MyInvestor heads the ‘TOP5’ of neobanks in Spain, according to analysis carried out by the Fintech Institute of Applied Economics and Governance Coordinates, technological platforms in the financial field.
The analysis group explains that ‘fintech’ are in full expansion and it is estimated that more than 300 work in Spain, with an increasingly wide variety of services, which include proposals for manage family finances, compare mortgages and all kinds of financial products, payment services, financing, investment simulators, financial advice, negotiation with cryptocurrencies, invoice compensation, currency exchange, wealth management, investment, tax and accounting management, among others.
The Coordinates Institute of Governance and Applied Economics has brought together a group of experts to analyze this specific field of the digital universe and one of its main conclusions points out that neobanks are the category that is growing the most within ‘fintech’ and it is the one that has the most development options within the financial sector, intensely fueled by the forced digital transformation as a consequence of the health emergency.
“Neo-banks”, the analysts point out, “in contrast to traditional banking, have an exclusively digital operation, accessible at any time and place, and allow the active user in the financial sector access in a flexible, transparent and low-cost way to a wide range of financial, investment and savings services and products“.
The Institute’s analysts estimate that the growth trend of neo-banks is unstoppable. “It is the optimal model in a virtual world in which a digital native client is the one who demands which financial business options suit their needs. The response of the neobanking platforms to this demand has been equally optimal, the Institute’s analysts emphasize, “they add.
They indicate that one of the basic elements of any business strategy in the digital field, such as data management, has been used very efficiently by neobanks that operate in Spain. His priority has been to know the client, capture and analyze their data “in a scrupulous way with data protection, to offer them the best experience in their financial operations. Personalizing care is the goal of neobanks to achieve a delivery model of financial services of maximum efficiency and minimum cost “, maintains this report.
The analysis of the Coordinated Institute reflects the growth possibilities that the recent Law of Digital Transformation of the Financial System can offer to neobanks, which provides controlled spaces of tests to design and verify the operation of new business models in the financial field. The experts summoned by the entity coincide with the consensus of financial analysts who foresee that in five years 15% of the banking business will be carried out by neobanks.
Within its analysis, the Institute has examined how the main operators have evolved and has elaborated a ‘TOP 5’ of the sector headed by MyInvestor. The neobank owned by Andbank, El Corte Inglés Seguros and the insurance company Axa, is about to close the year with more than 660 million euros of business volume, at a distance from its immediate follower, Indexa. Next, the analysis places N26, Bnext and Orange Bank.
MyInvestor would also be included among the 15 largest European neobanks by business volume. The European TOP 15 is headed by Orange Bank (France), followed by OakNorth (UK), Atom (UK), Revolut (UK), Nutmeg (UK), Scalable Capital (Germany), Monzo (UK), N26 (Germany), Fidor Bank (Germany), Starling (UK), Moneyfarm (Italy), Tandem (UK), MyInvestor (Spain), Bunq (Netherlands) and Monese (UK).
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