Madrid, Spain / London, United Kingdom – 11th October 2023
EVO Banco, Bankinter’s fully digital bank, has launched a new geolocation service for digital purchases that will enable its customers to have a more precise and clearer analysis of the exact time and place where their transactions took place.
This innovation includes the Google Maps service, as well as Artificial Intelligence-based technologies, allowing the bank’s customers to recognise card transactions in real-time; visualise them on a map with the logo and merchant name; automatically categorise them for a better understanding of their spending habits and finances; and monitor their transaction history to easily identify unauthorised payments. Customers will also be able to view the sustainability footprint of all merchants that adhere to the United Nations Sustainable Development Goals.
Pedro Tomé, Director of Innovation and Advanced Analytics at EVO, points out that, “This innovation makes possible something that, sooner rather than later, will be a standard throughout the financial sector. There are millions of users in Spain who call their bank every day because they do not understand the movements of their accounts. With the help of Snowdrop, we have solved this problem in a way that is fully integrated into mobile banking, which, in the eyes of the customer, simply translates into more transparency and security”.
Ken Hart, CEO & Founder of Snowdrop Solutions, said, “We are delighted to partner with EVO Banco on this initiative. Our transaction enrichment API is designed to improve customers’ lives and raise the standards of transparency in the banking industry. EVO has always placed its users at the heart of its strategy and we are confident that our solution will help them enhance this relationship.”
About Evo Banco
EVO’s App was one of the first in Europe to introduce all the operations of a traditional branch in an App and to develop advanced artificial intelligence and data analysis solutions to help customers simplify their daily operations. The main services offered by the bank include digital payments, which can be summarised as follows:
- Advanced geolocation: the geolocated shopping service is added to the maps service already available at EVO to geolocate all ATMs in Spain for cash withdrawals and deposits.
- Debit and credit card in a single plastic or for virtual use: payment flexibility according to customer preference, digital on/off for cybersecurity, accident and travel insurance included, no commissions, and with one of the largest networks in Spain for cash withdrawals.
- Free debit cash withdrawals in Spain: access to one of the largest networks in the financial sector with more than 18,000 free debit ATMs with no minimum amount or withdrawal limit. Any other national ATM is also free for debit withdrawals of €200 or more and the commission applied by that ATM for the transaction is charged by EVO up to €2.
- Free cash withdrawals abroad: EVO does not charge a fee.
- Free cash deposit: through nearly 2,400 Correos branches or at more than 1,100 ATMs of the Caja Rural group.
- Digital payment service: Apple Pay, Google Pay, EVO Wallet, EVO Bizum and Hal Cash (cash to ATMs).