Last year, Spain's CaixaBank launched the country's first mobile-only bank for millennials, imaginBank. A radical change from the multi-channel approach adopted by most banks, imaginBank provides young users with services that can only be accessed through its mobile applications and social networks.
imaginBank is a mobile banking app that allows users to make basic transactions, pay bills and make payments. As CaixaBank explains, "users are able to manage their finances in a fully independent manner, with the support of 'intelligent' tech tools to allow continuous monitoring of their personal finances." The app even features fully customizable graphics and expenditure targets so Millennials can personalize the platform to suit their needs.
With most millennials turning their phone into a personal finance tool, imaginBank is likely to appeal to younger consumers.