Opportunity
IESA, a company within renowned Aareon Group, a PropTech leader in Europe, saw a chance to transform the property management market in Spain. Traditional banking posed property managers many challenges, such as high costs, time-consuming and bureaucratic tasks, and a lack of transparency. With over 80% of property managers in Spain using IESA's software to manage 500,000+ homeowner communities, the potential benefits of a tailored banking solution were promising.
Solution
IESA created TucoBan, a fully digital account for property managers and homeowners' associations. The account seamlessly integrates with the software for administrators and the app for residents. Using Swan's Banking-as-a-Service platform, IESA ensured compliance and security while delivering a user-friendly solution tailored to property managers and owners.
Impact
TucoBan accounts help property managers and homeowners' associations save significant time and money. They make it possible to automate tasks, simplify processes, and have complete transparency over payments. Thanks to a flat-fee structure, 80% of associations are expected to cut up to 40% of their annual banking costs. Integrated with the software, it ensures seamless financial management, while the residents’ app offers real-time transaction visibility, boosting trust between property managers and owners. Naturally, account growth is booming — increasing 230% month-on-month. Customers praise its ease of use, cost savings, and streamlined processes.
TucoBan, the first digital account dedicated to property managers and homeowners alike
IESA, a leader in the PropTech sector and part of the Aareon Group, realized that property managers and homeowner’s associations were losing a lot of time and money through interactions with the traditional banking system.
For instance, at the annual homeowners’ meeting, when it’s time to change the president, the powers of attorney need to be updated to grant the new president authority to act on behalf of the homeowners’ association when managing transactions. This requires a physical trip to the bank branch by both the administrator and the new president. Very time-consuming.
Neobanks didn't solve this issue either. Although they made it possible to do everything digitally, without visiting a bank branch, they lacked the flexibility to handle specific types of documentation required during the account opening processes.
With over 80% of the country’s property managers using IESA's software to manage more than 500,000 homeowners communities, the potential impact of a tailored banking solution was immense.
Reaping the rewards: cost savings and efficiency gains with TucoBan
IESA developed TucoBan, a 100% digital account specifically designed for property managers and homeowners' associations, to streamline and simplify their day-to-day operations. Integrated with property management software Gesfincas, TucoBan automates processes, reduces administrative burdens, and offers predictable, transparent banking services. Similarly, the integration with the TucomunidApp provides real-time visibility into community transactions, enhancing transparency and trust for everyone involved.
An account is crucial for handling neighbors' receipts, paying suppliers, managing contributions, and financing building repairs. With traditional banks, account visibility was restricted to property managers, who must connect to multiple platforms, including banking apps, project management tools, and communication channels.
While property managers clearly benefit from increased efficiency, the highest impact is felt by property owners, whether they live in the building or rent it out. It gives them peace of mind knowing that all operations and maintenance are effectively managed and, most importantly, communicated with full transparency and accountability.
“The TucomunidadApp shows account transactions in real-time, both to the property manager and to the owners. Besides tracking payments and expense reports, users can see the upcoming community meetings, report incidents, access documents and scheduled maintenance, book common areas such as paddle tennis court or swimming pool, and more. Simply put, everything that can be done within a community of neighbors can be done within the app”, says David Raya, product lead behind all IESA product lines.
Swan’s Banking-as-a-Service solution played a crucial role in the development of TucoBan accounts. "For us, Swan has been the ideal partner, the perfect partner," says David. "Thanks to its complete APIs, integration has been very simple and has allowed us to focus on developing a simple user experience adapted to the needs of property communities." Swan ensured that TucoBan met all regulatory compliance, cybersecurity, and risk management standards, which allowed IESA to focus on their own product.
“Swan helps us tremendously with local compliance requirements, as it is adapted to all Spanish regulations. TucoBan accounts’ IBANs are Spanish, which makes all the procedures with the public administration way easier for us."
"Additionally, having all the funds in Swan-powered accounts safeguarded by a major European bank such as BNP Paribas provides our users the same level of security as any traditional bank, with added perks of an embedded offering that is redefining modern banking."
In just three months, user engagement skyrocketed, saving property managers and homeowners many hours and thousands of euros annually.
The cost savings and efficiency improvements are real. According to Enrique Sánchez, Managing Director of IESA, "Our goal is, at least for 80% of the homeowners' associations, to have a reduction in annual banking costs of between 30 and 40%." This cost reduction is achieved through TucoBan’s flat fee structure, which eliminates the unpredictable banking costs that property managers previously faced.
Since its launch, TucoBan has seen rapid adoption, with an average account growth rate of 232% in the first three months. Within days of the product’s launch announcement, more than 500 property managers signed up for the waiting list. "We are adding new communities every day, and almost 50% of property managers who have tried an account with TucoBan have also created new accounts for other of their homeowner communities," noted Sánchez.
The integration with Gesfincas for property management allows seamless financial flows, while the TuComunidadApp provides real-time visibility into community transactions. "Thanks to the integration within the enterprise resource planning (ERP) and the integration with our app, the community, the president, and all authorized people will be able to track the day-to-day income and expenses of the community in full detail," Sánchez explained.
A shared vision: how technology can shape a more sustainable future
IESA, as a part of Aareon Group, has ambitious plans for the future, leveraging its partnership with Swan to establish itself as a pioneer in the property management sector. "The future ahead is spectacular," Sánchez stated. He highlights the potential of artificial intelligence to further enhance TucoBan’s capabilities. "We can predict future treasury needs, detect bank charges that are out of the ordinary to prevent fraud, and even define consumption patterns to optimize water, gas, and energy consumption in homeowners' communities."
Both Swan and IESA share a vision for a sustainable and transparent future, with a more efficient and eco-friendly property management ecosystem. "In this sense, both Swan and IESA share values and a vision for the future, and from the perspective of the union of a PropTech with a leader in FinTech like Swan, we believe it will be a fruitful and unique union," Sánchez concluded.
Since the launch of TucoBan, the feedback from customers has been overwhelmingly positive. Property managers highlight the product’s ease of use, cost savings, and seamless integration with their existing ERP systems. As IESA and Swan continue to innovate, the future looks bright for property managers and homeowners' associations across Spain.
By addressing key challenges and leveraging cutting-edge technology, TucoBan is set to transform the way property managers and homeowners' associations operate, paving the way for a more efficient, transparent, and sustainable future.
