The Covid-19 crisis completely changed the needs of thousands of customers in the banking sector in Spain. According to the latest report from the neobank N26, many of them embraced express digitization in their daily operations during this period. Situation that also caused a 60% drop in cash withdrawals from ATMs.
Faced with this new scenario, the German-born entity N26, originally born as a travel card, is also close to becoming the leading digital bank with 500,000 users in the Spanish market.
“Almost all banks have their own app or allow payments from the mobile phone, but its structure is not designed to operate in real time and that makes it much more difficult for them to adopt innovations that others have been developing for some time”, highlights the director of N26 Spain, Francisco Sierra.
In the same way, Sierra praises the necessary collaboration between the fintech sector and traditional banks, especially in certain specific innovations, but highlights the difficulties that traditional banking drags due to its current technological structure. “Their days are numbered. They are going to last more or less, but they have to change now and not continue doing things as they have been up to now. And we must not forget that not all fintech companies are in the same position at this very challenging moment in which we live. , and some small companies can remain in the way “, emphasizes. Saw.
In its commitment to national growth, N26, which last May confirmed a new round of 100 million dollars, relies mainly on organic format to improve its client portfolio . “The recommendation of our clients to other future clients has allowed us this very representative growth”, he adds.
In the style of other greats in the digital business, such as Spotify or Amazon Prime, N26 focuses its service offering with a freemium format . It highlights its variety of operations without commissions and also a monthly subscription offer for clients with a greater number of “personalized” services.
On the other hand, N26 has decided to delay its plans to offer credits in Spain to adapt risk models to the post-Covid-19 scenario. In addition, they are waiting to be integrated into the payment system of public companies as an entity registered in the General Treasury of Social Security.