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Neobank 11Onze builds private social network for customers

Neobank 11Onze builds private social network for customers

Catalonia digital community bank 11Onze has launched its own money-focused, Facebook-like private social network for customers.

The private social network (PSN) gives customers access to 11Onze’s "Learning Management System" - a collection of over 200 short, targeted videos on finance, economy and well-being. It also links users to bank agents and their fellow customers, enabling them to interact in La Placa (the market square).

In the next few weeks, the bank plans to add more features, including a marketplace to buy and sell products and services, as well as crowdfunding and P2P lending.

11Onze says it wants the network to give a human touch to digital banking, which the firm claims is currently highly transactional, missing emotional connection.

James Sene, chairman, 11Onze, says: "We are a new category of Social Network with the latest advances of Facebook, Instagram, YouTube, LinkedIn wrapped up into a Netflix format. This is a vertical social network about money, made in Catalonia. It’s an integral part of our digital community where individuals and small businesses can learn, discuss and understand how banks work.

"We have used innovative technology that brings a genuine consumer experience to the digital banking sector. Fintech banks have struggled with holding on to the relationship aspect of traditional banks and community banks have failed to optimise in the digital sphere. This gap is filled by 11Onze’s offering."

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