Fintechs are gaining ground on banks

Fintechs are bringing about an unprecedented financial revolution. 11Onze is spearheading this change, combining cutting-edge technology and more efficient financial management that empowers users. In this changing landscape, traditional banking is lagging behind.


Perhaps we think that this revolution is a long way off, because the pandemic has dragged us into a complex day-to-day life. But we cannot be naïve: the changes in the world of finance affect us more than we think, and will affect us even more. That is why it is important that we understand the relevance of the moment, act accordingly and stay on track. The promoters of 11Onze saw this opportunity and are taking advantage of it.

Without going any further, Spain already has more than 350 fintechs in full operation and hosts 50 foreign start-ups. In the report Ecosistema Startup, the consultancy firm Xstartups states that more than 30 fintechs have been created in the last two years, including 11Onze, Ritmo, Payflow, Orama, Menhir, Fiara, Findoit, Stockfink, Deale, Bankse, Kintai and Pop, among others.


From advisors to undisputed leaders

Things are changing radically, and very fast. Fintechs have gone from supporting traditional financial institutions to leading the change. And there are two reasons for this. The first is the emergence and spread of chatbots, artificial intelligence, blockchain and cryptocurrency. The second is the exponential growth of private venture capital willing to invest in innovative ideas to change the current political, economic and social system. Both causes have led to a real transformation of financial technology.

Thus, at first, it was Asian financial institutions that began to launch super apps that brought together hundreds of thousands of users around financial services. The explosion was so sudden that regulations in the western world have become obsolete and are still being adapted by leaps and bounds. All this technological automation has led to fierce competition in the financial sector, as reported by Investopedia.

Hot on the heels of Asian countries, the United States has embarked on an unprecedented race in financial technologies. And on a global scale, large banks have even created digital incubators to copy the solutions of financial start-ups. Concern has grown to such an extent that the CEO of JP Morgan, Jamie Dimon, who manages a billion-dollar banking empire, has gone so far as to say, literally, that traditional banks “have to be scared shitless” by the unstoppable advance of fintech.

This is how large operators such as JP Morgan, Goldman Sachs, BBVA and Banco Santander have had to quickly promote new services to connect and attract customers. And the complaints have not been long in coming. First, because they did not have time to adapt to the new European PSD2 regulations, as fintechs such as 11Onze have done. Then, because they want to manage the Next Generation funds arriving from Europe and they cannot because it does not correspond to them. And now, because they will have to adapt to the requirements of the Spanish government, which obliges them to serve customers within 24 hours. In this sense, 11Onze has once again moved forward with its 24/7 team of agents and with the ‘11Onze a casa’ service.


Gen Z, community technology

The reality is that there is an exhaustion of the traditional financial world. Mistrust has grown steadily in recent years, due to banking abuses, such as subprime mortgages, black cards, IBAN discrimination and arbitrary commissions. To all this must be added the massive closure of bank branches, which no longer offer local services. In fact, these closures have driven thousands of bank workers to ERO, and they are joining en masse, because, they denounce, they are “fed up with working as salespeople.” Fintechs, on the other hand, offer flexible and technological workspaces for their workforces.

In this context, fintechs are carving out a niche for themselves in a particularly young, digitally native, hyperconnected market that does not understand complication, slowness and lack of transparency. And they are doing so by strengthening community ties and collective empowerment. According to a study by Asufin, 38.5% of 18-25 year olds use them. Even so, it is surprising how little knowledge the older age groups have about fintechs. In Spain, only 32% are aware of them.

Moreover, as reported by the Financial Digitalisation Observatory of Funcas (ODF-Funcas) and Finnovating, nine out of ten customers of digital finance companies give a score of 6.98 out of ten for the services they receive. They value price and security above all, above ease and transparency. Moreover, 37% of respondents would opt for a new financial provider other than a traditional financial institution if they wanted to open a new account. 

This is why, little by little, word-of-mouth is gradually catching on among the public and has become the best ally of the new technological finance companies. So yes: fintechs are not only here to stay, but they are destined to unseat traditional banking in a short time. 11Onze wants to be the spearhead of this unbridled revolution. And it wants to count on you, so that you too can be a driving force for change.


11Onze is becoming a phenomenon as the first Fintech community in Catalonia. Now, it releases the first version of El Canut, the super app of 11Onze, for Android and Apple. El Canut, the first universal account can be opened in Catalan territory.

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  1. Jordi MorenoJordi Moreno says:

    Ben fet!👏👏👏

  2. Daniela SimónDaniela Simón says:
  3. Joaquin Lopez ArandaJoaquin Lopez Aranda says:

    Ja és hora que vagin perdent protagonisme i exclusivitat els bancs tradicionals, així deixaran de ser tan prepotents.

    • Jordi Oller says:

      Tant de bo sigui així Joaquin, gràcies pel comentari. Ens veiem a La Plaça.

      2 years ago
  4. Youssef Lakdimi ahdriYoussef Lakdimi ahdri says:

    Está clar que la normativa PSD2 es fruit de la vertiginos velocitat en que les fintech están avançant. Es bastant coherent que el Banc Central Europeu actualitzes la normativa per donar suport aquestes noves empresas que estavan operant sense ningun marc legal. Ara els bancs els hi han de proporcionar eines a aquestes fintech perquè puguin operar de forma legal. Pel que he vist, ja cuasi tots els bancs espanyols ja han proporcionat les APIs a les fintech , i aquestas ja s’estan utilitzant. Però la questió que a mi em preocupa es si el BCE actualitza la normativa per donar support aquestes fintech, que aconsegueixen a cambi?
    Desde el meu punt de vista, no es res mes que un acord que ha de beneficiar els per doble banda. Les fintech proporcionan informació (moviments ,transiccions..), es a dir, tot el que necesiti el BCE per que aquets puguin mantenir l’economia europea i la moneda Euro sigueixin sent un valor segur.

  5. Pablo Ortega NovilloPablo Ortega Novillo says:

    Gràcies per les vostres respostes, Albert i Jordi. Espero que aquesta cartera de serveis i productes no trigui a arribar, ja que mentrestant estic pagant un pla mensual per quelcom que encara no puc aprofitar. Us seguiré de prop

    • Jordi CollJordi Coll says:

      Moltes gràcies a tu, Pablo, per seguir-nos i formar part d’aquesta Comunitat de 11Onze! Ens anem trobant per aquí.

      2 years ago
    • Elisabet Porqueras Garcia says:

      Gràcies pel teu comentari Pablo!, ens veiem per La Plaça

      2 years ago
  6. Pablo Ortega NovilloPablo Ortega Novillo says:

    Em sap greu fer d’advocat del diable, però tot i que tinc il·lusió pel projecte, em sento decebut. Ara mateix la meva “banca tradicional espanyola” m’ofereix millors condicions que no pas 11onze. A 11onze hi ha comissions de manteniment, d’emissió de transferències, de reintegraments en caixers, d’emissió de targetes… Encara no hi ha productes d’estalvi, ni de crèdit ni d’inversió. Ni Bizum ni Google Pay… Sé que tot just comenceu, però no puc fer un acte de fe eternament. Al final, el que jo busco és un banc per gestionar el meu dia a dia i els meus estalvis i jubilació, i ara per ara no ho és. Ara mateix el compte obert costa més diners que els interessos que no genera. I com a fincom: vaig informar d’una entitat que no acceptava IBANs no espanyols i em van enviar un formulari per a que jo tramités la queixa a títol personal. No se suposa que és una fincom? Doncs podria actuar en nom de tots els membres de la fincom i no haver-ho de fer jo sol.
    Voldria que 11onze fos quelcom més que un banc, però ha de començar a fer de banc perquè sino, la resta no ens servirà de gaire.
    Confio que anireu millorant i augmentant la cartera de productes. Encara tinc ganes, però no són infinites. Ànims

    • Jordi CollJordi Coll says:

      No t’enganyis, Pablo, que la banca tradicional fa veure que no et cobra comissions, però si que te les cobra, encara que sigui de manera encoberta, amb les assegurances de la llar i amb altres productes que segurament tens contractats amb ells… Nosaltres, però, no cobrem comissions, en realitat cobrem per serveis prestats, com és el manteniment del compte o d’altres càrrecs. Pensa, però, que tot just estem començant i que durant els mesos vinents aniran sortint moltes novetats que ben segur seran del teu interès, i que molt probablement faran que et surti molt més rendible estar a 11Onze en comptes de continuar amb la banca tradicional de tota la vida. I sí, la cartera de productes serà molt extensa, la més extensa que et puguis imaginar, però necessitem temps per implantar-ho i fer que funcioni a l’App. Pensa també que un cop tinguem un ventall ben ampli de productes podria haver-hi canvis o modificacions en les teves tarifes en funció de la teva activitat amb 11Onze. Moltes gràcies pel teu comentari, Pablo!!!

      2 years ago
    • AlbertAlbert says:

      Tens raó, Pablo, que tot just estem començant i és per aquest motiu que encara tenim una oferta de productes i serveis financers limitada. Ara bé, pel que fa als preus, tenim uns preus ben ajustats en comparació amb la banca tradicional, com pots veure en aquest article
      D’altra banda, el procés de reclamació que cal seguir quant a discriminació d’IBAN és el que t’hem comunicat, perquè aquesta és la via legal establerta en el marc jurídic actual. Això no vol dir, però, que, si els nostres serveis jurídics ho consideren adient, no es pugui fer una acció legal conjunta de diverses persones perjudicades, però són els nostres experts en la matèria els qui eventualment podrien decidir-ho.
      Finalment, t’agraïm moltíssim la teva confiança en 11Onze i també que vulguis plantejar aquestes qüestions aquí a La Plaça, perquè moltes altres persones de la nostra comunitat s’hi poden veure reflectides i trobar-ho ben útil.
      Estem treballant de valent per a oferir molts més productes i serveis financers que esperem que et seran útils a tu, i a moltes altres persones de la nostra comunitat 11Onze.
      Moltes gràcies de tot cor!

      2 years ago
  7. Francesc Estafanell PujolFrancesc Estafanell Pujol says:
    Francesc de Borja

    Article molt interessant. Gràcies

  8. Joan Santacruz CarlúsJoan Santacruz Carlús says:
  9. Manuel Bullich BuenoManuel Bullich Bueno says:
  10. Jordi FerréJordi Ferré says:

    He vist altres fintech tipus Revolut, però no tenen productes que et donin interessos. Res a veure.

    • Elisabet Porqueras Garcia says:

      Gràcies pel teu comentari Jordi!!, ens veiem per La Plaça

      2 years ago
  11. Josep RuaixJosep Ruaix says:
  12. Mercè ComasMercè Comas says:

    “Les fintech són una revolució en el model bancari i serviran per capgirar l’actual sistema polític,econòmic i social.”
    Fa temps, quan encara no existia la Plaça, una noia, angoixada per la situació del nostre país i del seu futur em va dir : “Ara mateix l’única cosa que em fa il·lusió és 11Onze”. Va intuir que 11Onze seria una Fincom, L’EINA per anar sempre endavant anticipant-se al canvi

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