CaixaBank has taken a further step in its support for the elderly in light of the ongoing COVID-19 pandemic. CaixaBank, chaired by Jordi Gual and with Gonzalo Gortázar as CEO, has decided to bring forward state pension payments to 15 April, five days before the advance carried out last month and ten days before the date these payments are usually made. Thus, tomorrow, Spain's leading bank with 2.7 million customers over 65 years of age accounting for a 30% market share, will complete a total of 1.8 million directly-deposited pensions transactions amounting to around €2 billion into its customers’ accounts.
The bank was the first in the sector to launch specific protective measures for seniors, chiefly intended to avoid visits to branches that are not strictly necessary, in compliance with the authorities' recommendations. In March, CaixaBank brought forward the payment of pensions by five days (from the 25th to the 20th) and it has been proactively contacting customers to resolve any queries regarding the use of online banking and bank cards. Prioritised service has been established in branches for this demographic and, if preferred, these clients can also arrange an appointment with their branch adviser in order to reduce time away from home and avoid queues.
This advanced pension payment was warmly welcomed by customers last month as 55% of CaixaBank's pensioner clients avoided withdrawing cash at branches and ATMs in April.
In order to strengthen the protective measures for the elderly collective, CaixaBank has enabled prioritised service in branches for this sector. Furthermore, for customers over 75 years of age who did not regularly use ATMs and are not accustomed to this way of banking, the Caixafácil Menu has been enabled across the network of ATMs. This feature recognises the average amount usually withdrawn by the customer and offers them a visually distinctive feature to repeat this transaction.
Artificial intelligence to aid CaixaBank’s elderly customers
Given that the coronavirus lockdown and prevention measures will continue into the upcoming weeks, CaixaBank has added new initiatives intended to increase the use of the CaixaBankNow online channel and remote assistance.
This supplementary plan – launched on April 1 – has been designed using AI technology, which has enabled the bank to detect which services are most demanded by elderly customers at branches.
The new wide-ranging measures involve launching new online financial transactions tailored to elderly customers. In addition, CaixaBank will ensure that bills for basic services (electricity, water, gas, etc.) do not bounce for customers over 65 years of age, even when their bank account is overdrawn.
Other banking services that can only be carried out by visiting the adviser, such as proof of life checks or checks to verify understanding of a product or service, suitability of portfolios and advisory services, have been deferred by four months until the end of June, taking into account that it affects operations pending from the beginning of March. During this period, no balances will be withheld, and no transactions will be blocked for failing to meet these requirements.
Solidarity contact with customers over 75 who live alone
CaixaBank professionals are proactively contacting its customers over 75 who live alone or live together with other household members over that age. The aim is not only to inform them of the changes and resolve any queries regarding financial services, but also to give them support in these testing times and provide assurances of a prompt return to normality.
This solidarity initiative is being carried out at the same time as other social actions intended for the elderly living in nursing homes. The financial institution has launched the “Letters against loneliness” cyber-volunteer project, by means of which its employees send letters of support to those living in nursing homes and that are currently isolated and have no company.
