{"id":22350,"date":"2021-12-03T21:00:00","date_gmt":"2021-12-03T20:00:00","guid":{"rendered":"https:\/\/www.11onze.cat\/?p=22350"},"modified":"2021-12-04T15:41:23","modified_gmt":"2021-12-04T14:41:23","slug":"fintechs-gaining-ground-banks","status":"publish","type":"post","link":"https:\/\/www.11onze.cat\/en\/magazine\/fintechs-gaining-ground-banks\/","title":{"rendered":"Fintechs are gaining ground on banks"},"content":{"rendered":"<div class=\"component text\">\n  <div class=\"container\">\n\n\n    <div class=\"row\">\n      <div class=\"col  col-lg-8  offset-lg-2\">\n        <h3><b>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.<\/b><\/h3>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">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 na\u00efve: 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. <\/span><b>The promoters of 11Onze saw this opportunity and are taking advantage of it<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Without going any further,<\/span><b> Spain already has more than 350 fintechs in full operation and hosts 50 foreign start-ups<\/b><span style=\"font-weight: 400;\">. In the report Ecosistema Startup, the consultancy firm <\/span><a href=\"https:\/\/xstartups.es\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Xstartups<\/span><\/a><span style=\"font-weight: 400;\"> 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.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h3><b>From advisors to undisputed leaders<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Things are changing radically, and very fast. <\/span><b>Fintechs have gone from supporting traditional financial institutions to leading the change. And there are two reasons for this<\/b><span style=\"font-weight: 400;\">. 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.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Thus, at first,<\/span><b> it was Asian financial institutions that began to launch super apps that brought together hundreds of thousands of users<\/b><span style=\"font-weight: 400;\"> 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 <\/span><a href=\"https:\/\/www.investopedia.com\/the-future-of-fintech-4770491\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Investopedia<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Hot on the heels of Asian countries, the United States has embarked on an unprecedented race in financial technologies. And on a global scale, <\/span><b>large banks have even created digital incubators to copy the solutions of financial start-ups<\/b><span style=\"font-weight: 400;\">. Concern has grown to such an extent that the CEO of JP Morgan, <\/span><a href=\"https:\/\/www.fintechnews.org\/jp-morgan-boss-warns-of-growing-fintech-threat\/?utm_source=dlvr.it&amp;utm_medium=twitter\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Jamie Dimon<\/span><\/a><span style=\"font-weight: 400;\">, who manages a billion-dollar banking empire, has gone so far as to say, literally, <\/span><b>that traditional banks \u201chave to be scared shitless\u201d<\/b><span style=\"font-weight: 400;\"> by the unstoppable advance of fintech.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This is how large operators such as JP Morgan, Goldman Sachs, BBVA and Banco Santander <\/span><b>have had to quickly promote new services to connect and attract customers<\/b><span style=\"font-weight: 400;\">. And the complaints have not been long in coming. First, because they did not have time to <\/span><a href=\"https:\/\/www.eldiario.es\/economia\/primeros-meses-ley-pagos-destapan-nuevo-enfrentamiento-fintech-banca_1_7269446.html\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">adapt<\/span><\/a><span style=\"font-weight: 400;\"> to the new European <\/span><a href=\"https:\/\/www.11onze.cat\/en\/magazine\/all-accounts-one-place-more-secure\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">PSD2<\/span><\/a><span style=\"font-weight: 400;\"> 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 <\/span><a href=\"https:\/\/www.boe.es\/buscar\/act.php?id=BOE-A-2002-22807\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">requirements<\/span><\/a><span style=\"font-weight: 400;\"> of the Spanish government, which obliges them to serve customers within <\/span><a href=\"https:\/\/catalunyadiari.com\/actualitat\/gran-impacte-sector-bancs-espanya\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">24 hours<\/span><\/a><span style=\"font-weight: 400;\">. In this sense, 11Onze has once again moved forward with its 24\/7 team of agents and with the <\/span><a href=\"https:\/\/www.11onze.cat\/en\/magazine\/11onze-home-closer-community\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">\u201811Onze a casa\u2019<\/span><\/a><span style=\"font-weight: 400;\"> service.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h3><b>Gen Z, community technology<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">The reality is that there is an exhaustion of the traditional financial world. <\/span><b>Mistrust has grown steadily in recent years, due to <\/b><a href=\"https:\/\/www.11onze.cat\/en\/magazine\/podcast-defend-yourself-against-financial-abuse\/\" target=\"_blank\" rel=\"noopener\"><b>banking abuses<\/b><\/a><span style=\"font-weight: 400;\">, 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 <\/span><a href=\"https:\/\/www.ccma.cat\/catradio\/catalunya-migdia-cap-de-setmana\/farts-de-fer-de-comercials\/noticia\/3132430\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">denounce<\/span><\/a><span style=\"font-weight: 400;\">, they are \u201cfed up with working as salespeople.\u201d Fintechs, on the other hand, offer flexible and technological workspaces for their workforces.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In this context,<\/span><b> fintechs are carving out a niche for themselves in a particularly young, digitally native, hyperconnected<\/b><span style=\"font-weight: 400;\"> 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 <\/span><a href=\"https:\/\/www.businessinsider.es\/fintech-todavia-son-grandes-desconocidas-estudio-revela-32-no-conoce-812441\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Asufin<\/span><\/a><span style=\"font-weight: 400;\">, 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.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Moreover, as reported by the Financial Digitalisation Observatory of Funcas (ODF-Funcas) and <\/span><a href=\"https:\/\/www.finnovating.com\/report\/ii-barometro-de-innovacion-financiera-2019\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Finnovating<\/span><\/a><span style=\"font-weight: 400;\">, nine out of ten customers of digital finance companies give a score of 6.98 out of ten for the services they receive. <\/span><b>They value price and security above all<\/b><span style=\"font-weight: 400;\">, 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.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This is why, little by little, <\/span><a href=\"https:\/\/appmarketingnews.io\/los-referrals-son-el-arma-de-marketing-mas-poderosa-para-las-fintech\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">word-of-mouth<\/span><\/a><span style=\"font-weight: 400;\"> is gradually catching on among the public and has become the best ally of the new technological finance companies. So yes:<\/span><b> fintechs are not only here to stay, but they are destined to unseat traditional banking in a short time<\/b><span style=\"font-weight: 400;\">. 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.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><b>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 <\/b><a href=\"https:\/\/bit.ly\/2YlbZAf\" target=\"_blank\" rel=\"noopener\"><b>Android<\/b><\/a><b> and <\/b><a href=\"https:\/\/bit.ly\/Onze-IOS\" target=\"_blank\" rel=\"noopener\"><b>Apple<\/b><\/a><b>. El Canut, the first universal account can be opened in Catalan territory.<\/b><\/p>\n\n      <\/div>\n    <\/div>\n  <\/div>\n<\/div>\n\n\n<div class=\"component cards\">\n  <div class=\"container\">\n    <div class=\"row\">\n      <div class=\"col col-xl-8 offset-xl-2\">\n        <h1>If you liked this article, we recommend you read:<\/h1>\n        <div class=\"cards__wrapper\">\n          <div class=\"card\">\n            <a href=\"https:\/\/www.11onze.cat\/en\/magazine\/fintech-future-banking-is-now\/\" class=\"card-link\" target=\"_self\"><\/a>\n            <div class=\"card-img\">\n              <img decoding=\"async\" src=\"https:\/\/www.11onze.cat\/wp-content\/uploads\/2021\/04\/THUMBNAIL_POST_4-1.jpg\" class=\"card-img-top\" alt=\"\">\n                <span class=\"card-category\">Economy<\/span>\n            <\/div>\n            <div class=\"card-body\">\n              <p class=\"card-title p2\"><strong>Fintech, the future of banking is now<\/strong><\/p>\n              <span class=\"card-time\">3 min read<\/span>\n              <p class=\"card-text small\">More and more companies are merging technology and<\/p>\n            <\/div>\n          <\/div>\n\n\n          <div class=\"card\">\n            <a href=\"https:\/\/www.11onze.cat\/en\/magazine\/fintech-vs-traditional-banking-first-round\/\" class=\"card-link\" target=\"_self\"><\/a>\n            <div class=\"card-img\">\n              <img decoding=\"async\" src=\"https:\/\/www.11onze.cat\/wp-content\/uploads\/2021\/08\/THUMBNAIL_FINTECH_BANCA_TRADICIONAL-800x533.jpg\" class=\"card-img-top\" alt=\"\">\n                <span class=\"card-category\">Finances<\/span>\n            <\/div>\n            <div class=\"card-body\">\n              <p class=\"card-title p2\"><strong>Fintech vs. traditional banking<\/strong><\/p>\n              <span class=\"card-time\">3 min read<\/span>\n              <p class=\"card-text small\">Mike Tyson used to say that \u201ceverybody has a plan until they<\/p>\n            <\/div>\n          <\/div>\n\n\n          <div class=\"card\">\n            <a href=\"https:\/\/www.11onze.cat\/en\/magazine\/fincom-better-fintech\/\" class=\"card-link\" target=\"_self\"><\/a>\n            <div class=\"card-img\">\n              <img decoding=\"async\" src=\"https:\/\/www.11onze.cat\/wp-content\/uploads\/2021\/10\/PODCAST_THUMBNAIL_PSN_DARREN.jpg\" class=\"card-img-top\" alt=\"\">\n                <span class=\"card-category\">11Onze<\/span>\n            <\/div>\n            <div class=\"card-body\">\n              <p class=\"card-title p2\"><strong>A fincom is much better than a fintech<\/strong><\/p>\n              <span class=\"card-time\">3 min read<\/span>\n              <p class=\"card-text small\">What sets us apart from traditional banking? And from<\/p>\n            <\/div>\n          <\/div>\n\n              <\/div>\n              <br>\n              <br>\n              <div class=\"cards__wrapper\">\n\n        <\/div>\n      <\/div>\n    <\/div>\n  <\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"","protected":false},"author":71,"featured_media":22408,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","footnotes":""},"categories":[1],"tags":[20],"class_list":["post-22350","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-finances"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Fintechs are gaining ground on banks - 11ONZE<\/title>\n<meta name=\"description\" content=\"Fintechs are bringing about an unprecedented financial revolution. 11Onze is spearheading this change.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.11onze.cat\/en\/magazine\/fintechs-gaining-ground-banks\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fintechs are gaining ground on banks - 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