This congress was a must-go event for our international expansion; it was attended by more than 600 executives and decision makers from major banks, micro lenders, recovery companies, and tech solutions providers – a paradise to make our API shine, get contracts signed and gain lots of visibility. We achieved it all.
Peter, our VP of Sales, and me, Miguel, Country Manager of Spain, organized lots of meetings in our stand at the commercial fair, where we presented our banking API to several dozens of clients attracted by the possibilities that our tool opens. Moreover, representatives of comparators, recovery and payment companies, bureaus, lawyers and even investment funds also showed up at the stand to find out more about how we could solve their problems. It is not a surprise that we have now on our table many requests to use or test Kontomatik API, and even to substitute other competitor's solutions.
We also had a crowded room in the panel hosted by me to analyze the status of the micro loan industry in Spain. Three CEOs of leading micro lenders accompanied me at stage: Julián Díaz-Santos from Wonga, Sergio Fernández from Friendly Finance, and Sergio Aranguren from Contante, who is also the managing director of the Spanish Trade Association of Micro lenders (AEMIP).
A great line-up that dissected the industry’s performance on 2015 (called “the year of the explosion” by one the speakers), which doubled the number of loans issued from 0.5M in 2014 to approximately 1M in 2015. The forecasts for 2016 were also optimistic, with another speaker affirming that he perceived “a big appetite for the product”.
The role of technology in the growth of this industry was also highlighted. Without banking APIs, credit scoring engines and speed transfers online lending would not simply be feasible. 3 speakers agreed that fast and reliable solutions such as customer identification via Kontomatik and its ability to extract client banking history are critical to supply micro lenders with a deeper understanding of their clients, take more informed decisions, avoid frauds, increase the number of loans issued, and eventually provide a better service.
Summing the event up, we made sure that our product has a big demand and a bright future in one of the most mature but still fastest growing markets in Europe for micro loans.