which is free to use until 31 December 2023. Additional advantages include the 0.4% bonus payable on securities transferred from another financial institution up to a maximum of €1,800, commission-free securities transactions up to €1,200 in 2023 and a bonus of 5 bps in the highest bracket with a minimum of €1 per security.
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