Deutsche Bank is expanding the FinReach’s account switching service to Spain enabling the bank’s clients to move direct debits to another bank account in less than ten minutes.
Thanks to the service – already available for Deutsche Bank clients in Germany – bank customers can use the account switch service to shift their direct debits, standing orders and incoming payments from one bank to another in just a few minutes and completely paperless.
The account switch service provided by Berlin-based IT provider FinReach – already deployed by more than 150 banks in Germany, including Deutsche Bank, Consors Bank, DKB and numerous savings banks and local cooperative banks – is the only digital account switch service operating in Spain, where it entered in 2017 and now is increasing its presence with Deutsche Bank.
FinReach has already positioned itself as the market leader for account relocations in Austria, cooperating with some banking groups such as the Raiffeisen Banking Group Austria, with over 434 branches and 1.7 million customers.
Sascha Dewald, CEO of FinReach, said: “The partnership with Deutsche Bank Spain shows the great international interest in our service offer. We are very pleased to work with another important Spanish bank through our SaaS solutions. This collaboration paves the way for further partnerships in other European countries.
“We are responding to the growing demand for digital banking IT services in European markets. Especially within customer segments with a high willingness to change bank that are tired of the elaborate, lengthy and very paper-heavy previous account switch processes. At present, around 2.5 million bank accounts are switched every year in Germany alone. In the Spanish market, this trend is even greater due to rapidly growing digitalisation and customer orientation.”
Andreas Kramer, head of digital platform and agenda at Deutsche Bank, added: “For our Spanish customers, the new service adds value, as we can offer a digital account switch for the first time, making easier the retention of new customers to our bank. Extending our collaboration with FinReach is another building block in the digitisation of our product offering.”