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Report BFA - Bankia 2014 / Bankia’s activitiesRetail customers

  •  Lending
    €87,034 M
  •  Deposits
    €78,804 M
  •  Investment funds 
    €10,543 M
  •  Pension plans
    €5,863 M

The retail banking business consists of retail banking for private individuals, independent contractors and SMEs with annual sales of up to six million euros, which are all served by an extensive multichannel network in Spain based on a model that is focused on customer satisfaction and profitable management.

Retail banking is a strategic business for Bankia and unsurprisingly it is one of the leading financial institutions in this segment in Spain with market shares of 10.8% for consumer lending, 9.5% for household deposits, 5% for investment funds and 6.8% for pension plans.

The bank is also one of the market leaders for traditional banking products such as automatic payroll receipts, mortgages, term deposits, credit cards and POS terminals for retailers.

Total customers

Customer segmentation

Retail banking focuses on retail activities, based on a universal banking model. Its objective is to build and retain customer relationships, providing them with value through the products and services offered, as well as advice and quality service. The bank’s strategy involves targeting the most appropriate products and services for each of segment, in order to:

  • Attract and develop customers.
  • Increase the number of product lines.
  • Strengthen customer loyalty.
  • Adapt Bankia’s image to reflect a more evolved and up-to-date situation.

Bankia strives to offer each customer a service that meets their specific needs. It therefore provides a specialised service for each profile - private banking, personal banking, preferential management, SMEs and micro-enterprises, and private individuals.

Private banking

For high-wealth customers that require personal financial and tax advice.

Personal banking

This service is offered across the whole of the retail banking network for customers with financial assets greater than €75,000 or a net annual income greater than €45,000, as well as those with high earnings potential. Personal service is provided by specialist and highly qualified managers (personal managers), who exclusively serve and advise customers in this segment.

Preferential Management

This service is provided to customers with financial assets greater than €30,000 but less than €75,000, or net income of between €30,000 and €45,000, distributed across various portfolios, who are provided with a personal and specialist service.

In 2015, the bank’s challenge is to consolidate the strong growth recorded last year and to maintain the momentum of its business.

SMEs, retailers and independent contractors

Retail banking also serves small and medium companies with annual sales of less than six million euros. Branches with a large number of these types of customers have specialist sales people that can provide these customers with advice and specific products, as well as covering the business needs of independent contractors. The most important products for the business segment are those related to cash management, business insurance and ICO loans.

Branches that do not have a dedicated business manager still provide these customers with a regular manager who specialises in their needs, who is usually the manager of the branch.

Numerous initiatives were launched in 2014 to boost commercial relations with SMEs, retailers and independent contractors and SME Plan (Plan Pymes) was launched at the start of the year. A total of 250 specialist managers were appointed and assigned to the most appropriate branches across the whole of Spain, with a business model for this segment focused on personal relationships and professional advice. In mid-2014, the Independent Contractors’ Plan (Plan de Autónomos) was launched, supplementing the model for customers with business activities.

In addition to launching both plans, the complete range of products and services was also reviewed and updated and adapted to customers’ needs.

One of the main priorities for branches in 2014 was to attract local companies -mostly retailers- as customers, which has significantly increased the number of new customers in this segment and increased sales of the main business products (such as new POS terminals) four times. By the end of the year, Bankia was attracting 200 companies of this type every day; the number of POS terminals grew by 24% during the year; and business cards grew by 14%.

Initiatives such as these serve a dual purpose – firstly to position Bankia as a leading bank in the business customer segment, and secondly, to increase the volume of business lending. In 2015, the bank’s challenge is to consolidate the strong growth recorded last year and to maintain the momentum in this part of the business.

Retail customers

A comprehensive range of products and services are available to retail customers at Bankia, which includes demand and term deposits, mortgage loans, consumer credit, short and long-term financing, guarantees and debit and credit cards, among others. Other bank products and services are also provided, especially those that build on the relationship with the customer and sales of other products, such as standing orders and direct debit bill payments, third-party products such as investment funds and pension plans, as well as insurance and savings policies.

This segmentation enables Bankia to assign specialist managers to specific customers, who are responsible for their complete relationship with the bank. Under this structure, anyone that requires specialist service or advice, or a personalised service is assigned a specialist manager, whether from private banking, personal banking or SMEs and micro-enterprises, which generates higher levels of customer satisfaction and leads to new sources of business.

Bankia’s “No fees” program

Bankia has designed a business model based on the level of affiliation with each of its customers, whether they are portfolio-assigned customers or not, in order to increase customer margins, retention and loyalty. This model, called the “No Fees” Program, is designed to improve penetration of the bank’s priority products and forms the basic strategy for relations with customers that are individuals, independent contractors and SMEs.

The program is open to all customers, but specifically adapted to different segments to make it accessible (specific conditions apply, such as those for the agricultural and livestock segment). The program is customer-specific not account-specific, so that customers that are eligible for the program are exempt from fees across all their accounts and basic debit cards, as well as fees for paying-in cheques and Euro transfers (up to €3,000) made via certain channels.

Retail banking focuses on retail activities based on a universal banking model, but with a specialised service depending on the segment in question - children, young people or the elderly, among others. It provides customised products and services, such as My First Account (Mi Primera Cuenta) and the Young Person’s Account (Cuenta Joven), Young Person’s Card (Tarjeta Joven), the Young People’s Portal and Discount Club or Bankia Senior.

The “agile branch” concept is a pioneering initiative in Spain and offers a high quality and quick solution for transaction-intensive customers.

Furthermore, the use of CRM models enables customers to be profiled in order to offer them products and services that are closely matched to their needs, providing them with greater value.

In 2014, Bankia also prioritised consumer finance, lending more than €800 million, 28% more than in 2013. At the end of the year, 1.5 million customers were offered pre-approved loans that take less than one minute to formalise via any of the banks channels. This is supplemented by a permanent offer of personalised financing, available for when the customer needs it the most, such as major purchases, loan maturities, etc. In addition, the FinanExpress service for micro-financing was extended, from offering financing for card transactions via SMS to financing bills and taxes and to other channels, exceeding 110,000 transactions with a combined value of more than €51 million.

Distribution network

Bankia’s distribution network consists of a network of widely distributed branches with a high degree of penetration (1,945 retail banking branches), a complementary agency network (including the Mapfre network) that represents an additional competitive advantage, and a multi-channel distribution network (with channels such as self-service devices, the internet, mobile banking and telephone banking).

The Retail Banking Directorate is structured into 10 regional head offices, subdivided into 105 area offices, each of which manages around 20 branches. The new regional head offices are structured into four departments - Management Control, Sales Department, Agency Network and Recoveries.

To strengthen its competitive position based on its customer relationships, Bankia has segmented the branch network into full-service branches, business branches, private banking centres and agile branches (for transactional business), which are always supported by a series of nearby advisory branches. This differentiation strengthens the bank’s image and optimises its spaces to meet the needs of different types of customers.

Agile branches

Bankia launched the Agile Branch concept –a pioneering initiative in the Spanish financial system– as a new type of branch that offers a high quality and quick solution to transaction-intensive customers (cash withdrawals, bill payments, paying-in funds, transfers, etc.) in order to free up time at nearby sales branches, which now specialise more in advisory work and sales.

These new branches have longer opening hours, from 8:15 am to 6:00 pm, with a high number of ATMs and quick service cashiers. At the end of the year, Bankia had a total of 120 agile branches in Spain (20 opened in 2013 and 100 in 2014), which serve those areas with the highest numbers of transaction-intensive customers.

Complementary channels and the agency network

Bankia also has an agency network, which focuses on attracting new customers, both retail and businesses, as well as selling products and services from the bank’s catalogue. This network consists of 5,363 agents and 446 Mapfre bank distribution branches as well as a proprietary network of 15 financial agents and 98 collaborators that distribute Bankia’s products and bring in new customers. In total, they manage 286,000 customers and €7,900 million worth of business.

Bankia also has other complementary channels, such as its network of self-service devices, with 5,593 machines in Spain (4,805 ATMs in branches and 788 non-branch ATMs), which are available 24-hours a day for withdrawing cash, movement enquiries, transfers, bill payments, purchasing entertainment tickets and recharging mobile telephones, among other operations.