
Revolut’s rise continues as Spaniards turn to digital banking
- Revolut outshines Santander and CaixaBank in new client registrations.
- Revolut accounted for 12.8% of new registrations, surpassing Santander’s 1.6% and Caixabank’s 9.3%.
- Digital banks attract consumers due to heightened transparency and lower fees.
Follow Invezz on Telegram, Twitter, and Google News for instant updates >
Global neobank Revolut has seen its market share increase dramatically in Spain as digital banking gathers momentum in the financial world. Revolut’s Head of Corporate Communications Michael Bodansky confirmed that their firm outshined Santander and CaixaBank in new user registrations.
Revolut accounted for 12.8% of newly opened accounts, whereas Santander and CaixaBank made up 12.6% and 9.3%, respectively. However, BBVA maintains the leading spot, despite its share plummeting from 20% to 14% over the past three years.
Spaniards seeking more financial benefits
Copy link to sectionThe recent years have seen Spaniards assessing more financial institutions to capitalize on various offers, including discounts and bonuses, for profitable personal finance savings. Citizens adopted this trend following the COVID pandemic, which dented the global economic outlook.
Today, Spanish consumers work with 1.73 banking institutions on average. That’s higher than the 1.44 registered during COVID. Furthermore, users operating with one institution have declined to 50.6% from 64.9% within that timeframe.
Spain’s shifting financial trend
Copy link to sectionMarket research firm Grupo Inmark revealed that 5.4% of Spaniards have made financial relationships over the past year. Meanwhile, online companies like Openbank and Revolt have remained significant in new account registrations.
Grupo Inmark’s Ana Revilla stated that traditional banks record falling numbers as online entities continue to rule the financial sector. She stated.
“..online entities such as Revolut and Openbank have a great role in new registrations..”
The increasing prominence of financial platforms offering online services explains the shifting monetary landscape in Spain. These entities benefit from the policy of commission-free services and their recruitment models, where they pay with returns on savings or cash.
Digital banking’s appeal
Copy link to sectionThe study shows Revolut, which hit 1.6M clients in Spain, went from only 0.1% new account registrations in 2020 to rank second after BBVA. Meanwhile, Santander Group’s subsidiary Openbank scaled to 4.4% from 1.7%, whereas Imagin’s CaixaBank reached 3.5% from 0.2%.
Financial experts see Revolut dominating this sector this year or in 2024.
Revilla believes digital banks such as Imagin and Openbank will eventually outshine their parent firms, Caixabank and Santander (respectively). However, the expert added that traditional banks would remain crucial in the financial industry.
Advertisement
Want easy-to-follow crypto, forex & stock trading signals? Make trading simple by copying our team of pro-traders. Consistent results. Sign-up today at Invezz Signals™.
More industry news






