Trend Observation: Banking on It

Spain’s fourth-largest bank, Bankia, has launched a bank on wheels to service remote customers.

Following a large bailout last year, the bank was forced to close many of its branches and make many of its staff redundant. It’s now launched a service that will dispatch buses and tellers to remote areas, allowing citizens to deposit and withdraw money.

 

Straight to you

Spain has been hit hard by the recession: According to Mintel’s Spanish Consumer Lifestyles: Technology and the Environment November 2012 report, 41% of consumers said that they felt the recession had a major impact on them.

Unsurprisingly, consumer trust is lacking when it comes to traditional financial institutions. Indeed, we’ve seen products hit the shelves catering to Spanish consumers who don’t trust banks. Closing branches and getting rid of staff only exacerbates this problem as it makes the financial brands less visible and less a part of the lives of everyday consumers.

Bankia’s new initiative hopes to combat this issue by bringing its service to the people, as opposed to the other way round. Aside from being more convenient for consumers, it also positions the bank as proactive in maintaining customer contact, a feature that may go some way to repairing trust.

Can other brands and businesses launch similar services?

Those that find a way to fit in around the lives of consumers and interact with the local community are sure to be well received.

For a deep and complete analysis of the current situation of the tourism industry in the UK, Mintel published the following market research: Spanish Consumer Lifestyles: Technology and the Environment – November 2012 in UK.

This is an observation from our Inspire trend Life Hacking which looks at how consumers are seeking tools to help them perfect their productivity. For more information about Inspire click here.

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