11Onze launches Facebook-style private social network

Spain’s 11Onze says it has become the first neobank in Europe to create a private social network (PSN) for customers.

11Onze has launched the PSN in Barcelona to encourage customers to engage with bank agents and with each other, about finance, economy and wellbeing.

11Onze launches a social network about money

Features include access to a library of information on these topics, 11Onze TV – described by the neobank as “like a Netflix on banking and finance” – and a marketplace where customers can do business with each other.

La Placa, or market square, gives users the opportunity to learn about the bank agents’ personalities, skills and aptitudes.

“The 11Onze PSN will bring the traditional customer-bank ‘relationship’ into digital banking,” says James Sene, founder and chairman of 11Onze. “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.”

Sene explains that the PSN is part of a digital community where individuals and small businesses can learn how banks work.

“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,” he adds. “This gap is filled by 11Onze’s offering.”

Other features include an independent self-assessment for customers looking for a loan or savings product. Marketplace, crowdfunding and peer-to-peer (P2P) lending services will be added in the coming weeks.

Read next: Spain’s CaixaBank may cut up to 8,000 jobs after Bankia merger

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