{"id":32404,"date":"2024-08-28T10:12:19","date_gmt":"2024-08-28T07:12:19","guid":{"rendered":"https:\/\/wpml.indexo.lv\/?post_type=zinas&p=32404"},"modified":"2024-08-28T10:12:19","modified_gmt":"2024-08-28T07:12:19","slug":"indexo-bank-starts-operations-today","status":"publish","type":"zinas","link":"https:\/\/staging.indexo.lv\/en\/zinas\/indexo-bank-starts-operations-today\/","title":{"rendered":"INDEXO Bank starts operations today"},"content":{"rendered":"\n

Today at 10:00 AM, the new AS INDEXO Bank will begin operations, becoming the first new credit institution in Latvia since joining the Eurozone. From today, individuals can become bank clients \u2013 download the mobile app, open accounts, receive payment cards, make transfers, save money, receive loan offers and use many other familiar and new financial services.<\/strong><\/p>\n\n\n\n

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The goal of INDEXO Bank is to become the most customer-friendly bank and to foster competition in the stagnant banking market. Initially, the bank\u2019s services will be provided to individuals, but within 6-9 months, INDEXO Bank plans to start serving companies and other legal entities as well.<\/strong><\/p>\n\n\n\n

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\u201cLatvia\u2019s economy lags behind our neighbors in terms of growth, and we are still far from developed Western countries. A significant reason for this is the low competition in the Latvian banking market, which has not fostered the development of lending or innovation. We want to change that,\u201d says Valdis Siksnis, Chairman of the Management Board and one of the founders of AS INDEXO Bank.<\/strong><\/p>\n\n\n\n

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The bank will stand out with accessibility, affordability and convenience<\/strong><\/h2>\n\n\n\n
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From day one, INDEXO Bank will stand out with several new features. Specifically, every euro that clients keep in their accounts at INDEXO Bank earns interest. Until now, banks have long paid no interest on account balances or the rates were very low. INDEXO Bank changes this by paying 1.5% per year on account balances. The new bank also offers profitable savings accounts, paying 2.75% per year and even more favorable term deposits \u2013 4.00% per year.<\/p>\n\n\n\n

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\u201cThe problems of competition in the banking sector are evidenced not only by passive lending and the lowest credit-to-GDP ratio in the entire European Union but also by the fact that Latvia is among the few European countries where banks pay nothing or ridiculously low interest on current account balances for individuals. Latvian residents hold more than 10 billion euros in banks, and for at least 7.5 billion of that, practically nothing is paid. INDEXO Bank will change this absurdity and pay 1.5% on account balances. This potentially amounts to 112 million euros per year that Latvian residents could save, invest, or spend as they see fit. Getting your share of this huge sum is very simple \u2013 download the INDEXO Bank mobile app, open an account, and transfer money that earns nothing in another bank,\u201d continues V. Siksnis.<\/p>\n\n\n\n

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The new bank will also provide a completely new, specially designed mobile banking app that allows you to perform virtually all financial services on a mobile device without going to a branch or calling bank specialists. The mobile app will offer full bank functionality \u2013 you can make convenient and affordable payments to any bank in Latvia and Europe, manage payment cards, save money, monitor your loan services, etc. In the mobile bank, clients can also easily track their 3rd pillar pension investments.<\/p>\n\n\n\n

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\u201cIn every mobile bank, you can do something. But you can\u2019t do everything in any of them. There is no fully functional mobile banking app. But now there will be,\u201d says M\u0101rti\u0146\u0161 Kalni\u0146\u0161, INDEXO Bank\u2019s Customer experience systems manager.<\/strong><\/p>\n\n\n\n

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Registering with INDEXO Bank with secure identity verification takes just a few minutes. By choosing a paid plan, the first clients can immediately order a payment card for free after registering in the app. Soon, a digital wallet and digital card will also be introduced. Large purchases made with the INDEXO Bank card will also be insured. The INDEXO Bank mobile app is available on Apple App Store and soon also on Google Play Store.<\/p>\n\n\n\n

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A bank created in Latvia will represent the interests of Latvian people<\/strong><\/h2>\n\n\n\n
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A significant difference of the new bank is its local origin and focus on operating specifically in Latvia, tailoring all services to local needs. All INDEXO Bank decisions are made locally, which is important for both the bank\u2019s and Latvia\u2019s economic development.<\/p>\n\n\n\n

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\u201cIn Latvia, the profit of foreign banks is significantly higher than elsewhere, but the Latvian economy does not benefit significantly from this profit. Data compiled by the Bank of Latvia shows that in 2023, the banking sector\u2019s profit in Latvia was 606 million euros, and the lion\u2019s share of this profit, more than 90%, was earned by the four largest foreign-owned banks. It\u2019s enough to wait for foreign banks to start caring about Latvia\u2019s prosperity. Loan interest rates are high. Lending is sluggish. It\u2019s easy to judge the situation in Latvia from distant foreign offices and evaluate it inadequately harshly. Where is the focus on local needs? Where is the local capital? We have to take care of it ourselves,\u201d says V. Siksnis.<\/p>\n\n\n\n

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\u201cWe are not detached from the daily reality of Latvia. Our shareholders are thousands of Latvian residents \u2013 and anyone can become one. INDEXO shares are listed on the Nasdaq Riga stock exchange, and anyone can buy them \u2013 and any bank client can become a co-owner of their own bank,\u201d continues V. Siksnis.<\/p>\n\n\n\n

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INDEXO Bank\u2019s customer service center will start operating in December and will be located in the Verde office complex, Riga, Roberta Hir\u0161a Street 1.<\/p>\n","protected":false},"excerpt":{"rendered":"

Today at 10:00 AM, the new AS INDEXO Bank will begin operations, becoming the first new credit institution in Latvia since joining the Eurozone. From today, individuals can become bank clients \u2013 download the mobile app, open accounts, receive payment cards, make transfers, save money, receive loan offers and use many other familiar and new […]<\/p>\n","protected":false},"author":16,"featured_media":32396,"comment_status":"open","ping_status":"closed","template":"","class_list":["post-32404","zinas","type-zinas","status-publish","has-post-thumbnail","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/staging.indexo.lv\/en\/wp-json\/wp\/v2\/zinas\/32404","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/staging.indexo.lv\/en\/wp-json\/wp\/v2\/zinas"}],"about":[{"href":"https:\/\/staging.indexo.lv\/en\/wp-json\/wp\/v2\/types\/zinas"}],"author":[{"embeddable":true,"href":"https:\/\/staging.indexo.lv\/en\/wp-json\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/staging.indexo.lv\/en\/wp-json\/wp\/v2\/comments?post=32404"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/staging.indexo.lv\/en\/wp-json\/wp\/v2\/media\/32396"}],"wp:attachment":[{"href":"https:\/\/staging.indexo.lv\/en\/wp-json\/wp\/v2\/media?parent=32404"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}