- Each personal banker has its digital store on the platform, with products from the fintech partners;
- Franq has a base of 1,500 ex-bankers who act as a kind of financial services broker.
Given the migration of financial services to digital, an accelerated movement in the pandemic, and which should gain new momentum with the arrival of open banking in Brazil, the fintech Franq has been hiring hundreds of ex-bankers, betting that this will be the main channel for banking products in the next years.
Created at the end of 2019 by former bank executives and headquartered in Florianópolis, Franq has a base of 1,500 ex-bankers who act as a kind of financial services brokers, focusing on medium-sized clients and high income.
With at least five years of experience in the sector, members of the platform, called by fintech as personal bankers, assemble a portfolio with about 200 customers.
Each personal banker has his digital store on the platform, with products from the fintech partners, which include Itaú Unibanco, Santander, Creditas, Porto Seguro, BS2, Stone, BizCapital, Guide Investimentos, Sodexo, Icatu Seguros, among others. Consumers access the store of the chosen banker.
On average three institutions for each type of product are offered to the consumer. Institutions remunerate personal bankers on products sold and a fraction of that amount goes to Franq. So, there is no charge for the final customer.
“It is a free financial curation,” sums up the founder and CEO of the fintech, Paulo Silva, himself a former executive in the banking sector.
For Silva, with the advent of open banking, a system that gives customers the power over their bank details, the digitization already underway should deepen in Brazil, and the large financial institutions should adhere to the model of digital banks, reducing the brick-and-mortar chain to gain efficiency.
According to banking unions, in 2020 alone the financial system eliminated more than 10,000 jobs.
Franq plans to expand its base of independent bankers by around 500 per month, each serving an average of around 200 customers.
“We believe that this model will intensify in the coming years and that in 2024 there will be about 50 thousand professionals working in this way,” said Silva, evaluating that Franq intends to have half of this market.
(Translated by LABS)