Through this free financial app, and according to Fintonic’s FinScore index, Unicaja Banco shall offer users –whether they are clients or not-, the possibility to get financing, with no previous formalities.
With this agreement, Unicaja Banco expands its channels for customer relations, further develops its Transformation Plan and continues to adapt to the new technology scenarios, in order to improve customers’ experience, focusing on the creation of collaborative digital ecosystems, innovation and alliances with fintechs.
Unicaja Banco and the personal finance platform Fintonic, the first app in Spanish to organize personal finances, with over 500,000 users, have entered into a collaboration agreement to offer the bank’s consumer loans in an easy and agile manner, from any mobile app, at any time and following a personalized process, within its goal of providing the best experience to customers.
Through this free financial app for the management of household economics, and according to Fintonic’s FinScore, users –whether customers or not- will have the opportunity to get financing, with no previous formalities and from any mobile device.
The FinScore index determines the credit profile of each individual, by assigning a score from 0 to 900 points, and it is calculated analyzing over 160 variables which assess the financial of each person.
With this agreement between Unicaja Banco and a reference fintech as Fintonic, the financial institution expands its channels for customer relations, in order to improve their experience.
In fact, this alliance is the first one subscribed by Unicaja Banco with a fintech, and it is especially relevant because it enables to formalize all the process for a loan from an external marketplace or platform. It is also a boost for the growth strategy set in its Business Plan.
Furthermore, this agreement allows Unicaja Banco to further develop its Transformation Plan and to continue to adapt to the new technology scenarios of the financial system, focusing on the creation of collaborative digital ecosystems, innovation and the alliance with fintechs, so as to increase the offer of its physical and digital services.
After more than six years in the market, Fintonic is established as the main app in Spanish especially designed to manage personal finances, with a system that shows in real-time the information and operations in all the bank account, cards and insurances. The app has become, via Fintonic Loans, the first independent platform of loans, and so far it has managed loans for more than 15.000 users, with a total volume exceeding 600 million euros.
About Unicaja Banco and Fintonic
Unicaja Banco, the seventh bank by market capitalization, is known for its solvency and financial soundness, for its focus on retail and proximity banking and for its close link with its home regions -where Andalusia and Castilla y León are to be remarked- and where it is market leader, and with its traditional areas of action, such as Castilla-La Mancha, Extremadura or Madrid.
The financial institution has a digitalization strategy within its Business Plan to offer and reinforce alternative channels that provide added value to customers, such as more flexibility and accessibility to their accounts. Within the digitalization process that Unicaja Banco is implementing, the following developments should be mentioned: strengthening of the functionalities of the online channels, developed with advanced technologies, such as the launch of the mobile payment service, to pay in shops directly with the smartphone, or access to the services of its mobile app via biometric identification, as well as the increase in specific products for digital channels.
Likewise, Unicaja Banco continues advancing in the implementation of blockchain solutions, within the Niuron Consortium, which developed in 2018 a platform for digital identification of physical persons and prevention of money-laundering (MVP), under the security and agility parameters which are characteristic of this new technology, and with new use cases in 2019 to accelerate the development of this platform.
Also, Unicaja Banco has developed and launched a new public website for customers, which features an improved and more customized attention from the point of view of its wide range of financial products and services. It has also launched a plan to change navigation in ATM and which, together with the plan to renew ATMs, aims at a more agile and customized operation. The boost to new systems to improve customer service in the subscription of products must also be remarked. Furthermore, the Bank is pioneering in applying a cloud-based content manager in its website.
Fintonic is a money management and savings app. Its users have access in a single app to real-time information of all their bank accounts, cards and insurances: charges, deposits, bills, savings, etc. In addition, the platform also features an alert system on fees charged, duplicated payments, overdrafts or insurance expiry dates, for instance.
Last year, its users received 278,379 alerts for overdrawn accounts and managed to save more than 13 million euros in returned fees, as well as an average of slightly over 200 euros when subscribing insurances via the app. According to income, savings can range from 2,000 to 5,000 euros per year.
Fintonic believes in the concept of multi-institution for consumers to have access through its platform to more than 55 institutions (BBVA, Bankinter, Wanna, Wizink or Zaplo, for instance) with which they can subscribe loans, cards and insurances tailored to their profiles and in the best conditions, without leaving the app. Furthermore, this is the only app that provides each user with their FinScore, for them to know their credit profile and the conditions they can get with those products.
The Fintonic team is made up by 90 professionals who are experts in the financial sector and in new technologies. The company has the support of Ideon, Financial Solutions, Inception Capital, Onza Capital, Atresmedia, ING Group, PSN and other individual partners which provide their strategic experience.