Bankinter : on-line platform, COINC, launches a new portal with tools for wedding planning

Bankinter's fully on-line financial services platform, COINC, is unveiling an innovative initiative to create distinct and original ways of saving that it began in 2012, when the platform was launched. It has just released into the market a portal focused on saving for weddings, with related planning tools (https://www.coinc.es/bodas/).

The COINC Portal de Bodas (in English, 'Wedding Portal') aims to provide a very specific segment seeking short- or medium-term final savings, with a series of options for planning such an event in the easiest and fastest manner.

The 'microsite' includes a tool for calculating the wedding budget and recording each expense for the event.

The COINC Portal de Bodas also provides the option of creating a gift registry and sharing it with invitees; personalising it with photographs; and showing favourite gifts. It also lets users set specific 'goals' in their COINC savings account and include them on their wedding registry so attendees can make a contribution if they like. Saving on COINC is normally structured through this type of labelling with 'goals', which savings customers use to designate the reason for which they are saving.

The 'microsite' also has tools for managing the guest list and organising aspects such as the number of guests and companions, the number of children or keeping track of allergies.

Another advantage is that it offers to registered users discounts on various services necessary for organising the event and other things associated with it, like travel. Therefore, the wedding couple can use the platform to end out a 'save-the-date' for the event with several design options.

The number of COINC users saving for their wedding goes up by 22%.

With over 125,800 registered users, COINC statistics show that those saving for their wedding is steadily increasing, even if it is not one of the most prominent savings 'goals'. Still, in the last twelve months, it has grown by 22%. Last year, in July, there were a total of 1,322 accounts opened with 'wedding' cited as the related savings 'goal'. In July this year, accounts with these 'goals' have climbed in number to a total 1,612.

Based on gender, there are more women saving for their weddings than men, but just barely. Women who are saving for their big day are just over half of the total, at 54% versus 46% of men who put 'wedding' as their account 'goal'.

In terms of age, 58% of users saving for their weddings are between 25 and 34 years of age, while 27% are between 35 and 44 years of age.

Most significantly, the average duration of savings to be used for weddings is 21 months, almost two years; and the average savings amount is about 3,000 euros per person.

At the end of July, COINC had registered over 125,800, up 26% from a year again, with a total savings balance of 1.2 billion euros, a 4% increase from July 2016.