Spanish banking giant, CaixaBank, has launched Spain’s first mobile only bank aimed at targeting millennials. The new service, imaginBank will provide banking services exclusively through mobile apps and social networks, offering a complete range of commission free products and services.

These include current accounts, credit cards, consumer loans, personal finance management tools and mobile and P2P payments. The move shifts from CaixaBank’s traditional multichannel means of banking.

CaixaBank CEO, Gonzalo Gortazar, asserted that the scheme will be aimed at younger customers saying "It shows our commitment to providing new services that perfectly complement the more traditional banking model, thus helping CaixaBank to secure greater loyalty among a large swathe of existing young customers, as well as to drive new customer acquisition".

He continued, "What we have created is a simple service offering; one that charges customers no maintenance fees but is comprehensive enough to cover all of the financial services demanded by the young target market. We have combined this with advanced technological capabilities and a genuinely digital experience to shape a highly competitive model and a set of benefits that is completely unique in the market".

imaginBank will operate mainly on the application, however customers will be able to use CaixaBank’s own network of ATMs to make transactions using a personal interface. Other than those channels, the bank will also operate on social media networks allowing customers on Facebook to check their bank balances in a secure environment.

CaixaBank currently services 2.9 million customers aged between 18 and 35, with a market share in this segment of 30%, meaning one in three individuals in Spain in this age range are CaixaBank customers.

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By GlobalData