Large Banks Offer Exclusive Services
- Major banks are increasingly focusing on clients who, while not qualifying for traditional private banking services, still desire personalized financial advice and a comprehensive suite of offerings.
- Santander Bank Spain recently unveiled a revamped version of its "Select" program, signaling a strategic shift toward personalized services.
- Beyond financial products, Santander is offering a range of non-financial services designed to enhance customer experience and simplify various aspects of their lives, including professional, family, leisure, and...
Banks Target Affluent Clients with Enhanced Service Packages
Table of Contents
- Banks Target Affluent Clients with Enhanced Service Packages
- Santander Bank Leads the Charge with select Program
- Rivals Respond: BBVA and CaixaBank Offer Competing Programs
- Banking Programs for Affluent Clients: An Overview
- Santander Select Program: Key Features and Benefits
- Competitor Programs: BBVA and CaixaBank Comparison
- Comparing Banking Programs: A Summary
Major banks are increasingly focusing on clients who, while not qualifying for traditional private banking services, still desire personalized financial advice and a comprehensive suite of offerings. This trend reflects a growing demand for tailored services among a segment of customers seeking more than basic banking but less than full-fledged wealth management.
Santander Bank Leads the Charge with select Program
Santander Bank Spain recently unveiled a revamped version of its “Select” program, signaling a strategic shift toward personalized services. Announced on Feb. 13, the initiative aims to cater to customers with assets of at least 100,000 euros or a monthly payroll exceeding 3,000 euros, as well as business owners and high-potential clients. The program also extends access to customers who don’t meet these criteria thru a subscription model.
Beyond financial products, Santander is offering a range of non-financial services designed to enhance customer experience and simplify various aspects of their lives, including professional, family, leisure, and travel needs.
Financial Incentives and Exclusive Offers
The Select program includes a fee-free account and a credit card with benefits such as deferred payments (three months without interest), cashback rewards (1% return up to 120 euros annually), and Avios points for credit card spending. Customers also gain access to exclusive car rental services with discounts, replacement vehicles in case of breakdowns, and priority access to second-life rental options.
Select clients may also receive preferential terms on financing and consumer loans.
Investment Opportunities
For investors, the program provides access to Select funds, third-party funds with bonus commissions, commission-free ETF trading for six months, discounted securities trading, and access to a foreign exchange platform. A structured deposit option, Diver, is also available without commission and with home delivery.
Non-Financial Perks
Santander’s Select program also includes non-financial services at no extra cost to the client and their family. These benefits include five annual visits to airport VIP lounges,fast-track airport services,handyman or chef services at home (up to five hours),beauty and health services,and unlimited access to administrative and assistance management services available 24/7.
Rivals Respond: BBVA and CaixaBank Offer Competing Programs
the relaunch of Santander’s Select program has prompted responses from other major Spanish banks. BBVA offers similar services to its customers,providing access to a private area with benefits ranging from savings offers to incentive programs. One key financial advantage is a commission-free online account with no conditions.
CaixaBank features “Moments,” which provides clients with access to the bank’s financial offerings, as well as exclusive discounts at restaurants linked to the By Club (including Vips, Ginos, Fridays, and Foster’s Hollywood) and other establishments such as Caldea and Rentalcars. Customers also receive discounts at Nike,Converse,Wonderbox,Mleler,and original gift retailers. Preferential access is granted for ticket purchases at Cinesa cinemas, Caixaforum, Cosmocaixa, Museent, Port Adventura World Hotels, the Barcelona Jazz Festival, copos, Baqueira Beret, and Festival is Jardí. Discounts are also available on professional services from Koduz and health and beauty products from Profarma.
Banking Programs for Affluent Clients: An Overview
Major banks are rolling out new service packages specifically designed for affluent clients. These programs offer a blend of financial adn non-financial benefits, aiming to provide a more personalized banking experience.
What are Banks Offering to Affluent Clients?
Banks are targeting a specific segment of customers who seek more than basic banking but don’t require full private banking services. These personalized programs offer a variety of incentives,including financial perks,investment opportunities,and lifestyle services. The aim is to enhance the customer experience and simplify various aspects of their lives.
Santander Select Program: Key Features and Benefits
Santander Bank Spain is leading the charge with its revamped “Select” program. Announced on February 13th, the program targets customers with critically important assets or income, and also businesses. Offering tailored services and rewards for its customers, the Select program looks to cater to a more discerning customer base.
What are the eligibility criteria for Santander’s Select Program?
The Santander Select program is aimed at customers with assets of at least 100,000 euros or a monthly payroll exceeding 3,000 euros. Business owners and high-potential clients are also targeted. Those who don’t meet the initial criteria are able to join via a subscription model.
What financial incentives are offered by Santander Select?
- Fee-free account
- Credit card with:
- Deferred payments (three months without interest)
- Cashback rewards (1% return up to 120 euros annually)
- Avios points
- Exclusive car rental services
- Replacement vehicles in case of breakdowns
- Priority access to second-life rental options
- Preferential terms on financing and consumer loans
What investment opportunities are available through Santander Select?
The Select program provides access to various investment options, including:
- Select funds
- Third-party funds with bonus commissions
- Commission-free ETF trading for six months
- Discounted securities trading
- Foreign exchange platform
- Structured deposit option (Diver) with home delivery
What non-financial perks are included in Santander Select?
Santander Select offers several non-financial services at no extra cost, including:
- Five annual visits to airport VIP lounges
- Fast-track airport services
- Handyman or chef services at home (up to five hours)
- Beauty and health services
- unlimited access to administrative and assistance management services (24/7)
Competitor Programs: BBVA and CaixaBank Comparison
In response to Santander’s revamp, other major Spanish banks have introduced their own programs.BBVA and CaixaBank have similar models with their own unique offerings.
How does BBVA compete with santander select?
BBVA offers a private area with savings offers and incentive programs. A key advantage is a commission-free online account with no conditions.
What does CaixaBank’s “Moments” program offer?
CaixaBank’s “Moments” program provides:
- Access to financial products
- Exclusive discounts at By Club restaurants (Vips, Ginos, Fridays, foster’s Hollywood)
- Discounts at various retailers (Nike, Converse, Wonderbox, etc.)
- Preferential access for ticket purchases (Cinesa cinemas, Caixaforum, Cosmocaixa, etc.)
Comparing Banking Programs: A Summary
Here’s a table comparing the key features of the programs:
| Feature | Santander Select | BBVA | CaixaBank (“Moments”) |
|---|---|---|---|
| Fee-Free Account | Yes | Yes, Online | – |
| Credit Card Benefits | Deferred payments, Cashback, Avios Points | – | – |
| Investment Opportunities | Select funds, ETF trading, Discounted Securities, Foreign Exchange | Savings Offers | Financial Offerings |
| Non-Financial Perks | Airport Lounge Access, fast Track Services, home Services, Health & Beauty | Incentive Programs | Discounts (Restaurants, Retailers, Entertainment) |