The world has changed and we are experiencing a total reconversion of industries that seemed frozen in time. Banks, despite delaying innovations, used paper until yesterday. But something changed with the arrival of the fintechs, technology-based companies with a financial solution, among which the so-called challenger banks or neobanks. Well, faced with an avalanche of new digital solutions, traditional banking woke up and implemented new solutions and regulations such as the European PSD2 that has focused on digital. The Spanish neobanks They are here to stay and not charge account maintenance, focused on increasing speed and agility in use for millions of users who expect to go digital. The Spanish neobanks They are regulated by Spanish and European regulations, are constantly audited by the Bank of Spain and must be up to date with all security measures to avoid cyberattacks.

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What are the advantages of opening an account in a neobank in Spain?
Gain time to use it to enjoy it, before a lot of time was wasted on procedures that are now obsolete, they are digital banks that they do not charge commissions. To what boomers Does it occur to you today to go with the passbook to the bank? It's not only unsafe, but it's a total waste of time and this really is the greatest asset we have. Here are some of the many benefits that come with Spanish neobanks.
- Open an account with your mobile in 5 minutes and from anywhere.
- Forget having to queue to carry out a procedure.
- Current account without commissions, neither opening nor maintenance.
- Free VISA or Mastercard with support against cyber-crime.
- Respectful towards the environment.
- Virtual cards to use on the internet and increase security.
- New saving methods such as rounding off payments.
- Each card can be blocked immediately, with one click.
- Access to contracting financial products with discounts and unbeatable advantages.
- 100% support online without having to go to an office. Greater communication with the user, direct message and doubt resolved.
- The money is 100% safe and guaranteed; either through the deposit guarantee fund or in a custody account that nobody can touch
- Access to innovations before any traditional bank
- Undocumented. No tickets, no paper contracts.

Are neobanks in Spain solvent and safe?
The neobanks They are as, or more secure than the rest of traditional banks. They comply with European and Bank of Spain regulations, in addition, they apply security layers that significantly improve the user experience. The Spanish neobanks like Rebellion, Bnext or Fazil, among others, they comply with all security and encryption security regulations and standards. Furthermore, in the case of Fazil Neobank More security layers are added to contactless payments through Google Pay and Apple Pay, which have engineering teams always integrating new developments and increasing the security of transactions. Ultimately, a neobank is a startup that is always in search of new innovations and up to date with the latest technologies, being able to integrate very quickly, so that users can enjoy continuous improvements.
Why did the banking sector take so long to integrate fintechs and their technological solutions?
Traditional banking turned its back on the phenomenon fintech until they verified that they are amplifiers of their business, but with the capacity for improvements due to a small structure. All are benefits both for users and for the banks themselves, which can reduce their structures to sizes unthinkable in 2010.
Large banks currently have innovation centers to discover new business opportunities and improvements for their customers. Many of current fintechs are owned by important banks, the bet is made and the worldwide phenomenon of “neobank” either "challenger bank” has been consolidated in Spain. Astronomical investments are seen every day in fintechs such as Bnext, which closed its last round of investment at 25 million euros. N-26 obtained a valuation of 3,500 million euros in its last round of financing as of the date of writing this post (01-21) and since Fazil We are now entering the market to open a gap among these giants.

What advantages do Spanish neobanks have?
Neobanks in Spain They are founded by systems engineers, wealth management and marketing cracks. The founding teams of most of the neobanks They have digital native founding partners who understand the demand perfectly. Therefore, they understand that they have to surround themselves with good design, marketing, programming and security teams that add their knowledge to make the applications an easy experience.
These are some of the main advantages of neobanks:
Use of Artificial Intelligence
They use AI, Iartificial intelligence to detect faces, when you upload your ID photo and then your selfie, they process data and know it's you at 100%. And if there is something strange, they can identify it in your daily use, if the AI detects movements that are different from the usual ones, they automatically notify you and you can immediately block them with a click or put purchase "stops". Like a home alarm with a motion detector, pure peace of mind.
security against hacking
money is safe In the event of possible hacks, the money from accounts created through an EDE such as Bnext or Fazil, cannot be used for speculation by Bank of Spain regulations. The EDE or Electronic Money Entity (Pecunia Cards EDE in this case), protects the financial infrastructure, which in turn is constantly audited by the Banco de España to guarantee security in transactions and deposits. Others such as N-26 or Revolut have a banking license, but it is not Spain, but rather they have offices in other countries such as Germany or Lithuania.
global acceptance
issued cards they comply with all global VISA and Mastercard standards, to use them all over the world. Furthermore, in the case of Fazil there is no problem of other Spanish neobanks since they are debit cards instead of prepaid. With this the acceptance is total.
No commissions
There are no commissions, no permanence and each user chooses according to their experience with the use of the app and what it offers.

What are the best Spanish neobanks?
For tastes... colors! That is why we believe that there is no one better than another. The main differences are in the limits, the price, the usability, security and without a doubt, the look&feel.
For example, neobanks like BNEXT have their marketplace that allows to know new financial products from third parties but the majority of users use the Bnext card to travel. However, Fazil was born to pay all daily expenses with your mobile (the only one without physical plastic cards), as you contribute to the environment with each micro-payment, speaking the same language and representing the values of the new generations. In addition and of course, without commissions or conditions.
But none is better than the other, but they can be compatible (each user evaluates here).
Each neobank has its target.
- N-26 or Revolut are widely known and one of the largest in the world and based in Germany and Lithuania. They have different subscription modalities and prices that allow the user to increase the functionalities. They have already blazed a long trail in the competition against the big traditional banks.
- Bnext was born to respond to the most travelers, either withdrawing money at ATMs (with certain limitations) or returning commissions on purchases in various currencies, and its marketplace helps travelers have a better experience. However, still (01/21) it does not allow you to pay with your mobile using Apple Pay or Google Pay.
- Fazil is the Spanish neobank of the new generations, allows you to pay for absolutely everything with your mobile as you contribute to the planet.

Born in Bilbao, the cradle of large banks such as Kutxabank or BBV. Unlike the rest of Spanish neobanks in Fazil plastics are not printed, paper is not printed, nor are cash withdrawals encouraged. It does not opt for the technique of "giving away money" to increase the number of new users indiscriminately, but instead opts for a good product, simple and intuitive, thus achieving a high recurrence in the use and customer loyalty.
In addition, it offers a key benefit to its users called cashback, a functionality that automatically returns part of the money from purchases to its users. This is already working in hundreds of stores in Madrid and online and will soon be available in thousands of stores throughout Spain.