Social Bank, Nubank, Digio and cheating are boosting the Brazilian market, after the success of the digital accounts and also of the “free credit cards”, with the slogan ” The time has come to take your money from the sameness ” the recently Social Bank Does it make sense for the Brazilian citizen? The success of online personal loan Fintechs is proven, after offering personal credit quickly and bureaucratized everything online. Social Bank that is also a financial platform should promote a kind of peer to peer, only collaborative through an application.
We know that Brazilian has not yet learned how to handle money and finances very well, in general the way to move financial resources is a bit embarrassing and without control of expenses and gains. Thinking about it, Social Bank focuses on “connecting people and transforming the relationship with money into something healthier, human and without intermediaries.” According to the text on the website itself.
Who created Social Bank?
With the idea of being a direct competitor of Nubank, which is even following the wave of the market, just announced this week the launch of its digital account – who is the competitor? Well-known entrepreneurs Carlos Wizard and Rodrigo Borges have launched Social Bank, a “social bank”, with a platform that allows users to obtain personal loans and still manage to make payments of consumption accounts directly among users. A similar model is the Contasuper that became a digital account after the acquisition by Banco Santander.
The Social Bank is part of the new digital business that has moved billions of dollars in recent years, this growth of “fintechs”, which are startups, use and abuse of technologies in the financial sector, is still going to speak here in Brazil.
How does Social Bank work?
Social Bank is not a bank or a financial institution, in fact the startup has been authorized to market digital payments account. The difference between Social Bank and other digital accounts is that users can negotiate loans directly.
The user of the application can use two types of cards, one physical and another virtual, so far no news, the differential is even the factor – take personal loans – with this new model, now we have another alternative way to get loaned.
How do you make a loan with Social Bank?
Any and all means of asking for credit goes to such a scoring, in the Social could not be different. Each customer has a note to rate their credit profile. To borrow money, the user must inform the amount that he / she wants as loan and any person that is registered in the system, can lend money.
- The interest amount will be defined directly between the parties.
What is more interesting is that the model does not allow charging of commissions for the intermediation of business done among users, unlike peer to peer who charges an amount to him for the transaction. How will Social Bank make money? Simple, the business is based on winning on traditional banking rates such as DOCs and TEDs. Agency and account numbers do not exist on the platform. Your own cell phone number will be your account number. This should make it easier to make transfers to other people by simply having the contact on the agenda.
Main Account and Social Control Account?
What is the difference between the Main Account and the Social Control Account? With the main account the user performs all the main transactions of a digital account. It is from it that it is possible to manage the entrances and exits, and have access to Social Bank services. As for the Social Control account, it serves to assist the user in the organization financial life, separate expenses and help in saving money.
What types of services are available
It is a digital account, so you will find all the features of a traditional banking financial institution, with the differential being much simpler to operate and as a friendly way. Like the Social Account, you will solve everyday problems more simply and without relying on huge menus of banking systems. You will be able to:
- Receive a money
- Pay your bills
- Take in 13 thousand different places
- Make free transfer between Social Bank contacts
- Make purchases with physical or virtual card in any establishment that accepts MasterCard *
On the site you find exclusive services like: Social Control, Social Cash, Social Pay, Social Group, Social Connect, Social Change, Social Investments.
What can I do in the Social Bank account?
With the Social Bank Account you will be able to make payments of accounts and tickets, deposits, withdrawals, transfers between banks and free between users, request card, create additional accounts to manage your or family expenses, create group accounts to share with friends, or achieve goals, pay boletos, support other people financially, monetize and get support with interest of up to 2%. All in a safe environment with the convenience of a click.
Who can open a Social Bank account?
Anyone who has a regular CPF, who is over 18 years old and submits the basic documents requested at the time of registration.
What do I need to register?
To register with Social Bank, you need your CPF number, an active mobile number and your mother’s full name. To complete the registration just complete all required fields correctly, and validate your cell phone number through the code sent via SMS. You need to download the App on Google Pay or the App Store depending on your mobile.
It is worth mentioning that your competitor’s account Nubank does not allow cash payments or cash withdrawals at 24hour ATMs.