Advances in financial technology lead us to a new term, fintech technology, which is used in various business models through the internet but do you know what is fintech and how many types are there?
What are neobanks?
Neobanks or NeoBanks are the new banks, a banking modality in which all your operations and transactions are carried out through the network. In other words, the era of 100% digital banks has arrived that promise and offer their users a more transparent practice compared to traditional banking.
The population to which this banking modality may be most interesting are those that are constantly managed in the network, either at work or professionally. One of the examples are the millenials, although the age range is much broader and hence it is having a striking success.
The main characteristic of these neobanks is that any operation is going to have to be done through the application of the bank, which will favor that with a couple of clicks you can make arrangements such as transfers, transfers, payments, etc. Other important details, apart from the speed and ease of use, are that they are services with low costs, a safe and clear service. You will be aware of all the commissions at any time, just as many neobanks offer without commission all their operations or a large percentage of them.
And how do you get all this? The word is Fintech.
What is Fintech?
The word fintech is the combination of the terms Finance and Technology, so we talk about financial technology. These financial products and services are offered to companies, corporations and individuals with the aim of creating financial services that are very easy to hire and understand.
This type of technology is usually used to lower costs, setting a standard price, and simplify the processes to achieve an efficient technology. Note that today, as described by Pau Ninja, thanks to fintech technology has been achieved that the financial industry is moving forward and can make all kinds of easy and fast electronic transactions in a variety of applications thanks to this technology. Some of these services are: national or international transfers, commercial banking, loans, cryptocurrencies, among others.
This technology is what gives life to neobanks, so it is also common that you find some information in which you talk about Fintech banks. Banks where you can open an account in just a few seconds, get all the information necessary to make quick and important decisions, which assure us that we can enjoy fewer complications.
List of Neobanks in Spain
The first thing to keep in mind is that, being a bank 100% online, you can open an account in any European country through the internet and forget about the problems to use other currencies or use of ATMs if you often travel to that country frequently.
That said, we must differentiate between neobanks that have created their accounts online from a banking group already consolidated, those who have created a neobank from scratch.
Below, we share the list of online banking options with payroll and no commissions:
Bankinter – Payroll account at 5% APR
Grupo Santander – Zero account
Imagin Bank – Payroll checking account
N26 – Payroll checking account
Bankia – Cuenta_On Nómina
ING Payroll account
OpenBank – Open Payroll Account
In this other list, you can see the fintech neobanks:
N26 – checking account
Imaginbank – Payroll checking account
Revolut – checking account
Monese – monese account
Ferratum bank – checking account
Bunq – bunq account
Starling bank – checking account
Bnext – checking account
Among the rumors that circulate through the network, which you never know if they are speculations or already aired future projects, it is said that a Google Bank or even real estate crowdfunding companies could appear, which assures us that Fintech technology has not done more than to start.