Technology at the service of money and domestic finances. This is the Financial Technology (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 landscape of credit in the Spanish market. While the traditional banking sector is faced with new situations trying to adapt its products, which are sometimes offered depending on what they have to present or what is on the campaign, Financial Technology companies care about people and look for what they need most. it suits.
Although they are competitors of traditional banks, the truth is that more and more banks are interested in Financial Technology. With the technology extended to practically all our daily activities and especially to consumption, many people have changed their mentality to understand that Financial Technology companies of fast online loans emerge as an alternative to be less rigid, offer comfort to their customers and adapted to the times modern and the ways of consuming, which are not other than online, through mobile phones, tablets and computers.
Although Financial Technology is still limited by the fact that only banks can open a current account to capture deposits, there is a world of possibilities offered especially in the field of financing, loans and credits, and forms of payment.
Special mention deserves the companies and private entities of personal loans and credits to the consumption, specialized in this type of access to the financing and that has triumphed in the last years thanks to his rapidity and to have adapted to some needs that often were neglected by the banks. They have improved the ease of the product and customer satisfaction, thanks to online procedures and simplification of the process, also available 24 hours a day, anywhere, with only access to the Internet.
These products, called microcredits or quick loans, depend 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 opted to provide larger amounts and repayment terms similar to those of banks, but maintaining the online application system and speed.
In short, more and more lenders try 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 Financial Technology boom. In the end, the competition benefits the user, who sees how the conditions improve for their satisfaction.