FinecoBank has decided to expand the Credit Area with a new offer focused on three cornerstones: a new mortgage loan on first and second homes, a credit line with revolving pledge and a personal loan disbursed to the customer in real time.
Three very different products which, however, according to what was declared by the top management of the same institution, pursue the same objective: that of improving the model known as the "One Stop Solution", thanks to which customers of the multi-channel direct bank of the UniCredit group will be able to manage their financial needs through a single checking account.
During the presentation that took place on Wednesday in Milan, Paolo Di Grazia, deputy general manager of FinecoBank, emphasizes above all the innovative nature of the three innovations proposed by the bank: "Once again we interpret traditional banking products such as mortgages, credit lines and personal loans in a highly innovative key also technological, to complete a range of banking, credit, trading and investment services that are transparent and accessible through all channels"
Three guidelines have led to the development of new products: innovation is joined by transparency of costs and above all the desire to offer its customers "attractive" tools, capable of competing with those already present on the market: "A 'further confirmation of our daily commitment to proposing a customer experience marked by simplicity and innovation - continues Di Grazia - with new tools designed to make the customer's relationship with the bank unique".
The new FinecoBank mortgages
But if as far as credit lines and loans are concerned it is an enhancement of products already on offer, on the mortgage front we can speak of a real return to the field. FinecoBank returns to this market after eight years of absence with the aim of completing its range of services, but above all to meet the requests of many customers who currently have mortgages in other institutions, whose total value reaches 8,5 billion of Euro. Reaching this clientele therefore also means obtaining a considerable economic return.
The offer of mortgages, aimed at private banking customers, in the high and medium-high range, will concern the purchase of first and second homes, for an amount that can reach 80% of the value of the property. The duration will vary from 10 to 25 years and it will be possible to choose between fixed and variable rates, "no mixed rates for the moment", explains Marco Briata, product manager of FinecoBank.
As far as the variable rate is concerned, the mortgages will be indexed to the 3-month Euribor/360, but if the mortgage is contracted in relation to the purchase of the first home, there will be the possibility of choosing indexation to the ECB rate as well. The fixed rate will have the IRS as a reference parameter.
Obviously there will also be the possibility of making a subrogation for those who already have a mortgage in another bank.
Until 31 January 2017, anyone buying a property will be able to count on a spread (both fixed and variable) from 0,70% up to 1,70%; for subrogations instead it will go from 1 to 1,70%. The percentage will depend on both the purpose of the loan and the Loan to Value (LTV) of the transaction, i.e. the relationship between the loan amount and the value of the property.
The compulsory fire policies will be offered free of charge by the bank and there will also be the possibility of taking out an optional policy which will cover in the event of injury, death or job loss.
To apply for a mortgage, the customer will have two options: do it independently, using the simulator available on the Fineco website, or take advantage of the support offered by their financial advisor, via the X-Net cyborg advisory platform. The contracting party will be followed by a Mortgage Specialist until stipulation.
Trust with revolving pledge
From mortgages to credit lines with revolving lien, an initiative aimed above all at private customers, which will be launched shortly, accessible only through the Personal Financial Advisor Network.
Each customer will have the opportunity to place the securities and funds in their possession as guarantee for the loan. The innovation experimented by Fineco is based precisely on "rotation". By accessing this product, there will in fact be the possibility of modifying the instruments used to guarantee the loan.
The ceilings were raised up to 1,5 million euros with a rate of 1,45%. Customers will not have to bear any activation costs or commissions.
Personal loans
As far as loans are concerned, the most important novelty concerns the possibility of receiving the disbursement of the requested sum, up to 10 thousand euros (the amount will be extended to 15 thousand) in real time, without necessarily having to go through an intermediary.
Thanks to a Personal Loan simulator and a rating system, FinecoBank will be able to pre-assess the customer's reliability and income capacity and therefore propose a personal loan solution for instant assessment.
If the customer accepts the proposal received from the bank and signs the contract digitally, the outcome of the request will arrive immediately and the amount will be credited in real time, without the need to provide the bank with any income documentation. also in this case you will not have to pay preliminary investigation and installment debit commissions. The rate, by 30 November 2016, is fixed at 3,95%.
Finally, Fineco will shortly expand the maximum limit of its retail loans, which will go from the current 30.000 Euros up to 50.000 Euros.
