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Markéta Dvořáčková 
Head of PR & Internal Communications 

20. 11. 2019

Equa bank’s double-digit growth continues, and it plans more innovations

Since entering the Czech banking market eight years ago Equa bank has reported growth in all of its business areas. Equa bank has become the leader in client-friendly banking and is a long-standing leader in new client acquisition in the Czech banking industry. The number of Equa bank clients continues to grow at a double-digit rate and reached 415,000 at the beginning of November. Equa bank will offer a range of innovations to existing and potential clients in 2020.

At the end of Q3 2019, i.e. almost exactly on its 8th anniversary, Equa bank recorded profits of CZK 355 million, which equals year-on-year growth of 36%. Net consolidated profit rose by a quarter year-on-year to CZK 325 million. Total assets exceeded CZK 60 billion and the volume of deposits grew by 14% to almost CZK 53 billion, while the total loan volume increased by 16% year-on-year to CZK 45 billion. “Our dynamic development and business growth in all client segments is the result of continuing interest in our loan products, for both retail and corporate clients. It’s also worth noting that we have retained our position as one of the three leading banks in new client acquisition. Equa bank’s client base shows double-digit growth each year, mainly because of our quality products and services, which offer high added value. We have successfully implemented a number of steps that have made us a leading player in digital banking, making us an even more accessible, easy to understand and modern bank,” said Petr Řehák, Equa bank CEO and Chairman of the Board.

Above all Equa bank clients appreciate its simple, modern online banking system, free basic services and products, favorable interest rates, price transparency and client approach. Almost three-quarters of Equa bank clients actively use its products and services. Interest in digital products, primarily mobile banking, is growing most dynamically among clients. Currently, half of all active clients use mobile banking – which equals growth of 50% from one year ago. Clients are also making payments through mobile banking more and more often. While only 30% of domestic payments were made through mobile banking one year ago, now it is 55%. And 70% of transfers between accounts are now made through mobile banking. Interest in using mobile banking to pay in stores is also growing. Today, one-tenth of all Equa bank card payments are made through Google Pay. Equa bank supports its leading position in digital banking by introducing a new service or improvement of an existing service in its application almost every month.

Equa bank is also seeing success in the corporate banking segment. At the end of July, the number of entrepreneur and SME clients exceeded 10,000, which equals growth of 11% year-on-year. The bank saw growth in both corporate deposits and loans. There was interest e.g. in loans provided through a collaboration between Equa bank and the European Investment Fund within the COSME programme. Last but not least, Equa bank’s portfolio of family company services is also a driver of growth in corporate client products.

Equa bank innovations planned through the end of 2019 and in 2020

  • By the end of 2019 Equa bank will finishing installing its network of deposit machines and will launch full operation. These modern deposit machines are based on the Japanese OKI technology and are relatively rare on the Czech market. With these machines Equa bank will enable deposits and withdrawals in CZK, and will be the only bank on the Czech market to offer deposits in EUR and USD. 

  • Following its introduction of Google Pay in early 2019, Equa bank will begin offering Apple Pay. Payment testing will take place in December 2019 and full operation will be launched at the beginning of 2020.

  • Starting on 7 December, all incoming and outgoing SEPA and Europlatba payments from current accounts will be free of charge. The bank will also begin offering these payment services through mobile banking.

  • One of the interesting new features Equa bank will offer in 2020 is digital account opening (completely online). It will be possible to open an account just by uploading two client identification documents to the application and making a confirmation payment of CZK 1 from one of the client’s existing accounts at a different bank. After the payment is received and accepted by the bank, the account will be opened.

  • In 2020 Equa bank will introduce immediate payments. The service will be free and will enable immediate posting of money to a recipient account, if the recipient’s bank supports immediate payments. Immediate payments will be available in mobile banking.

  • Another new feature that the bank will offer clients in 2020 is strong authentication of online card payments, either using push notification in a mobile application, where the client may authenticate the payment simply using Face ID or Touch ID, or with an ePIN that the client sets in Internet or mobile banking beforehand, and then just enters the ePIN when authenticating online card payments along with a one-off code received in a text message.

  • The bank will also launch new ads in 2020 that will continue to use the fairy-tale concept.