Fintechs are gaining ground on traditional banking, prioritising customer service and improving their competitiveness thanks to the tools provided by new technologies. Joan Benedicto, 11Onze agent, gives us a summary of the main advantages of Fintech.

From the fusion of “financial” and “technology” comes the term Fintech. These technology platforms provide financial services through the internet and mobile devices, and are changing the way people manage their money. They operate entirely online and offer a wide range of services and products, from current and savings accounts to loans and investments.

One of the most important advantages of Fintech is convenience. Fintech applications and platforms allow users to access their accounts and make transactions from anywhere and at any time, eliminating the need to visit a physical branch. This is especially useful for those who live in rural areas or have tight schedules.

Innovation, agility and lower fees

Fintechs also offer greater efficiency compared to traditional banks. Automation lets them process transactions and track them more quickly and accurately. This means that users can obtain real-time financial reports, make payments and transfers online and get quick answers to their questions.

Through the use of new technologies, they can offer innovative financial products with more flexibility than traditional banking products. This includes online loans, virtual credit card payments, online investments and cryptocurrency payments.

These digital platforms are not subject to legacy systems that rely on a costly network of physical branches. As Benedicto points out, “as the company’s costs are lower, they are able to offer services at reduced fees“, leaving behind the exorbitant fees that traditional banking has accustomed us to.

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