“If it’s free, you are the product”
It’s been a month since the launch of El Canut, 11Onze’s super app. In a new episode of ‘Ens interessa’, 11Onze president James Sène assesses the launch and explains to the community where the project is going.
“We are talking about problems, about things that don’t work well in El Canut. And this means, effectively, that we have a Canut, that is, that we have a new Catalan financial institution that is here for the people,” Sène explains in conversation with the head of agents Lara de Castro.
The president of 11Onze is satisfied with the launch, because “any technological company needs between six and eight weeks to stabilise.” “We have done it in four days,” he adds. In this sense, he values very positively the technological effort of the company, which has been able to advance updates of the application to solve problems detected by users.
The costs of 11Onze
One of the topics he spoke to De Castro about is the costs of 11Onze. The fact that the 11Onze account costs 2.95 euros a month, for example, when in other institutions it is free. “Nothing is free,” Sène says: “If it’s free, you or your money are the product.” He refers to the fact that 11Onze directly explains this cost, but other financial institutions say they offer a totally free service, when in fact they charge for it elsewhere, either by forcing you to pay your salary or pension directly into your account or by forcing you to take out their insurance policies.
“We are asking for a change of mentality, an effort, to our community. Services have costs, we explain them to you,” Sène says. 11Onze is a fincom, a community fintech. This means that the community part is as important as the fintech part. We need a trained, empowered community that uses the knowledge transmitted at La Plaça to learn and oversee the work of 11Onze or any other financial institution.
We invite you to listen to this podcast to understand the vision of 11Onze.
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