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The Spanish vertical banking ecosystem

The Spanish vertical banking ecosystem

In short, vertical banking is the creation of very specialized products for a small niche market. Unlike mainstream banks banks, who offer a broad variety of services for the masses, vertical banks go the extra mile for a specific costumer and its needs. In collaboration with Solarisbank, we are releasing this graphic detailing the top banking players of the Spanish ecosystem.

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Vertical banking means delivering a highly personalized banking experience to a very specific type of customer. Where the usual approach is to supercharge an existing banking product with technology, vertical banking does the opposite. The aim is to create a product that meets the unique needs of a tightly-defined audience.

In Spain, the banking scene has experience a growth of these types of new banks, quickly becoming worthy members of the sector alongside more stablished and traditional banks like Bankinter, BBVA, Santander and Caixa. You can appreciate all of them in the graphic above, created by our premium platform member, Solarisbank.

Is building apps for the mass market and seeking growth at all costs still the key to success? Or does the next wave of opportunity lie in vertical banking — building a high quality but narrowly-targeted product?

It’s fair to say that the average challenger bank has always accounted for the fact that customers would use their accounts for secondary reasons like travel and entertainment. The strategy has always been to get a foot in the door and persuade enough customers to switch over the long term.

If neobanks want customers to stick with them, they need to focus on creating innovative financial products that improve their customers’ lives and address the specific problems incumbents can’t solve.

So, are you interested in knowing more about vertical banking? Do you think it’s a market trend or is it an industry revolution that is here to stay? We want to hear your opinion. Be sure to leave a comment!

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