digital banks They are financial entities that operate through the Internet. These banks offer you benefits that traditional ones do not, so we want you to learn to recognize them and know what they are.The best Fintech you can find in Colombia.
Let's start with the basics: what is the difference you find compared to physical banks? Unlike traditional entities with virtual services, digital institutions exist, work and pay attention to your customers online.
In other words, you will never find a physical branch and they are usually limited to having offices that do not serve the public in person. These offices exist for the maintenance of their platforms, monitoring of services and internal work of the entity.
Now you may be wondering what did the companies in this financial services model? Don't worry, today at Hiiex we will explain all the details in addition to the digital banks present in the Colombian country.
What is the model of these “neobanks”?
Neobanks are also known as fintech, finance businesses that are carried out entirely through ICTs. These services are similar products offered by traditional banks (insurance, cards, investments, discounts, etc.), although with other types of benefits.
For the customers This type of system is very beneficial because you do not have to race against the clock to complete certain procedures in a specific period of time. They work online, with mobile apps or web portal, you can enter the bank at the time you want (because they usually notify when there will be maintenance).
The flagship product of the entities is often debit or credit card, which may even be the same.
You see, the first serve that is usually used is the opening of a debit account and that is followed by the application for a card; these digital banks have fewer requirements and then you can also apply for credit.
You will also see that you can domicile payments, make withdrawals or open payroll accounts.
What are the digital banks that operate in Colombia?
1- Lulo Bank
This Bogota bank was founded in 2019 and began operating a year later, being the first banking institution 100% digital from the country. In order to use it you must to download your app and follow the instructions that will appear; Once you meet the requirements, open a savings account and deposit in it, you can make transfers and request credits. You can also order your debit card and loans.
One of its best offers are loans of up to COL$50,000,000, payable up to 48 months.
2- Nequi
Nequi is a Colombian neobank that offers you a credit and debit card, as well as savings transactions.
The digital cards although you can request it physically from your apps, you can also use it to national and international purchases, block, freeze or cancel them directly on the platform.
The platform also allows you track spending and set savings goals.
3- Nu Colombia from NuBank
NuBank is a Brazilian FinTech of which we have told you a little earlier. Wildebeest it became the best valued bank during the past year. It is a company designed to reduce requirements and burdens to a minimum in favor of the user, all through a apps quite easy to use that invites you to forget about paperwork to embrace the digital transition.
Its greatest benefit is that has 0 handling fees while granting you financial, domiciliation and insurance benefits.
Did you find this article interesting? Do you want to know more about digital banks? Tell us in the comments.