N26: "In 2022 we want to have operational bizum and go over"

The rise of the Fintech, the Neobancos and the mobile banks are reinventing the image of banking institutions in society.We attend a paradigm shift in banks worldwide and, in fact, in Spain, the data suggests that these entities already monopolize 29% of the digital banking market.

We put more figures to this reality in the open market by Marta Echarri, general director for Iberia de N26.

Listen to the full interview in this open market podcast:

What challenges ahead has this Neobanco with more than 700.000 clients?Its general director for Iberia, Marta Echarri, tells us in open market

A mobile bank of German origin, with a bank license, which has been in Spain since 2018, in a nutshell, this is N26 inside.And that if we look at valuations, even with one of the traditional banks that is in the IBEX 35 such as Bankinter or the Sabadell Bank.

A digital leap among the clients that comes in response, says Echarri, from the crisis of the financial entities of 2008 when they led to the world, after the fall of Lehman Brothers, to the greatest challenges of the 21st century.

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Spain is the country with the highest digital bank adoption level among the average client.N26, in less than three years, has positioned itself as the "leading mobile bank in the country" with more than 770.000 clients in portfolio and an objective that goes through maintaining growth metrics over 40%.

"Digitization is not reversible," says the person responsible for the Iberia of the German.

Your customers have their services within reach of their fingers, ENS or Mobile.They just need a smartphone, an internet application and connection.Created in 2013 in Berlin, the Entity of Valentin Stalf, its founder and CEO, with just 36 years, already is among the referents of the world of German finance.

¿Contra la tradición?

Flexibility and lower commissions say that they are the two main points in the letter of presentation of the Neobancos, of the bank fintech.

Options such as N26 rely on technology to be competitive, but aspire to offer practically the same business as banking (payroll accounts, consumer credit) while customers get used to very low costs.

A situation in which to "square accounts", in the first voice, seems complicated although from the German they believe that it is possible both and "in the future".

¿Y Bizum?

In September the entity announced the signing of an agreement with Bizum, the Instant Payment Platform developed by the traditional entities of our country.A project that will launch 2022 in N26.

In the next year the entity also wants to go to quote financial markets.An entity that Germany is already the second bank by valuation after Deutsche Bank and that, today, is the same as Bankinter and Banco Sabadell.