Are you still wondering what a fintech is, what distinguishes it from traditional banking, what’s the benefit for the client? We have compiled all the key information you need to understand how the banking of the future works.

In recent months, 11Onze Magazine has published several articles about fintechs and new banking trends. The universe around these concepts is complex, but La Plaça has managed to bring us closer to notions of economics that we didn’t even know existed. We have compiled the key concepts about the fintech world to remind you of the foundations on which the so-called banking of the future is built.

• Fintech. The concept is made up of two key nouns: finance and technology. The result of this union is materialised in financial institutions that, through mobile applications or online operations, allow you to manage your personal finances at the click of a button. The range of products that fintech can offer is equal to or greater than that of traditional banks, from current accounts, cards or transfers, to investment products or credit operations. 
• Technology at the service of people. In general, digitalisation seeks to facilitate the customer experience, and using artificial intelligence helps us to predict and organise personal finances. In the case of 11Onze, another equally important factor is added to this: empowering the user to offer them control of their finances, providing them with all the knowledge they need to make the decision that best suits their needs. 
• Flexibility and agility. These are two of the indispensable requirements for banking customers. And they are also two basic pillars of the customer experience for fintechs. Technology facilitates part of this work thanks to a methodology that makes it very easy to operate with.
• Personalised attention. But what if I am not proficient in new technologies, or if I require personalised advice? On this point, there is no uniform response from the sector, and it will be necessary to investigate what each entity offers in terms of user experience. In the case of 11Onze, our fintech goes beyond the screen to reach the user in the most personalised and approachable possible way. From chat to telephone support, customer service will be one-to-one. At 11Onze, we are going to set a rare precedent in the fintech sector. 
• A world of possibilities. Fintechs are breaking down territorial boundaries to offer a financial platform that is almost global in scope. In the case of Europe, several widespread systems are appearing, such as SEPA (the Single Euro Payments Area), which allows transfers, direct debits and card payments to be made quickly and easily in any member country. Today, having current accounts in other member countries does not affect citizens when carrying out their daily transactions or contracts, as fintechs allow them to do so securely and by a single click.
• Values and social commitment. It is a trend in almost all economic sectors: customer interest in companies with values is growing. Contributing to social development, being aware of and acting to curb environmental impact, or providing transparency on the destination of the income generated by a company, are some of the points that users value. The new banking system, the one that evolves from traditional banking, will have to take into account this commitment demanded by users If it wants to be the alternative and not limit itself to following in traditional banks’ footsteps.

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