Aiming at attracting a young audience and adapting to the needs of new generations, Piraeus Bank is launching the first purely Greek neobank, while also launching a new deposit-investment product.
Commercial launch of Snappi
As Piraeus Bank CEO Christos Megalou informed analysts during the half-year results briefing, the neobank Snappi is ready to begin operations.
In particular, Megalou said that this is the first purely Greek neobank and its commercial launch is expected in the third quarter of the year. At the same time, Piraeus aims to expand Snappi throughout Europe around 2026.
Snappi now already has 2 thousand connected users and 17 thousand on the waiting list, while it will also include 7 thousand Youth Pass beneficiaries.
Innovation platform
The neobank Snappi, with the aim of attracting a young audience, is tailored in such a way that it gives value to the Gen Y / Gen Z without affecting the current customer base, as the bank specifically stated.
It also offers a new innovation platform in retail banking, as it allows for the development of the capabilities of the next generation in retail banking, such as integrated banking services, etc.
It will provide a clear picture of profits and losses for the returns resulting from innovation projects
Piraeus’ goal for Snappi is to expand at low cost and without branches. This expansion model will include centralized back-office and support functions in Greece, which offer a strong cost advantage compared to local players in developing markets. At the same time, it is expected to operate with remote services, which is well suited to cross-border banking relationships.
1 Fund
Piraeus is also launching “1 Fund”, an innovative deposit/investment product for young people at 18-30 years old, aimed at the financial education of the new generation and providing them with the tools to invest in their future.
With 1 Fund, customers can start investing from just 20 euros per month, with the option of additional extraordinary contributions to a life-cycle mutual fund, and with a 3% interest rate on the deposit account for balances up to 5 thousand euros for the first 10 years, in order to encourage consistency in monthly contributions. With 1 Fund, there are no time commitments or withdrawal fees, while the product is available for online purchase and management via the Piraeus app and e-banking.
