Despite opening a scenario of opportunities for growth, the takeover bid launched by BBVA for Sabadell has raised fears among users regarding a possible change in prices and contracted conditions. 70% of the clients of the Vallesano bank do not want to automatically become under the BBVA umbrella -a percentage that would rise to 75% in the case of SMEs-, with 26% stating that they would immediately leave the Basque bank if the operation ends up being successful. AND almost half would explore other options and then decide whether to change or stay at BBVA. This is the conclusion of a study carried out by the consulting firm Simon-Kucher based on a sample of 800 individuals, self-employed workers and SMEs.
The main reason for change for clients is the fear of a worsening conditions with a possible increase in prices and commissions. Therefore, putting entry promotions or, in general, more attractive conditions on the table could encourage a rethinking of this decision, argues the consultancy.
“To guarantee the success of this operation, it is key that BBVA puts the client at the center, motivating their permanence, and that it not only worries about cost synergies,” says Ignacio Vasallo, Partner responsible for Financial Services for Iberia and LATAM. in Simon-Kucher.
The segments most resistant to the merger are customers over 55 years of age and SMEs due to their greater connection with Sabadell, with whom many of them have a high degree of loyalty. Specifically, 75% of those over 55 years of age would not stay directly at BBVAa percentage that would rise to 81% in the case of SMEs, according to figures from the consulting firm.
“The clients with the greatest risk of flight are the self-employed and SMEs with less than 5 employees due to their poor perception of the operation and their low connection, which represent minimal exit barriers. However, their strategic weight in Sabadell is so relevant that any movement in this segment can redefine the commercial success of the operation,” says Javier Moya, financial services manager at Simon-Kucher.
The consulting firm values that the merger with Sabadell represents an opportunity for BBVA for its customer base and the catalog of products and services, especially in paid accounts and cards. “Principality is a double-edged sword. BBVA can capitalize on the loyalty of Sabadell customers, but only if it manages to match or exceed the service and product expectations that these customers already value,” says Vasallo.
One of the obstacles concerns the price perception among customers. According to the ranking prepared by Simon-Kucher, BBVA, with 69 points out of 100, occupies third place in entities perceived as most expensive, while Sabadell does so with 25 points.
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