Banks compete to reward clients for their fidelity

This business is mutually advantageous. While clients have access to more sophisticated financial resources, at lower costs, banks are increasing their sales and ensuring their client base.

The most recent player on the market is Raiffeisen Bank, which announced that it will grant pre-approved loans to good-paying customers, who could receive additional amounts by paying the same annuity. "The time has come to reward our best and most devoted clients. They will be able to receive bigger loans faster and easier," said Raiffeisen's Retail Division Vice President, Razvan Munteanu.

The advantages of such products have also been speculated by Banca Romana de Dezvoltare, Banca Comerciala Romana, Unicredit Tiriac, Banca Transilvania and Alpha Bank. Each of these banks has created products to keep clients from looking for services offered by other financial providers, according to the "all in house" concept.

BCR launched the "Current Account" package, which includes a current account, a debit or credit card, with an overdraft option. The package further offers money transfer services to savings accounts, phone banking, e-banking, and statements.

Alpha Bank launched Alpha Club, a product that offers a package of large loans, and a card that comes with a series of discounts in the stores of commercial partners. The Alpha Club card is offered free-of-charge to clients who loan contracts exceeding €30,000. The bank's partners include retailers of cars, luxury products, furniture, home appliances, tourism agencies, and hotels.

Unicredit Tiriac Bank also offers packages that combine current accounts, Visa or MasterCard, co-branded cards, Online banking, and advisory services. The bank has indicated that costs for clients who purchase these packages are 2.5 lower than if these same products were acquired separately. Financial products part of the package can be combined according to client needs, and these also receive a bonus in the form of travel insurance and a 10 percent discount for car rental at partner companies.