East West Direkt has attracted over 3 thousand customers for online deposits in 2 years
Two years ago, East-West United Bank, registered in Luxembourg, launched the new product East West Direkt - online deposits for individuals. During this time, more than 3 thousand individuals in Luxembourg and Germany placed their assets on savings accounts and deposits with East-West United Bank, which in turn allowed the bank to increase the amount of stable liabilities.
East West Direkt was one of the first online platforms for attracting online deposits in Luxembourg. The success of the product was due to competitive deposit rates and the convenience of an online customer solution. After the aggressive launch of East West Direkt, the bank chose a strategy to increase profitability and, over time, reduced rates. At present, the deposit rate offered by East West Direkt ranges from 0.5% to 1.05% per annum, depending on the period for which the funds are placed. On savings accounts, the rate is set at 0.45% per annum. Deposit duration at East West Direkt typically ranges from three months to four years.
East West Direkt is one of the most successful digital projects of East-West United Bank. The bank plans to continue to invest in advanced digital technologies to automate the internal processes of the bank and provide the most convenient service to its customers. In the future, the East West Direkt platform can be used to sell investment and credit products of the bank.
“Our bank turns 45 this year and the presence of an online sales channel in the bank’s portfolio is another sign of quality, because the regulator places high demands on banks where there are online channels, both in terms of asset quality and risk management, and compliance with personal data protection requirements. We are proud to be among the first in Luxembourg to launch such a project and plan to further develop our technological solution for the convenience of our customers.”
Sergey Pchelintsev, CEO
East-West United Bank
East-West United Bank's customers are subject to the Luxembourg Deposit Insurance Mechanism (up to 100,000 euros). The product is available on the East West Direkt website www.eastwestdirekt.lu, where customers can apply to open savings accounts and deposits. All transactions on the accounts are carried out through the Internet, without charging a fee.
East-West United Bank is a Luxembourg-based bank providing Corporate, Private Banking as well as Wealth Management services to corporate and private clients. The bank offers tailor-made financial solutions to address clients’ needs today and help them build tomorrow. EWUB has been successfully operating for 45 years acting as a business partner dedicated to protecting clients’ interests.