Starting today, Deutsche Bank in Spain will offer the digital account switch service, provided by FinReach in Berlin.
By deploying this platform, Deutsche Bank customers can move direct debits to another bank account in a matter of minutes.
Sascha Dewald, CEO of FinReach, stated: “The partnership with Deutsche Bank Spain shows the great international interest in our service offer. We are very pleased to work with another important Spanish bank through our SaaS solutions. This collaboration paves the way for further partnerships in other European countries.
“We are responding to the growing demand for digital banking IT services in European markets. Especially within customer segments with a high willingness to change bank that are tired of the elaborate, lengthy and very paper-heavy previous account switch processes. At present, around 2.5 million bank accounts are switched every year in Germany alone. In the Spanish market, this trend is even greater due to rapidly growing digitalisation and customer orientation.”
The account switch service provided by FinReach has already been deployed by more than 150 banks in Germany, including Deutsche Bank, Consors Bank, DKB and numerous savings banks and local cooperative banks.
In Spain, FinReach is the only provider of a digital account switch service.
Andreas Kramer, head of digital platform and agenda at Deutsche Bank, added: “For our Spanish customers, the new service adds value, as we can offer a digital account switch for the first time, making easier the retention of new customers to our bank. Extending our collaboration with FinReach is another building block in the digitisation of our product offering.”
Bank customers that have access to the platform can use the account switch service to move their direct debits, standing orders and incoming payments from one bank to another seamlessly and swiftly.
Once the process has been completed, a full summary of sent notifications will be electronically sent to the customer.