CaixaBank becomes the first Spanish bank to provide a digital investment consultancy service as part of its online banking platform

New initiative available to any customer of the bank

• “Smart Money” is a simple and quick solution that provides personalised recommendations to customers and allows them to manage their investments via the bank’s digital platform
• With a minimum investment of 1,000 euros, customers will have access to a range of markets and assets via managed portfolios at an annual cost of 6 euros.
• A co-creation process was run with customers harnessing design-thinking techniques, to shape a robust range of features and generate an outstanding user experience.

CaixaBank has launched the first digital investment consultancy service to be incorporated within its online banking platform, called Smart Money. The new service provides customers with tailored investment recommendations and allows them to oversee their investments via the bank’s online platform, with all the benefits that come with such digitalisation: a more efficient, flexible and faster service.

Smart Money gives customers access to a range of different markets and assets via managed portfolios, with a minimum investment of 1,000 euros and at an annual cost of 6 euros.

The initiative combines simple and attractive features with a powerful technological solution for CaixaBank discretionary investment management. In fact, it further extends the range of products made available by the bank in such services.

Customers are required to answer a few questions to allow the platform to evaluate their personal circumstances in a few easy steps. Users will instantly be sent recommendations appropriate for their objectives and risk tolerance. They will then have access to the bank’s portfolio of investment funds. This investment service is fully online and compliant with new MIFID II regulations. It is structured via new funds created specifically for the purposes of building Smart Money portfolios.

A simple and fast process, with outstanding user experience

During the design stage for the new service, CaixaBank conducted surveys and held focus groups with more than 200 users, in a process of co-creation based on design-thinking techniques, thus helping to shape the features of the platform and ensure an outstanding user experience.

The result is a simple, modern and highly usable service, which includes: 

• Customer questionnaire: a series of questions are asked to evaluate the customer's personal circumstances, objectives and risk tolerance.

•  Recommendation: All recommendations will be shaped by the customer's risk tolerance and with a view to providing the portfolio most suitable to their profile. Two lower risk options will also be offered. Customers will be able to view the list of products comprising each available portfolio, as well as anticipated future scenarios. 

• Arrangement: The customer simply selects a portfolio and contractual formalities will be completed. 

• Monitoring: Once a portfolio has been arranged, the customer can monitor how it performs via the home banking platform. 

Leadership in investment funds and portfolio management

CaixaBank, presided over by Jordi Gual and CEO Gonzalo Gortázar, is the current Spanish market leader in investment funds. Its investment firm manages a total of 44,896 million euros in assets and controls a market share of 16.71% as per 28 February, according to data from Inverco.

In 2017 CaixaBank secured 108.6% growth in discretionary investment management, a segment in which it is also the market leader with €15 billion in assets under management. This investment format allows for faster reaction times in the event of market fluctuations, greater diversification of positions and optimal cost transparency, as well as other benefits. 

Smart Money is also Now

This new service is part of the bank’s Now concept, providing innovative CaixaBank products and services that customers can arrange immediately via digital channels.

The bank launched this initiative as a means of grouping all digital services under a single concept. Now services are designed to allow customers to easily and instantly oversee their personal finances. 

CaixaBank, leader in innovation

CaixaBank is considered a pioneering innovator in financial services worldwide, thanks to its outstanding position in mobile banking and online banking.

In 2017, The Banker, part of the Financial Times Group, picked the launch of the imaginBank chatbot as the year’s best technology project. Likewise, Global Finance magazine named CaixaBank as the Best Digital Bank in Spain, the Best Digital bank in Western Europe 2017, and the World’s Best Bank in Social media 2017.