Portugal’s Post Office is launching its new banking service in selected pilot branches from November 27th and aims to attract customers “from grandparents to grandchildren."
The idea is to offer "products that people need in their day-to-day lives," according to Luís Pereira Coutinho, Banco CTT’s Chief Executive.
The new project aims to "cover several market segments," said Francisco de Lacerda, president of CTT, during today’s presentation the new business plan.
"The idea is to be present in people’s day-to-day lives and not to offer complex products," said Coutinho.
The latest addition to the high street banking community will offer services that are "simple, and affordable” with counter staff trained to perform normal operations such as bank transfers, and to open and deal with accounts of older and elderly customers.
The bank is an in branch service with an online network for those adept at using web-based services.
There also will be a wide range of flexible savings products and prepaid debit cards, personal loans and mortgages.
As for credit, Banco CTT will continue to work with Banco BNP Paribas Personal Finance which it linked up with last year in a five year deal.
Francisco de Lacerda says that he likes to think that Banco CTT is not just a bank and that it has particular characteristics. By being launched on top of an existing service, customers are used to the locations and trust the brand.
In a warning to those who expect a cheap service, Lacerda said that he is not planning to compete on price but that Banco CTT will be ‘competitive.’ The difference will come from other factors such as proximity to customers and simplicity."
The bank will spread slowly but at the end of the first quarter next year the aim is to accelerate the opening of branches and already be operating from at least 50 post offices from the north to the south of the country.
In large post offices the group will provide a dedicated space for Banco CTT business; in the medium sized post offices there will be counters dedicated to banking activities and in the smaller branches staff will handle banking and traditional post office business from the same counter.
