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Neobank N26 partners with financial planning platform GFAI

February 15, 2022
Por
Finsiders
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German digital bank N26 is partnering with GFAI, a financial and career planning platform, in another move to position itself as a fintech that focuses on customers' financial health.
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The information about the deal has been exclusively disclosed to Finsiders.

The partnership will involve about 200 people, among the 2,000 already chosen for the Insider program, developed to help co-create the product/application that will be launched throughout this year by N26.

Self-denominated 'fincare' (ever heard of it?), N26 has the purpose of helping to improve the Brazilian people's relationship with money, going beyond simply offering credit in cases of debt repayment, for example. The partnership fits this goal, with a focus on creating and refining financial planning tools.

"We realized that a chat can only stay on the surface of the problem. We want to go deep to discover all the person's pains," says Eduardo Del Guerra Prota, general manager of N26 in Brazil. "This partnership allows us to unite technology with the customer service experience", adds Leanderson Reis, founding partner of GFAI.

Later this month, N26 will open registration for consultations with financial planners from the GFAI network exclusively for what it calls "insiders". Communication will take place by email and through the app itself, and places are limited. Selection will be on a first-come, first-served basis.

After this process, planners will talk to the selected people. There will be two consultation models, "like a medical consultation", in Leanderson's words: a single one with a diagnosis about the insider's financial health and an action plan; and a model of three consultations, which involves not only the action plan, but also a follow-up.

The executives said that the partnership is planned to run for the duration of the Insider program.

Not in a hurry
Eduardo comments that, to start the operations in Brazil, the company is building everything from scratch. In his vision, the country is going through an improvement in the relationship of the banks with their clients, what is missing now is to know how to deal with money. Thus, the focus, at this moment, is on perfecting the product according to this new reality.

Also according to the executive, the partnership will help the fintech to launch two products.

One of them will be to bring to Brazil the so-called 'Spaces', a kind of "little boxes" where you "save" money for specific purposes. It is like a savings account, that when you want to use it for the purpose, it is necessary to redeem it and may or may not have an income.

On its platform, GFAI already suggests this model, and it is possible to find the feature also available in digital banking applications such as Neon and next, to be just a few examples.

Another product is a card with "multiple" functions. With it, users should have greater clarity on how much they spend on delivery, subscriptions or travel, for example. In practice, you can create a card for each purpose and segment your spending. Everything comes on a single bill.

Competition
If on the one hand it will not be easy to operate as a digital bank in Brazil, with names like Nubank, C6 Bank and Inter engaged in winning and engaging their thousands of customers, on the other hand, fintechs are also looking at how to help in this relationship of people with money, still with Open Banking creating conditions for this.

Nubank itself, last November, confirmed the acquisition of fintech company Olivia, which offers a proprietary technology that uses artificial intelligence (AI) to learn users' spending patterns and thus help people save money, as well as giving recommendations on how to save and invest more.

Of course, a partnership with GFAI - with almost ten years in the market, and more than 7,000 families already impacted - has an advantage. But even in this case, there is no lack of competitors, such as N2, Vista, Meu Patrimônio, Plano, Fiduc, among others. Each one with a different model. The consumer wins.

Las opiniones compartidas y expresadas por los analistas son libres e independientes, y de ellas son responsables sus autores. No reflejan ni comprometen el pensamiento u opinión de Latam Fintech Hub, por lo cual no pueden ser interpretadas como recomendaciones emitidas por la platafomra. Esta plataforma es un espacio abierto para promover la diversidad de puntos de vista sobre el ecosistema Fintech.

The information about the deal has been exclusively disclosed to Finsiders.

The partnership will involve about 200 people, among the 2,000 already chosen for the Insider program, developed to help co-create the product/application that will be launched throughout this year by N26.

Self-denominated 'fincare' (ever heard of it?), N26 has the purpose of helping to improve the Brazilian people's relationship with money, going beyond simply offering credit in cases of debt repayment, for example. The partnership fits this goal, with a focus on creating and refining financial planning tools.

"We realized that a chat can only stay on the surface of the problem. We want to go deep to discover all the person's pains," says Eduardo Del Guerra Prota, general manager of N26 in Brazil. "This partnership allows us to unite technology with the customer service experience", adds Leanderson Reis, founding partner of GFAI.

Later this month, N26 will open registration for consultations with financial planners from the GFAI network exclusively for what it calls "insiders". Communication will take place by email and through the app itself, and places are limited. Selection will be on a first-come, first-served basis.

After this process, planners will talk to the selected people. There will be two consultation models, "like a medical consultation", in Leanderson's words: a single one with a diagnosis about the insider's financial health and an action plan; and a model of three consultations, which involves not only the action plan, but also a follow-up.

The executives said that the partnership is planned to run for the duration of the Insider program.

Not in a hurry
Eduardo comments that, to start the operations in Brazil, the company is building everything from scratch. In his vision, the country is going through an improvement in the relationship of the banks with their clients, what is missing now is to know how to deal with money. Thus, the focus, at this moment, is on perfecting the product according to this new reality.

Also according to the executive, the partnership will help the fintech to launch two products.

One of them will be to bring to Brazil the so-called 'Spaces', a kind of "little boxes" where you "save" money for specific purposes. It is like a savings account, that when you want to use it for the purpose, it is necessary to redeem it and may or may not have an income.

On its platform, GFAI already suggests this model, and it is possible to find the feature also available in digital banking applications such as Neon and next, to be just a few examples.

Another product is a card with "multiple" functions. With it, users should have greater clarity on how much they spend on delivery, subscriptions or travel, for example. In practice, you can create a card for each purpose and segment your spending. Everything comes on a single bill.

Competition
If on the one hand it will not be easy to operate as a digital bank in Brazil, with names like Nubank, C6 Bank and Inter engaged in winning and engaging their thousands of customers, on the other hand, fintechs are also looking at how to help in this relationship of people with money, still with Open Banking creating conditions for this.

Nubank itself, last November, confirmed the acquisition of fintech company Olivia, which offers a proprietary technology that uses artificial intelligence (AI) to learn users' spending patterns and thus help people save money, as well as giving recommendations on how to save and invest more.

Of course, a partnership with GFAI - with almost ten years in the market, and more than 7,000 families already impacted - has an advantage. But even in this case, there is no lack of competitors, such as N2, Vista, Meu Patrimônio, Plano, Fiduc, among others. Each one with a different model. The consumer wins.

Las opiniones compartidas y expresadas por los analistas son libres e independientes, y solamente sus autores son responsables de ellas. No reflejan ni comprometen el pensamiento o la opinión del equipo de Latam Fintech Hub y, por lo tanto, no pueden interpretarse como recomendaciones emitidas por la plataforma. Esta plataforma es un espacio abierto para promover la diversidad de puntos de vista en el ecosistema Fintech.

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