Change of securities account in the blink of an eye

Sparkasse Dachau recently decided to make it easier for its customers to switch securities accounts with our innovative solution. We spoke to Tamino Schatz, responsible for Marketing & Human Resources at Sparkasse Dachau, about the background.

Mr. Schatz, please give us a brief introduction to Sparkasse Dachau.

Gladly. As a member of the Sparkassen-Finanzgruppe, one of the largest financial services providers in Europe, we are the market leader in the Dachau district. We currently employ 480 people who are committed to serving our customers. In addition to classic account, savings account or financing offers, our product portfolio also includes securities accounts. Here, our customers can order securities quickly and flexibly via our online banking system. In addition, we offer “S-Invest,” an app that gives them an overview of their securities investments anytime, anywhere.

Why do customers want to switch their securities account from one bank to another?

Mostly, they want to have a better overview or to be able to offset profits and losses directly against each other. Another common reason is a fee increase by the previous bank. Of course, we benefit when our customers have all their securities accounts centrally with us, as this allows us to advise them more comprehensively.

And that’s why you decided to make it easier for your customers to switch securities accounts?

Exactly. We want to make it as easy as possible for our customers to switch. After all, customers normally have to fill in numerous forms for this, which involves a lot of effort. In addition, customers have to send their previous house bank the request to transfer the securities account to another bank securely. In this case, secure means sending the letter to the correct recipient, i.e. the relevant department. In the process, formal errors occur time and again. To avoid this and speed up the onboarding process, we have decided to offer an online securities account transfer service to help customers through this process.

How did the decision for fino come about?

First of all, fino’s account and securities account switching solutions are more or less a given at banks and savings banks. Nevertheless, we looked at alternative products, but ultimately decided on fino.

For what reasons?

Already the cooperation during the product evaluation was very good. Our questions were answered quickly and competently, which gave us a good feeling. Another argument is that fino is certified by BaFin. In addition, the fino securities account switch is simple and transparent for customers. And we were able to integrate it on our website without any problems:

What does a customer have to do to switch his securities account to you?

Switching securities accounts can be done quickly in just a few steps. The customer enters his previous securities account number, including the bank where the securities account is currently located. Then he selects the holdings that are to be transferred. If all securities are to be moved, the customer can also request the deletion of the securities account at the previous bank. Finally, he enters his personal data, checks the details and completes the order with his digital signature.

Does the customer have to inform his previous bank about the change?

No, once the order has been confirmed, it is automatically sent securely to the previous bank and made available to the customer as a download or printout. This means that customers no longer have to worry about any formal errors.

Thank you very much for your explanations, Mr. Schatz!

For more information on our deposit exchange service, please click here: