Open a bank, ask a personal account credit, constitute a deposit for desired number of days at an interest rate of 0.5% – from unties Friday, can do all this in one of the 52 Post Office stores hosting the new Bank CTT. And without having to pay maintenance costs or bank charges.
“We will only have simple products,” assures the VISION Luis Pereira Coutinho, president of Banco CTT. “The offer is reduced, but easy to understand. It is structured on a platform that already exists, taking advantage of synergies with the postal service and benefiting from the connection between employees of CTT and customers, “it said.
Detainee 100% by CTT, the new bank work shop at the Post Office, alongside the traditional postal business, from 9h to 18h on weekdays. Physical spaces are the same and the staff as well, although a few – two or three in each store – have received training in banking. By the end of the year, the bank will be present in 200 of the 625 stores of CTT – about a third of the national enterprise network. In 2017, is scheduled to open in over 200 stores and, in 2018, in the other.
Manage your account at a distance
The Bank of CTT offers current accounts that can develop into accounts with clearance of the salary or pension (aka salary accounts or retirement accounts) associated with a debit card in the ATM network with no annual fee. For inquiries or movements account distance, customers have a home banking service free, or a smartphone app, also free of charge. Customers with simple mobile phones can access the bank account through an SMS system type, available in three mobile networks.
New savings solutions should emerge over time but for now, the bet is on term deposits for periods of time to the customer’s choice, up to a maximum of one year, paid at a fixed rate of 0.5%. “They are very simple solutions for conservative savers,” says Pereira Coutinho. The bank will also provide credit card and personal credit grant through a partnership with BNP Paribas. In insurance, Fidelity and Mapfre are the initial partners. From the second half is expected to enter the housing loan segment.
Investment 170 million
The launch project of a postal bank was born for decades in CTT, but only gained momentum after the parent privatization, completed in September 2014. “it was understood that a banking license would make the sale more attractive,” said Luis Pereira Coutinho. Established in August last year, the new bank registration with the Bank of Portugal was made in November and, soon after, the phase started soft opening .
With a estimated investment of 170 million euros, the return is scheduled for within three years. “The big investment is in training. In addition to the store employees, we have a very young team of about 100 people, with national and international banking experience, “says the president. So far, about 500 employees of CTT attended courses in banking, a total of 40,000 hours of training, meeting over 740 to do the same.
For now, the strategic goals are modest. In the next ten years, the Bank CTT want to achieve 10% share of the private market, ie one million customers. Extend the service to small businesses is a chance to explore over time.
The strength of the
The bank may be new but the brand CTT It carries a story with nearly 500 years, which are celebrated in 2020. “it’s a very strong brand that conveys confidence and has many years of experience in financial services.” The entrance of the Post Office in the world of finance has become more than a century, with the creation of money orders. This was followed by the sale of savings certificates and Treasury – whose offer will remain in CTT, under contract with the Portuguese State – and, more recently, other financial products such as capitalization insurance. Therefore, the name chosen for the new bank turned out to be the brand name:. “It seems that Bank CTT has more power than the Postal Bank,” says Pereira Coutinho
Before starting, were analyzed the different postal bank models in countries like France, Italy, Germany, Belgium, England, Spain, Poland, among others. In Portugal, the market studies have shown that some of the 3.7 million customers who annually visit the shops of CTT admitted to move to a bank with an offer “simple” and a “reduced” basket of products, which are ” easy “to understand. This was the option followed by Luis Pereira Coutinho team, the manager who left a career in the BCP leadership of the Bank CTT. In this case, innovation will simplicity.
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