Financial sector
The development of the fintech In Portugal and around the world, along with its influence on the traditional banking market, it has also been the subject of much speculation.
The fintech are startups that use technology-intensive approaches to innovate and optimize financial services and that, as startups, have lower operating costs compared to large traditional institutions.
The fintechs and its collateral damage
Since 2017, the consolidation of the fintechs It has become a trend with names like Revolut e N26 are cited as two examples of disruption in the international financial sector.
These fintechs They have been gaining more and more traction among users, particularly younger ones. There are several reasons for this, ranging from the innovative and technological nature of the channels used to communicate with users, to their appealing and intuitive design, to the simplification of procedures versus the procedures we find at traditional banks.
N26 and Revolut
N26 is a German digital bank that offers free payments in any currency and has been gaining ground throughout Europe. It currently has more than 2.5 million customers and operates exclusively through a mobile app, which limits its target audience to users who are comfortable with new technologies. Like Revolut, N26 is part of the fintechs technology companies valued at more than $1 billion.
Since we're talking about digital banks, compared to traditional financial institutions, costs are lower, which also represents an added value for these new players of the sector.
Other benefits that attract more users continue to include the ability to make instant transfers, quick payments, cardless ATM withdrawals, and so on.
A communication is changing in the financial sector
The world is changing, and digital technology is the future of virtually every industry. Is society prepared for these changes? This is certainly a topic worth considering. But the financial sector has always been known for its formal and traditional nature.
From a communication perspective, these fintech They revolutionized the language and challenged the players the international banking sector to innovate and simplify the language they use with their audiences.
N26 maintains a consistent presence on Instagram, for example, and seeks to establish an emotional connection with its users and followers, clearly positioning itself as a standout player in a traditional industry. The brand’s tagline is “The first bank you’ll love”.