The financial services of the future, in one click
At 11Onze we begin to reveal the conditions of the services that we will offer on October 1 to the first 5,000 customers. With the help of junior product manager Sara Casals, we detail what we will soon be able to find in El Canut, the super app that comes to revolutionize traditional banking.
“On October 1, we launch an 11Onze individual account. Once you sign up for this account with the access code, we will be able to add new services,” Casals explains. The initial account will be for people of legal age and only one account holder will be accepted. When the customer enters 11Onze’s super app, El Canut, he or she will have a fincom account, but will also be able to add accounts from other financial institutions with which he or she has contracted a service.
The aim is to be able to manage all accounts from El Canut, so that the customer will have a greater financial control of his/her money. Within the same initial package, in addition to the account and the super app, the customer participates in La Plaça, an active financial community. This community generates content about the world of money, promotes training with lessons and audiovisuals, and has 24-hour attention of the 11Onze team of agents. “We charge what we charge in order to cover the minimum costs. In a few months we will offer a very wide range of services. You have to be patient and get into 11Onze little by little,” Casals reveals.
The products that will make us grow
- An cyphered e-mail, protecting communications. One of the non-financial services that we will offer in 11Onze, but that can be useful to manage and organize our finances, is an e-mail with 11Onze’s domain “completely cyphered”, explains Casals. This means that we will be able to maintain communication with suppliers, clients or users with total security, because the email will cypher both the sender and the receiver as well as the message.
- ETF packages, learning to invest. As for financial services, one of the milestones will be ETF packages, i.e., exchange-traded funds. “ETF packages allow you to invest in units. Each participation represents a portfolio of shares, which yields returns, not through managers who buy and sell on the stock market, with the risk that this entails, but fluctuates according to the index within which it is framed. Thus, you are diversifying your money and it is more difficult to put it at risk. Without having very in-depth knowledge of the world of the stock market, our clients will be able to access it,” explains our junior product manager. Obviously, thanks to La Plaça and the 11Onze brokers, the community will gradually learn how to trade on the stock exchange. “We will configure the product according to the client’s needs and knowledge,” says Casals. One of the peculiarities of these packages will be that it will not be necessary to invest a large amount, as is usually the case in traditional banking. The other feature is that it will be possible to choose between several portfolios and the user will be able to consult which companies are part of them, so that all the packages will allow investment “without having ethical and moral conflicts”. “We will have eco packages, for example, with companies that are sustainable. We will promote socially responsible investing,” says the junior product manager.
- Europe-wide lending services: “At 11Onze we will also be able to offer loans with the most competitive rates that we find in the European market,” Casals continues. In fact, precisely, the network that our community fintech has created throughout the European Union, thanks to the PSD2 regulation, makes it possible to enjoy and choose from a wide range of services from various European financiers. This advantage is not possible in traditional banking, which forces you to purchase its services at a fixed price. In addition, at 11Onze “we will never offer loans that will drown our clients with unaffordable interest rates”. “If a client has a good history, but a month does not reach everything, relief can be found in loans with a very low interest rate,” assures the junior product manager.
- The cryptocurrency wallet, the ultimate tool. “If we talk about investment services, we have to mention that we will have our own cryptocurrency, Les Peles, and we will offer a crypto wallet within El Canut, through which we will be able to buy, sell or store cryptocurrencies,” Casals explains. That’s why we say that El Canut will allow us to create a financial hub, because all our finances will be protected within the same application. This is how we will be able to offer more profitability to our savings. “When the currency is unstable, in times of hyperinflation, you make sure that the value of your money is not lost. Gold, for example, tends to go up when the currency goes down,” details the junior product manager. To learn how to move savings from one currency to another, we will, of course, have La Plaça and the 11Onze agents.
- Debit cards, a guaranteed savings. Casals also reveals that credit cards will not be offered, but debit cards will be. “A credit card promotes an irresponsible use of money. When you pay with money you don’t have, you can find yourself with a problem when it’s time to pay it back, because the interest is increasing. For this reason, 11Onze will provide customers with all the tools they need to take control of their finances and learn how to save. “If we get the customer to be financially literate, we are sure they will be able to save,” she says.
- Customized accounts, personalizing finances. As the 11Onze community grows, there will also be different accounts for the self-employed, companies, families, senior citizens, minors, shared accounts or subaccounts. Specifically, Casals reveals that, for example, the accounts for the self-employed and companies are being designed to have associated digital factoring and leasing services. That is, through El Canut it will be possible to manage the accounts of a business and generate invoices, but also to advance payments to suppliers when there is no liquidity or manage the rental of offices, technology or company cars, among others.
Costs? Yes, but very competitive
- Having an account like someone who has a subscription. “We will have a monthly fee of €2.95, which is the price of a Sunday newspaper. It will be a monthly cost, we will not charge you an annual fee. So, if at any time you want to unsubscribe, you can do so without any problem,” Casals explains. In total, to maintain an account with 11Onze you will only have to pay 35.40 euros a year, subscription charges that are considerably more competitive than those currently offered by traditional banks, which range from 50 to 200 euros a year. In addition, this price offers the new generation app, El Canut, personalized attention from agents 24 hours a day and membership in the community in La Plaça. “You won’t find this in any other fintech or bank,” says our junior product manager. “We think it’s a more than fair price. Some conventional banks offer you a free account, but in exchange they force you to have your salary paid directly into your account or have a minimum balance of a certain amount,” she argues.
- You only pay for the card once. In addition to the €2.95 per month of subscription charges, the cost of the debit card will be charged in a single payment, if one has been requested, which “will have a unique design, totally eco-friendly”. “We don’t do like traditional banking, where you have to pay every year for a card that you get only once. The price includes the cost of the card and shipping costs, 14.95 euros,” says Casals.
- Transfers, in evolution. Transfers between 11Onze accounts will be free and instantaneous. “To make transfers to other entities, a commission will be applied, but as soon as it can be offered free of charge, we will do so,” says the junior product manager. Thus, receiving transfers will be free, but sending them will cost 0.75 cents. “When we have active company accounts, we will probably have to adapt to the needs of these companies. And we know they need to make transfers and deposit cash,” he expands.
- And what about ATM withdrawals? “Finally, we are working to create our own network where you can make purchases and, at the same time, withdraw and deposit cash,” Casals explains. For the moment, however, if people want to withdraw money from the ATM with the 11Onze account, the price is 1.10 euros, plus 1% of the amount. Even so, our junior product manager reminds us that “customers are not being asked to close their current accounts at other banks and, therefore, if money needs to be withdrawn from the ATM, it can be done from those other accounts.” In addition, it should also be borne in mind that, in the not too distant future, it is likely that cash will disappear from the market.
Want an 11Onze account? Order batch in Get in line. With the code we’ll give you, you can open an account on October 1st.
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