Technology at the service of money and domestic finances. This is Fintech (name that comes from combining the initial syllables of FINance and TECHnology, finance and technology in English), or Financial Technology, this new business model of recent appearance that is changing the credit landscape in the Spanish market. While the traditional banking sector faces new situations trying to adapt its products, which are sometimes offered depending on what they have to present or what is in the pipeline, Fintech companies care about people and look for what they most want. it agrees.
Although they are competitors of traditional banks, the truth is that more and more banks are interested in Fintech. With technology extended to practically all our daily activities and especially to consumption, many people have changed their minds when they understand that Fintech companies of fast online loans emerge as an alternative to be less rigid, offer comfort to their clients and adapt to the times modern and the ways of consuming, which are none other than the internet, through mobile phones, tablets and computers.
Although Fintech is still limited by the fact that only banks allow you to open a checking account to capture deposits, there is a world of possibilities that is offered especially in the field of financing, loans and credits, and forms of payment.
Special mention should be made of the companies and private entities of personal loans and consumer loans, specialized in this type of access to finance and which has triumphed in recent years thanks to its speed and for having adapted to needs that were often neglected by the banks. They have improved the ease of the product and the satisfaction of the clients, thanks to the online procedures and the simplification of the process, also available 24 hours a day, anywhere, just by having internet access.
These products, called microloans or quick loans , rely on the latest technology and unique algorithms to analyze thousands of factors to approve or reject loan applications in a matter of minutes, which is infinitely faster than a manual process.
The competition between these services means that many of them offer small amounts without interest: only what has been borrowed is returned. Other companies have chosen to offer larger amounts and repayment terms similar to those of banks, but maintaining the online application system and speed.
In short, more and more lenders are trying to open a gap in the Spanish market, thanks to new technologies to lend money quickly and easily. Banks will need to adapt or lose their privileged positions in the face of the Fintech boom. In the end, the competition benefits the user, who sees how conditions improve to his satisfaction.