In Europe, Spain is a bellwether in the fintech domain. According to several studies, the country has seen a five-fold increase in the number of fintech firms, the main contributing factor being the entrepreneurial spirit of the people in creating a digital ecosystem in the country and in helping SMEs to flourish. One unique feature of the fintechs in the country is that they do not directly compete with the financial services firms, but rather supplement and complement their activities.
In the fintech space, Spain has a unique digital bank, Bnext. Launched in 2018 in Madrid, it is in fact a financial marketplace that has 350,000 active users who do more than 100 million euro worth of transactions in a month. Using a bank account, the customers can avail the financial products and services best suited to each of their needs.
CATERING TO NEXTGEN
Bnext’s success can be attributed to its understanding of the digital transformation that was happening, especially in the banking sector, and its response to the mindset of the younger generation, which was finding traditional banking a laggard and a burden.
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