FinReach extends digital reach to Austria and Spain
German digital account exchange provider FinReach has expanded into Austria and Spain – meaning its service is now used by over 500 banks in three countries.
In Austria, FinReach has partnered with, amongst others, banking group Raiffeisen Austria, which includes 434 banks and has 1.7 million customers.
In terms of the Spanish market, Self Bank, which belongs to Boursorama, a subsidiary company of Societe Generale, is the first bank to offer the account switch service in Spain.
Alberto Navarro, CEO of Self Bank, says thanks to FinReach it can help its customers “easily switch their bank account in just a few minutes”.
Since its market launch in November 2015, FinReach, which is powered by fintech incubator FinLeap, says its service is used by over 100 banks in Germany – such as Deutsche Bank, Consorsbank (reported in April), DKB and several Sparkassen (savings bank) and Volksbanken (people’s bank).
According to FinReach, in Germany alone, around 2.5 million bank accounts are switched every year and some of the “most prominent reasons” for switching are the rising account fees, proximity to the bank branch, availability of ATMs and the offers of online banking services.
Via its service, bank clients can switch their direct debits, standing orders and incoming payments from one bank to another fully automatically.
The account switch service can also be used to close the customer’s old bank account. Afterwards, a summary of the process can be downloaded and saved for personal records.