imagin, the digital service and lifestyle platform for millennials offered by CaixaBank, Spain’s leading retail bank, has reached three million users by the end of 2020.
The imaginers community has doubled in size over the last six months and has seen a 15% increase in new users (over 400,000 people) since June when imagin launched its new lifestyle-focused digital community concept for young people.
This data strengthens imagin’s leading position as a digital financial services player, as shown in the latest study by SmartMe Analytics, which ranks the platform as the leading app among the main neobanks and fintechs in Spain, with a market share of 14.6%.
The recorded growth is a result of imagin’s new strategy of promoting loyalty among its users through the creation of digital financial and non-financial services, which, unlike traditional banking, do not necessarily require users to register as banking customers.
In addition to increasing the number of new users, imagin has also managed to boost the loyalty of existing imaginers. In recent months, over 50% of imagin users have accessed the app more than four times a week. As an example of this significant volume of activity, on 4 January, the app was accessed 1.4 million times, beating all previous records of use for the app.
According to imagin data, the typical customer profile is mainly represented by women (52%) with an average age of 24 years, living in a large city (62% distributed between Madrid and Barcelona).
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The services and digital content for the imaginers community are organised into five major themes: music (imaginMusic), video games (imaginGames), trends (imaginCafé), technology (imaginShop), and sustainability (imaginPlanet). imagin also offers special experiences and benefits related to travel and urban mobility.
The imagin application offers a range of products to meet the savings and financial needs of young people who have entered adulthood and are starting to earn their first income and make their own lifestyle plans. In all cases, imagin has key features for millennials: mobile-only operations (services are provided exclusively through the app with no branches, and the website only serving for informative purposes), no fees for the user, and the use of clear, simple language, especially tailored for direct communication with millennials.
imagin offers two more applications based on the age of the user: imaginKids (aimed at children between 0 and 11 years old with a strong focus on financial education through games) and imaginTeens (designed for teenagers aged 12 to 17, offering content and services designed for young people who need solutions for their first purchases and are starting to manage their personal finances).
imagin, an open-platform innovation model
In terms of technology, imagin has developed an open-platform model where it can combine its own services with third-party technologies and products, thereby creating a space for collaboration with other fintech or start-ups. Another key development is imagin’s collaboration with Plug and Play, the world’s leading innovation platform and most active in venture capital, which has been in place since the launch of the new app, as well as its new alliance with the company Airbnb since October.
A solid sustainability strategy with B Corp certification
imagin’s range of services also reinforces the community’s clear commitment to sustainability, one of the key pillars of its strategy, to the extent that it has its own thematic block (imaginPlanet) and has even been incorporated into its trade policy: instead of the traditional gift for new customers or existing customers who increase their membership status, imagin offers its users the chance to participate in sustainable actions that benefit the entire community.
The imagin sustainability model has obtained the B Corp seal, which certifies the organisation’s compliance with the strictest standards for social and environmental matters, public transparency, and corporate social responsibility to balance financial profits with social goals. imagin is the first mobile-only financial services platform to obtain this certification.