News
UniCredit Bulbank's clients can now take out a loan remotely via Bulbank Mobile application. A digital overdraft* is the first credit product that has been offered by the bank via Bulbank Mobile for more than a month.
“The bank of the future is an invisible and transparent partner which adapts easily to specific needs and is easy to work with. However, while discussing the topic on the bank of the future, we should not use future time because it is already a fact. Technologies have made it possible for us to be close to our clients 24/7. Each of us carries the bank in their phones. This is why the possibility to take out an entirely digital loan can be seen as a natural continuation for UniCredit Bulbank“, Teodora Petkova, the CEO and Chair of the Management Board of UniCredit Bulbank AD said at the press conference on the launch of the new product.
“The digital overdraft offered by UniCredit Bulbank AD is different from any other products on the market. Clients go through the whole loan application procedure using only their mobile banking application. On Bulbank Mobile they receive a personalized offer for an overdraft which has been approved in advance, download and check the necessary documents and finally sign the agreement. There's no need to download any other applications. Everything can be done quickly and easily, in the blink of an eye”, Giacomo Volpi, Head of Retail Banking at UniCredit Bulbank explained. He also said that by offering this product UniCredit Bulbank gives clients the opportunity to sign documents required by the bank remotely for the first time. This will also foster the development of other entirely digital products and services, making the mobile phone central to the bank’s interaction with clients. “UniCredit Bulbank started offering a digital overdraft on October 10, 2019. Two hundred clients have already used the service, giving an absolutely positive feedback”, Mr. Volpi said.
A market survey conducted by UniCredit Bulbank showed that the number of mobile banking users has risen considerably. One-third of the bank’s clients are now active mobile banking users. In 2019 the bank reported 40% growth. In 2018 it was 66%. Clients interact with the bank 10 times per month via Bulbank Mobile.
The survey also examined the profile of digital service users who are usually active young people between 26 and 35 years of age with a monthly income ranging from BGN 1000 to BGN 2500, holding an expert position. They are interested in their families, home, travelling and new benefits. Mobile banking users are also social media users who read the news, watch TV and listen to the radio. They are interested in bank services such as mortgage and POS loans, leases and savings opportunities. According to UniCredit Bulbank survey, these clients often use digital channels to pay their mortgage, rent, utility bills and lease.
“A digital overdraft is a product tailored to suit the needs of active working people who value their convenience and time. The overdraft aims to cover additional monthly costs before payday when the overdraft is repaid automatically from the proceeds on the account. Therefore, it is a perfectly convenient product clients can rely on via their mobile phone and which is usually used shortly before payday. The average overdraft is BGN 780”, Yulian Vlahov, Head of Alternative Channels Department, UniCredit Bulbank said. He added that apart from convenience UniCredit Bulbank’s clients are getting more and more interested in personalized services. Mr. Vlahov said that secure and easy-to-use services are often created thanks to the collaboration between financial and Fintech companies.
“Thanks to the new digital service clients can identify themselves before the bank without visiting a bank branch and sign documents securely and legally. All this is possible just with one click thanks to the technology of Evrotrust”, prof. Georgi Dimitrov, LLD, a co-founder and a member of the Management Board of Evrotrust Technologies said.
Press conference participants share the view that although new technologies will not alter the nature of finance, they will make financial services simpler and easier to use.
* An overdraft is a short-term loan used by clients to deal with a temporary shortage of funds. It is usually fully repaid by way of the first proceeds (salary) on the account.
Additional media information:
Victoria Blajeva, tel +359 (0) 2 9264 993, wjlj/ebwjepwbAvojdsfejuhspvq/ch
Beatris Nikolova, tel +359 (0) 2 9232 528, cfbusjt/ojlpmpwbAvojdsfejuhspvq/ch
Ekaterina Ancheva, tel +359 894 518 193 , flbufsjob/bodifwbAvojdsfejuhspvq/ch