COINC allows for easy expense management online and via smartphone

Bankinter takes another step forward in offering customers the ability to manage their expenses in an easier and more efficient way, from their smartphones or computers. COINC, the 100% digital platform for the bank's financial services, has launched a new digital service that allows users to set up direct debits for their bills, with an aim to help them to better manage and plan their recurring expenses in a comfortable and organised way.

To set up the direct debit, the customer just needs to enter his or her COINC account number to the provider company, with a view to better organise their recurring expenses:electricity, water, telephone contracts, insurance, card payments, loans, etc.

The advantage of bringing all bills over to this platform is that COINC organises them automatically into different categories, without the customer having to make the effort. This means that the user can glance over all payment obligations for that month, which helps when it comes to making spending decisions and, consequently, saving decisions.

As part of the way COINC works, the expense categories are predefined: household expenses, education expenses, card payments, insurance, loans, taxes, leisure-sport and other. This means that users can clearly see how they are spending their money, giving them more tools to monitor their expenses and help them to spot where they can save more.

This is an example of what COINC users see on their screen when they are looking at where their money is going:

 

 

The system automatically analyses expenses from month to month, makes a calculation based on the following month's forecast, and alerts customers in advance so that they can better manage their money.

For each category, customers have a detailed overview of how their expenses are progressing with respect to the current month, as well as the evolution of past months. They can also see how much they have spent in previous months:

 

 

The major advantage of this payment and expense forecast service is that it is completely automatic, without customers having to interact with it if they don't choose to. It is down to the tool to analyse the customer's details, make the calculations and send and alert him or her only when it's relevant. 

This service is free, and also comes with the following advantages:

- An automatic alerts service that keeps the customer up to date with everything: when a bill has been paid, if it has been returned, possible duplicates, if it exceeds the expense forecast of an amount indicated by the user, etc. In addition to all this, it provides savings advice to help users spend better and save more. 

- The customer is always able to make changes to the way in which the automatic system works:

- Move an expense from one predetermined category to another, or change its frequency, in such a way that there is an immediate online recalculation of payment forecasts. 

  - When faced with an unexpected expense, the forecast can be recalculated by manually introducing a new movement.

  - Features that allow for a bill to be returned, or definitively unsubscribe from a provider so that the customer is not charged again. 

  - It allows for the user to plan periodical income in order to cover planned expenses.

 

COINC.

COINC (www.coinc.es) is a free digital platform that Bankinter launched in 2012, and whose objective is to help users to achieve concrete goals, by making saving and expense/loan management easy and even fun.

COINC brings together the advantages of the traditional banking saving format - which includes security, return of the account and immediate financing - with the simplicity, the dynamic character and the total virtuality of the Internet and social networks.

COINC is open to all types of customers, despite being specifically designed for users who want to have access to certain financial services online, without having to use traditional banking systems.

According to data from 30 June of this year, COINC has 98,000 registered users, with an accumulated equity of 1,150 million euros; 48% more than the first half of 2015.