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Fintech companies stand out in the post-covid scenario

August 5, 2020

In Spain, fintech companies are positioning themselves as an alternative in the context of the reality that is occurring after the Covid 19 coronavirus pandemic. This was stated in an article in Diario TI that was published on August 4th.

“”Fintech has long been in focus in the financial sector. In the neo-banks in particular, the actors chose the ideal alternative to close the gaps in traditional banking. Their own functions have managed to make them protagonists in a very competitive ecosystem, They pointed out in this publication.

On the other hand, they cited a study conducted by Qonto that almost 50% of SMEs and start-ups have considered switching to another bank.

Fintech companies stand out in the post-covid scenarioFintech companies stand out in the post-covid scenario

Carles Marcos i Guàrdia, Country Manager of Qonto in Spain, commented:

“The Covid 19 crisis has forced many companies and freelancers to change their interaction with their bank. Many have recognized that what they have previously done personally in a branch can be done more easily and quickly from their cell phone or computer using innovative and digital solutions such as neo banks. “

On the other hand, they explained that in the article Financial startups in the banking sector have evolved from an alternative to reality. And they emphasized that they can also be offered as an option to help users avoid financial exclusion.

In this context, Guillermo Vicandi, CEO of Bnext said:

“The technology has enabled fintech users to make decisions about their financial lives, but now we also give them full decision-making power to commission the financial services they want without unnecessary paperwork and red tape, which is still a reality, no traditional banking business on. “

A report by Bnext entitled “Consumption under the magnifying glass of Covid-19” described in detail that spending among adolescents decreased by 46% during quarantine.

It is believed that users with the existing situation will choose a different type of relationship and experience.

“In an increasingly biased and competitive banking ecosystem, fintech companies have been able to respond and adjust their functions and services. Social payments, shared accounts, IBAN Spanish, no commissions, instant notifications, integration of applications like Google Pay or Apple Pay in the case of bnc10 are just a few of the responses to user requests, ”the article said. by Diario TI.

Albert Llorens, CEO of bnc10, said:

“From the very first minute, we went to great lengths to be attractive to our users and to offer different aspects, such as shared accounts, to become more competitive.”

Cryptocurrencies take the stage

But in addition to alternatives like maps and virtual and other services, Cryptocurrencies have also been of great importance recently. “In the latter, users have discovered a convenient and secure tool for their online payments”They said from the 2gether platform.

Ramón Ferraz, CEO of 2gether, said:

“When the internet first appeared in the early 1990s, no one was entirely sure what potential it had and how it would permanently change the world and how our society works. In the same way, we could consider cryptocurrencies as an unknown element in the world of finance and trading, but which due to the expansion of the blockchain and its numerous applications will have a lasting impact in the future. “

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