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"We have to provide clear and transparent information"
A marketplace is the digital equivalent of a shopping mall in which different brands, companies, and retailers can sell their products or services online. The rise of these e-commerce platforms raises ethical questions about our consumption habits. Gemma Vallet, director of 11Onze District, explains it in a new episode of Estat de la Nació.
The closure of non-essential shops and mobility restrictions imposed during the sanitary crisis made e-commerce platforms such as Amazon even more popular. Feelings of anxiety, irritability, and nervousness caused by confinement spurred compulsive buying, which often only temporarily relieves distress while generating feelings of guilt.
As Vallet explains, “the pandemic has digitised, without question, all generations”, with the result that “we find that we have 100% of users” as potential online shoppers. In this context, the importance of responsible consumption takes centre stage.
This is why, as Vallet points out, in the marketplace recently opened in 11Onze with “essential products”, people are advised in an open way “to think twice before buying, and to consider what is an essential product”.
Responsible consumption takes centre stage
An economic and ecosystem crisis
The social consensus towards respect for the environment and the rational use of natural resources was already a growing trend in many social spheres. Now there is a consensus that recognises that economic growth must respect rules of sustainability between ecology and economy. Small changes in our consumption habits can have a significant impact on the transition to a new concept of a green economy.
Marketplaces can play a crucial role in offering products that adapt to this new trend. For example, as Vallet explains, “in the face of an economic and ecosystem crisis, we have to think about water. That is why we offer a product such as Tapp Water in our marketplace, which allows you to save water and reduce excessive plastic consumption”.
So that consumers can make an informed decision, Vallet adds that “in any product campaign we have to provide clear and transparent information, and from here you decide”.
If you want to discover how to drink the best water, save money and help the planet, go to 11Onze Essentials.
In addition to the sovereign debt bubble, rampant inflation and an energy and agri-food crisis are threatening the future of our economies. Against this backdrop, the rise in the price of money seems a fait accompli. Jas Texidó, head of public and institutional relations at 11Onze, explains this in a new episode of the Estat de la Nació programme.
States are accumulating a large amount of debt that they will find challenging to assume due to the imbalance in their capacity to generate wealth. Increased fiscal pressure on a citizenry punished by runaway inflation could result in a contraction of the economy that would endanger the financial stability of the markets.
“The price of money will rise too late and too little because so far, while stating that they are very concerned about inflation, they have continued injecting money at will,” Texidó points out. In addition, he details that the purchase of public debt and capital injection will end this summer “to stop maintaining this bubble of the stock market, with high values that defy all logic”.
“We are a counterweight to the elites”
Raising interest rates is only part of the solution
As Texidó states, “the devaluation of the dollar and the euro, due to the enormous debt of the states, means that raw materials continue to rise in price. And the increase in the interest rate applied to the euro will not be enough to counteract this weakness”.
Given the long-running geopolitical conflict in Ukraine, it seems likely that measures to alleviate inflation will fall short and arrive too late to halt price rises in the short term significantly. Against this backdrop, Texidó details different options we have to diversify our investment.
If you want to know more about superior options to make your money profitable, go to Guaranteed Funds. From 11Onze Recomana we propose you the best options in the market.
The negative consequences of the geopolitical tug-of-war between the great global powers, spurred on by the conflict in Ukraine, are evident. Can we do anything from Catalonia to be relevant in this new multipolar world? How can the decentralisation of finance help us to have our own voice? Xavi Viñolas, Content Manager of 11Onze, explains it in a new episode of Estat de la Nació.
The conflict in Ukraine has shown how geopolitical adventurism among the world’s superpowers can have very negative effects on our economy. The European Union’s economic power should give it a bargaining power on a par with that of the United States and China, but is this really the case? Viñolas questions: “The EU is a global power that could talk on equal terms with China and the United States, but it is not doing so“.
Economic sanctions imposed by the US on Russia, Iran, and China in recent decades have had negative consequences for the economies of EU member states. Likewise, the latest economic retaliation against Russia calls into question the ‘cui bono’ behind the economic interests of the actors involved in this conflict.
As Viñolas points out, “these economic sanctions greatly benefit the United States and greatly harm Europe. Theoretically, we are allies of the United States, but in practice we are client states“.
“We are client states of the United Estates”
Technological sovereignty and decentralisation of finances
Despite the European Commission’s efforts to establish a strategic plan to achieve Europe’s digital sovereignty, the old continent continues to be subordinated to the two technological giants, the United States, and China. The revolution of new technologies applied to the financial world is decentralising a sector that seemed immutable. Embedded finance has made it possible for non-banking companies and brands to offer financial services to a generally young public that is tired of the abuses of traditional banking.
Catalonia, as the main start-up hub in Southern Europe, can play a key role in financial decentralisation and exploit this potential to get its head out on the geopolitical chessboard. As Viñolas says, “We are a technological hub for start-ups, and maybe we could take advantage of it”.
11Onze is the community fintech of Catalonia. Open an account by downloading the super app El Canut for Android or iOS and join the revolution!
The digitisation of financial services has been accompanied by the massive closure of bank branches and cash machines. Is banking doing enough to prevent financial exclusion? Gemma Vallet, director of 11Onze District, explains in a new episode of Territori 17 of “La Xarxa”.
The financial sector is undergoing a process of unavoidable digital transformation. The digitisation of financial services is one of the economic macro-trends that have been implemented with Industry 4.0. Even so, this new trend, which seems unstoppable, poses new challenges. As Vallet points out, the trend is growing, and “there will be fewer and fewer customer service offices, that’s a given”.
Cashpoints that are in the process of being phased out and the closure of bank branches have led to greater digitalisation of the relationship between banks and their customers. This has meant a change in mentality and habits that not all the population has easily taken on board.
The risk of financial exclusion is real and, despite the government’s directives, the measures taken by banks to alleviate it have been clearly insufficient. “Surely the banks, to which people have given all their trust to provide a service, which they have stopped providing and save money on customer service, have an ethical and moral responsibility,” sums up Vallet.
A hybrid solution
In this context, there are alternatives that combine inexorable digitalisation with good customer service, without forgetting the importance of face-to-face interactions. As Vallet explains, “at the end of 2021 we launched a service, 11Onze at Home, where you can book an appointment through our website and talk to a person face to face”.
At the end of the day, the aim is to stop the dehumanisation of the banking system and for new technologies to serve as tools to bring financial services closer to the people, not to distance them, thus making sure a part of the population does not feel despised by the banking system.
If you want to know more about the economic challenges ahead and how we can prepare to face them, you can listen to the whole conversation below!
La Plaça – Territori 17: Digital economy
11Onze provides insights at a prestigious event on embedded finance
How is embedded finance reshaping the industry? What does it mean for financial services to be provided outside traditional institutions? What will be the role of the wallets of wallets? Key players of the revolution experienced by the financial sector, including 11Onze, addressed all these issues at FTT Embedded Finance & Super-Apps, a prestigious event organised by Fintech Talents.
If there are representatives from companies such as Microsoft, Verizon, eBay, Huawei, Pinterest or TikTok on the steering committee of an event, it is a sign that the topic to be discussed is not a minor one. If, in addition, the programme of sessions addresses the fintech ecosystem and is held in London, the global mecca of finance, any self-respecting industry player should mark the date on its calendar.
The FTT Embedded Finance & Super-Apps 2022 sessions, held on 26 April, brought together representatives from the major players in retail banking, fintech, insurance and technology to discuss the seven trillion dollar potential market of embedded finance.
It should be borne in mind that the embedded finance model not only allows financial services to be connected to any platform outside traditional banking, but is also democratising the management of the community’s capital and wealth, with the revolution that this entails.
The crème de la crème of finance
In total, more than 400 people attended an event organised by Fintech Talents, a community of over 200,000 professionals and entrepreneurs from across the fintech ecosystem. The different presentations and sessions analysed a present scenario in which the universe of financial service providers is expanding beyond the traditional players.
Raul Arribas, Chief Technology Officer of 11Onze, participated in one of the sessions of the embedded strategy stage, focusing on the so-called super apps, which are redefining financial services. Attending the same session were representatives from a giant such as JPMorgan Chase, which provided the perspective of traditional banking; Ziglu, which offered the vision of a neobank; Paysme, a fintech focused on services to SMEs; and Marqeta, which moderated the session.
The role of super apps
The first topic addressed in the session was the concept of the financial super app. Participants agreed that this type of application should offer a variety of financial services in a single environment. In this respect, all were of the opinion that marketplaces cannot be considered super apps, as in such cases customers contract the services with third parties.
Raul Arribas clarified that 11Onze’s El Canut model, a wallet of wallets that brings together various functions and services in a single place, makes it possible to control “the customer journey”, since everything is contracted with 11Onze and, if the customer has a problem, he or she contacts this company to solve it.
In addition, Arribas explained that the fact that El Canut can incorporate accounts from other entities “allows the user to have everything in one place, which is more convenient”, but also lets 11Onze “use the data as a vehicle to create better products for customers” because of the information they provide.
Surprisingly, Helena Forest, Executive Director of EMEA Treasury Services at JPMorgan Chase, highlighted in the same session the agility of a traditional bank like hers in using customer data to tailor products to suit clients. It is interesting that the world’s financial giants are trying their best to be perceived as agile. The truth is that native fintechs tend to have a more customer-oriented business model, while the inertia of large institutions tends to make them less responsive to change.
New players for old needs
Another of the issues addressed in the session was the lack of attention paid by traditional banks to SMEs, something that was accentuated by the pandemic, and how entities such as Ziglu and Paysme have found business opportunities there. In this regard, Raul Arribas indicated that 11Onze’s short-term plans are to “offer services to SMEs and the self-employed because they are the forgotten ones of the traditional banking system”.
Most of the speakers agreed that fintechs will appear that will provide highly personalised services to specific groups, especially those that traditional banking has not treated too well.
Regarding the positioning of super apps, Arribas stressed the importance of targeting the offer to a specific community, which is fundamental “to generate trust and offer products that are really tailored” to these customers. He added the importance of an instrument such as La Plaça and its role in providing financial education to customers within the 11Onze model.
Four areas of debate
This panel discussion was part of a stage focused on embedded strategy, which emphasised the importance of preparing for change and taking advantage of the technological potential, as well as having a clear vision of the value that each proposal generates for the customer.
The other three stages of the event focused on how payments and lending are adapting to the embedded finance environment, how the new era will affect insurance market, and how wealth management can benefit from the new opportunities that are opening up.
11Onze is the fintech community of Catalonia. Open an account by downloading the super app El Canut on Android and Apple and join the revolution!
11Onze celebrates its first anniversary with the launch of the documentary ‘In a few days’, which explains the process of creating the first community fintech in Catalonia and some of the obstacles that traditional banks have put in the way to derail the project. 11Onze’s Back Office and Customer Service Director, Iu Alemany, revisits the Estat de la Nació and briefly explains it to us while detailing the reasons for the success of Preciosos 11Onze.
The road has not been easy and there is still a lot of work to be done, but, as Alemany says, “it has been worth it from day one, we know that the reception at all levels has been spectacular, and it can only get better“. 11Onze is already a consolidated reality and is based on a leading project that is launching a new way of understanding financial services in our country. It is based on trust in our immediate environment, with a commitment to being a community financial institution that puts people at the centre.
The documentary ‘In a few days‘, which premiered on 22nd April in Barcelona, describes the effort, enthusiasm, and responsibility of the team that created El Canut, 11Onze’s banking application. But it also explains the difficulties that have had to be overcome to get to where the company is now. It was expected that an entity that was born to shake the pillars of traditional banking would not find things easy, but even so, the founding team has encountered some surprises. As Alemany says, “the financial lobby and certain sectors of the country don’t like us”.
The next step is to take ‘In a few days’ to every corner of Catalonia, organising screenings for associations, athenaeums or anyone who asks for it. If you want to organise a screening of the documentary ‘In a few days’ in your municipality with a representative of 11Onze, you can write to [email protected]
“It has been worth it from day one”
The excellent reception of Preciosos 11Onze
Regarding the Preciosos 11Onze’s campaign, Alemany explains how the 11Onze community has made the first collective purchase of gold, and the relevance it has in protecting the savings of the participants: “We are the first Catalan financial institution that has taken out gold under its own brand, through these large-scale collective purchases of gold, which allow people to protect their money with a safe-haven asset in the face of a crisis.”
An economic scenario of constant uncertainty, where the conflict in Ukraine and runaway inflation make it difficult to foresee the future, explains the great success of this initiative. Even so, 11Onze has to be flexible enough to make the collective purchase at the right time: “The market is complicated because the demand for gold is very high, but we wanted to make sure that the purchase was made under the best conditions to favour our clients as much as possible“, Alemany points out.
If you want to discover the best option to protect your savings, enter Preciosos 11Onze. We will help you buy at the best price the safe-haven asset par excellence: physical gold.
La Plaça meets at the cinema to celebrate its birthday. ‘In a few days’ uncovers the manoeuvres of the traditional banks to derail 11Onze and the work of its team to move the project forward.
Friday 22 April, around 8 p.m., the square at the entrance of the Cinesa Diagonal in Barcelona began to fill with members of La Plaça. Workers, investors, managers and members of the community gathered to watch the premiere of the documentary ‘In a few days’, the film that explains everything that happened while 11Onze was being set up and which is now available on 11Onze TV.
Alongside those of ‘Batman’, ‘Dog’, ‘Ambulance’, ‘Sonic 2’… another poster appeared: a yellow poster from top to bottom announcing ‘In a few days’. The audience started to enter, to discover that 11Onze’s film would occupy room 2, taking the place of ‘The Bad Guys’. A good summary of what 11Onze is about to do to the banking system.
Once in the hall, the 150 people present were waiting for the premiere. The content director of 11Onze, Toni Mata, welcomed them and explained that “today we are celebrating one year of La Plaça. And it is a very happy day because we can say that 11Onze exists, is very much alive and has a bright future, despite everything that has happened.”
Mata talked about the obstacles and the foul play that 11Onze has had to dodge in order to move forward, a fact that has delayed some processes, such as the launch of El Canut. Regarding the fact of releasing the film for Sant Jordi, Mata remarked: “We are fed up with dragons scaring us. They tell us what we can and can’t do. This film is also about that: when people decide to do something together, it goes ahead, whether they want to or not.”
A team raising 11Onze
‘In a few days’ explains how El Canut was set up on the last 1-O of 2021 despite the manoeuvres of traditional banks to prevent it. It explains how a German fintech backed out at the last minute despite agreements signed with 11Onze and how, at the same time, the Bank of Spain warned 11Onze’s president, James Sène, with a notice sent directly to his home. “How did they have your address?,” he is asked in the documentary. James replies: “I don’t know, I don’t know… The lawyers will have to look into it, because if it wasn’t through a bank, there was no way of knowing that I could be found at that address.”
The documentary, therefore, presents some very nice things, such as a human team capable of rebuilding and starting up a financial institution when they have tried to derail it, but it also points out some dark points: Why did the German fintech back out? Why is the Bank of Spain pursuing 11Onze if the entity had not applied for a banking licence in Spain? And the last unpleasant question: Who infiltrated 11Onze?
Without mincing words
At the end of the film there was a question and answer session with the president of the organisation, James Sène. He acknowledged that some content has been left out of the documentary due to “legal issues” and that it will be taken to court so that “the people responsible will be held accountable”. He was referring to some foul play practices that the company has had to face in this first year and that “little by little will come out.”
The reason is that, according to Sène, “the Catalan banking system is in the hands of very few people and they have no intention of letting it go.” He added: “We knew things would happen. We were prepared. We know that the system does not want 11Onze to exist, which is good news, it means that something is right,” he said emphatically.
Sène added that “it is not in anyone’s interest to talk about 11Onze because it shows that “ordinary people can decide to do something that works.” He concluded by reasoning: “The birth of an institution that does not owe anything to anyone is a problem for everyone“.
Regarding the current concentration of the Catalan financial market, James Sène said that “it does not help the people who generate the resources, the productive ones, to also appropriate the profits, which always end up going to four shareholders.” Hence the idea of “setting up a community bank, since the profits have to go back to the community“.
The inevitable big crisis
Despite the good atmosphere of the event, the president of 11Onze did not want to give up his traditional role of ‘killjoy’ and was very explicit about the magnitude of the crisis that he expects to break out in the coming months: “We know that the system will collapse, it was already expected to do so when covid arrived”. The pandemic has only made it possible, according to Sène, to “print even more banknotes to plug the hole” of governments and financial institutions.
In this regard, the president of 11Onze highlighted the current inflation rate and what this means for the population: “Everything is much more expensive. Money is worth less. If you lose 10% of your money every year, it is as if you leave it in a box and there are mice eating it. You are losing purchasing power and this will lead to a crisis in the next 12-24 months. There will be a crash.”
Hence the need to find ways to secure savings, according to Sène: “You have to invest in physical things: buying real estate, physical gold, physical silver…. Having 80% of your assets protected.” As for the remaining 20%, he acknowledged that one could take risks with products such as cryptocurrencies or ETFs, but warned they are “paper” and that “the first thing that happens when a crisis arises is that the stock market falls by 40%”. That is why these are services being carefully analysed to identify the “safest” options when it comes to offering them to the 11Onze community.
A movie ending
Coincidentally or not, when the president of 11Onze was making his most pessimistic forecasts, the lights in the room went out because it was time to start a countdown on the screen to commemorate the exact year of the launch of La Plaça. At 22:22:22 on 22 April 2021, the current version of 11onze.cat was launched. The community celebrated its own special chimes, followed by dinner and a standing toast in the cinema hall.
The attendees were able to conjure themselves to face the dark clouds that threaten the global economy and the shadows with which some will continue to try to tarnish this community banking project.
The next step is to take ‘In a few days’ to every corner of Catalonia, organising sessions for associations, athenaeums or anyone who asks for it. If you would like to organise a screening of the documentary ‘In a few days’ in your municipality with a representative of 11Onze, you can write to [email protected].
11Onze is the fintech community of Catalonia. Register in La Plaça for free and join the revolution! Register – 11Onze
FTT Embedded Finance & Super-Apps is a prestigious event organised by Fintech Talents, where a fantastic line-up of speakers will talk about how the number of financial service providers is rapidly expanding beyond traditional banking. Raul Arribas, CTO of 11Onze, is one of the guest speakers.
FinTech Talents is a community of more than 200,000 professionals and entrepreneurs representing the entire fintech ecosystem. This internationally renowned digital platform produces reports on the financial sector, publishes specialised press articles, and organises events where experts from the fintech world share their knowledge with the community.
Since its creation, 11Onze has focused itself on financial education for its community through La Plaça, with 11Onze School, 11Onze Check, and the Fintech Talks. And it has been nominated for the UX Design Awards as the best social platform. That is why we celebrate the opportunity to be part of this fintech ecosystem where the Embedded Finance model not only allows businesses to connect financial services to any platform, but it is democratising the management of capital and wealth of the community.
It is in this context that FTT Embedded Finance & Super-Apps has been organised, an event that will take place on 26 April in London. Raul Arribas, CTO of 11Onze, will share the stage with other speakers from companies such as Amazon, eBay, Deliveroo, and a long list of the most innovative businesses in the sector. No mean feat considering that 11Onze is just celebrating its first anniversary.
Exceeding expectations among the best
As Arribas points out, “I am particularly excited that we have been asked to attend this event. You only have to look at the list of invited companies to see that, outside our home, 11Onze’s work is highly seen and valued. We share the stage with companies that are much larger and more established than us, European and world leaders in their sectors.
The conference will focus on how Embedded Finance has empowered businesses to provide financial services outside traditional banking, and other benefits of incorporating these products and services into new e-commerce platforms. Likewise, speakers such as Arribas will talk about super apps like El Canut, wallets of wallets that bring together in one place several functions and services.
“I will participate in the panel “The rise of the super apps”, sharing 11Onze’s vision on how to build mobile applications that offer a wide range of interesting financial services to our customers, and at the same time are simple and intuitive. Our way of doing things, always close to our clients and offering training and knowledge, stands out from the rest of the businesses in the sector, and is of great interest.”
In short, a key event to learn about the technologies that enable a direct connection between non-financial institutions and end-users, and that make fintechs like 11Onze, focused on the benefit of the community, possible.
11Onze is the fintech community of Catalonia. Open an account by downloading the super app El Canut on Android and Apple and join the revolution!
11Onze celebrates the first anniversary of the community on 22 April. We review the trajectory of the first fintech community in the Catalan Countries in a first year marked by international recognition, innovation, and a long journey ahead. The president of 11Onze, James Sène, explains it to us.
One year ago, 11Onze started a leading project that would make available to thousands of consumers a new methodology to understand and experience the financial sector. In a new 11Onze Podcast, James Sène details the keys to understand the success of La Plaça, which already has more than 11,000 members, and reveals the path that the platform will follow in the coming months.
In a world marked by e-commerce, 11Onze has launched a new era based on creating an environment of trust: La Plaça. A community of members who have and will have at their fingertips all kinds of products and services aimed at a very specific objective: to manage both the money and the well-being of its members.
La Plaça’s innovation, internationally recognised
Throughout this year, 11Onze has been selected and awarded prestigious recognitions such as the Vega Digital 2021 award, the Webby Awards, and the UX Design Awards. Sène stresses that these awards reward “an incredible effort to make this bet”. With more than 1,000 videos and 1,200 articles, La Plaça is committed to a wide range of its own content, in all formats and for all audiences.
Sène stresses that the key has been to provide the customer with a tool, not a catalogue, and this is precisely what is valued, “the innovation that has been made in the approach of customers to financial systems“. He adds that “nobody has done it the way we have done it: creating a private social network in which the content is about money and the wellbeing of its members”.
Anniversary episode | One year of La Plaça
Putting the value on truth
Truth crowns 11Onze’s strategy, and in this sense Sène is as clear as the first day “it is not normal not to be able to provide financial services transparently, telling customers the truth“. Authenticity and transparency play a key role at La Plaça, from the prices of the services to the nature of the products, through the videos where the 11Onze agents themselves talk to us about different topics.
One year later, La Plaça has opened a new stage and has become a marketplace where members can meet to buy. Whether to buy products individually, to do so jointly – as in the case of gold – or to exchange goods and services with each other, as will happen in the future. The president of 11Onze stresses that this range of possibilities offered to members creates “an oasis where you can be at ease because what is proposed makes sense, you can understand it“.
All the products recommended by 11Onze make sense and are aligned with the philosophy of the project to promote the financial well-being of its members, and in the same way that it is proposed, it is presented to the community, so that as a user “you can make a decision on your own, and you can make transactions with complete peace of mind. This is also a revolution” concludes Sène.
11Onze is the fintech community of Catalonia. Open an account by downloading the super app El Canut on Android and Apple and join the revolution!
11Onze consolidates its commitment to being a community financial institution by opening a round for small investors. Spring can’t be stopped, now it’s time to make it burst.
With the first birthday of La Plaça almost here, 11Onze’ Spring has begun. That is to say, the time has come to grow, blossom, and look up. For this reason, 11Onze has opened the doors of the entity to all those small investors who want to join, starting from €3,000. This will ensure that the ownership of the new Catalan financial institution is even more widely distributed.
Investors who join the project now will have several advantages. Firstly, the project is no longer an unknown quantity, but a consolidated and growing reality. In addition, the 11Onze Foundation offers investors a unique opportunity. For every stake acquired, the 11Onze Foundation will add another stake of equal value. So, for example, when someone invests €5,000, the immediate value of their investment will be €10,000. 11Onze’ Spring’s investor round will close at the end of April.
The first year of 11Onze
During its first year, the Catalan fincom has launched La Plaça, El Canut, Preciosos 11Onze, 11Onze at Home, 11Onze Check, 11Onze School, or 11Onze Essentials. It has also received international recognition such as the Centauri de Vega Awards, a nomination for the UX Design Awards, and, more recently, an honourable mention at the prestigious Webby Awards. On the other hand, it has been highlighted by sector referents such as WPEngine or Marqeta, demonstrating that the impact of 11Onze in the international arena has been remarkable.
If you want to discover the best option to protect your savings, enter Preciosos 11Onze. We will help you buy at the best price the safe-haven asset par excellence: physical gold.
