The banking sector is transforming at a rapid pace once financial technologies (Fintech) have sparked a real revolution and neo-banks are replacing traditional banking for its great advantages for users and companies.
If the transformation was already unstoppable, the global crisis due to the COVID-19 pandemic and the changes of all kinds that it is causing, including an increase in telework, study and home entertainment, has shown us the need and importance of having Simple, fast and transparent online banking services, accessible from any device and anywhere in the world through effective applications at the service of users.
On the contrary, traditional banking is too comfortable in its privileged place and without the capacity to innovate. It is not surprising that this type of service is gaining clients by leaps and bounds as an alternative for proper financial management. A recent survey of more than 900 SMEs and Spanish startups revealed interesting conclusions to understand their current relationship with the banking system. Almost 50% of SMEs and startups have considered the possibility of moving to another bank and 70% of them would bet on a neobank to meet your financial service needs.
And is that trends are changing. Financial startups in the banking sector have become part of users’ lives. They have gone from being an alternative to a reality with a proposal that is convincing more and more customers. Simply, innovation has surpassed tradition for the emergence of new needs such as speed, simplicity, 100% online accessibility, greater independence, transparency and agile, practical and decisive customer service that traditional banking is not capable of offering.
Why should you try a neobank like Qonto?
Today we are going to talk about Qonto, one of the most interesting neobanks on the Spanish scene. Of French origin and with the support of important investors such as the European Investment Bank, it began its international expansion last year, reaching Italy, Germany and Spain with the aim of replicating the business model of its country of origin. Its objective is the same: to offer the best financial management services to companies, freelancers and entrepreneurs.
In addition to the substantial advantages of working with a digital bank, access to all services from the Internet and without wasting time to move to a physical location, there are other notable advantages compared to traditional banking:
Tired of your commissions going up. If there is one aspect that the neobank is winning over more and more customers, it is because of its transparency. And is that the main attraction for entrepreneurs is their ability to challenge the business model of traditional banks, charging low fees and “no small print”, while offering faster services and a better user experience.
You don’t like the ties your bank forces you to. Banks usually negotiate commissions in exchange for you taking out insurance of all kinds, life or home, demanding even more links in the event that you have loans or credits with them. This disappears with the neobanks. Qonto does not bind any permanence requirement, it offers a free 30-day trial and if you are not satisfied, you can close it just as easily and quickly as the time it takes to open it.
Your bank’s customer service leaves a lot to be desired. The relationship of the client with the banking staff is undoubtedly one of the most crucial aspects for users and it has not always been a priority in the traditional banking system. The appearance on the market of neobanks, focused on taking maximum care of the customer, has made banks rethink the fact of neglecting one of the most valued aspects (even above the quality of their products and services) for their deal.
How does it work
Starting to enjoy the advantages of Qonto will not take you more than 15 minutes in a management that is carried out completely online without the need to step on a bank office. The digital bank offers a month of testing your services totally free and without any kind of permanence. You can also access a demo to test the functionalities of its application without registering any personal data.
From there, you can select the business account you need to either replace or complement other bank accounts. It should be noted that, compared to other neobanks, Qonto only offers services for companies, freelancers and entrepreneurs, which ends up resulting in better specialization to meet the needs of the professional market.
Accounts are created transparently. You only pay for the services you hire, with no hidden costs, added commissions or any permanence. When you are not satisfied, you close the account and leave. The rates are in sight, fixed monthly fees depending on the use and needs, 50% cheaper than those of a physical bank and with a basic package for small businesses that is part of the 9 euros per month, a very economic cost for what it includes.
Qonto offers applications for web browsers and mobile applications iOS and Android, allowing all financial management to be carried out efficiently from anywhere in the world via the Internet. The application is designed under a simple, fast and clear interface so that anyone can manage services with total comfort, such as issuing cards for your team in seconds, be they virtual cards or MasterCard World Business. Of course, you set the limits, access and permission control, all in real time.
Accounts include IBAN Spanish, with linked cards and a certain number of users and transactions depending on the size of your business. It also offers accounting management, accounting-specific access, automatic VAT detection, SEPA transfers and debits, and outgoing and incoming transfers abroad via SWIFT. A recently added service, which allows you to receive transfers from most countries in the world and in most currencies, at a very low cost (if you choose the Standard or Premium plan, SWIFT transfers are included in the “pack”). Before the end of 2020, the company intends to obtain credit license to add financing and other credit products to your service catalog.
In summary. Financial technologies (Fintech) are here to stay and neo-banks are a reality for their advantages over traditional banking, in efficiency, costs, support, transparency and flexibility, in total security and with accurate and real-time management thanks to modern applications perfectly designed and accessible online from any computer or mobile device. You can try the Qonto services for a month totally free and with no commitment to stay.