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Imagin accelerates its offensive for the young customer and launches Bizum for teenagers

Date: July 18, 2024 Time: 04:45:23

Imagin focuses on the young customer and directs its battle to attract customers to teenagers. CaixaBank’s digital bank has incorporated Bizum into its application for minors -imaginTeens- so that they can send and receive money through this application. In a document to which The Information has had access, the company explains that it has adapted and has operational limits for the age of this group, establishing a minimum import of 150 euros per day and a maximum of 450 euros per month.

However, it limits age, since although the application is aimed at people between 12 and 17 years old, this service will be available from 14 years old. The offer complements the availability they offer for this audience with a free account without commissions and a card, in addition to access to savings banks. Those in charge of controlling these movements and establishing the spending limit are the parents or legal representatives through CaixaBankNow.

Once they reach the age of majority, they become considered Imagin clients, which already has a total of 4.2 million, a figure that includes those who have an account at CaixaBank. Since its relaunch four years ago, the rebound has been more than 60%, going from the 2.6 million recorded in 2020 to 3.7 million in 2021 and 4 million in 2022. In net, that is, those that operate only with imagine, They amounted to 3.3 million last year. Looking ahead to 2024, they expect it to increase to 3.5 million.

Its objective is to reinforce its strategy in order to become the digital entity with the largest number of users, being the first initiative that it launches in 2024. In a 2023 marked by an intense war between neobanks to accelerate its growth in clients, Imagin opted for Increase your offer of financial products that will help you increase loyalty. In addition to the cash payment hook for direct debiting the payroll, it organized this promotion for the possibility of collaborating with a coral conservation project located off the coast of Almuñécar (Granada).

At the moment, it has included the hook of the ‘friend plan’ with 50 euros for each conversion. According to CaixaBank’s latest annual financial report, more than half of the adults who operate with imagine have direct deposited their salary or benefits. This has contributed to positioning itself as the twelfth Spanish entity with the highest share of payrolls, up to 1.4% at the end of 2023, according to data from the consulting firm Inmark. The rebound was especially significant in 2022, when it went from 0.2% to 1.1%. It thus leads among competing banks with a digital vocation, since in the case of Openbank it reaches 1.3% and in EVO Banco it reaches 0.7%.

Regarding mortgages, it has also added to the cheaper loans, with a reduction of two tenths in its fixed rate mortgage, up to 3.1% last March. Its roadmap launched in the year of the pandemic, which led to a name change, since it was previously called ImaginBank, with which it became a digital services and lifestyle platform, is bearing fruit, registering more customers than Revolut, which is heading towards three million or N26, which in Spain totals more than one million.

The penetration of the neobank market reaches 58% in the population between 18 and 34 years old. In this regard, the aforementioned document highlights the greater loyalty also supported by the expansion of its range of financial products such as, for example, the digital broker service that allows the purchase and sale of shares of listed companies based in the United States or in Europe. As for investment funds, the catalog gives access to some 1,000 products and 140 managers worldwide categorized by sectoral themes.

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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