Turning the Tables: Bankinter Enters the Telco Space

by Bart Narter, January 5, 2012
Case Studies
EMEA

Abstract

One routinely reads about mobile phone operators entering the payments space, most famously Vodafone/Safaricom/mPesa in Kenya. Bankinter Mobile turned the tables on this in entering the telco space by becoming a virtual mobile network operator (VMNO).

In a new report, Turning the Tables: Bankinter Enters the Telco Space, Celent studies how Bankinter realized the potential of mobile early on. The bank has been a leader in mobile banking, with text banking launched in 2001, over 10 years ago. Mobile banking plays many roles at Bankinter. It is a:

  • Revenue generator
  • Cost avoider
  • Customer satisfier
  • Sales tool
  • Profit generator

As an example, the cost of blocking a card via mobile is an order of magnitude less expensive than blocking the same card via mobile.

“Bankinter has been able to harness the mobile channel in many ways that other banks haven’t,” says Bart Narter, Celent Senior Vice President of Celent’s Banking Group and author of the report. “Their ability to market in real time to their customers is unparalleled.”

This report provides an overview of Bankinter’s history with mobile, including their innovative bankinter labs, the bank’s dedication to and measurement of customer satisfaction, and the impact mobile usage has on customer satisfaction.

This is followed by an evaluation of some of Bankinter’s marketing programs, many of which have response rates far in excess of 1%. Finally, the report explores Bankinter’s entry into the telco space with Bankinter Mobile. This gave banking customers free access to Bankinter’s mobile banking, with data charges waived by the bank.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned subsidiary of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary

3

Background

4

Product Innovation

6

Customer

8

Mobile

10

Usage

19

Bankinter Mobile

21

Conclusion

22

Leveraging Celent’s Expertise

23

 

Support for Financial Institutions

23

 

Support for Vendors

23

Related Celent Research

24

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