- The platform is consolidating itself as the solution that will help sole traders manage their business completely online, putting an end to the receipts era
- Nomo was born from within InnoCells, the Bank’s digital business hub, and now operates as an independent startup
Nomo, the online platform for self-employed individuals that brings together in one app all the services and tools linked to managing their business, taxes and financial services, has joined Banco Sabadell’s product offering. The Bank thus consolidates its commitment to digitalisation and innovation in this segment, which entails an important competitive advantage within the banking sector.
Since 25 November, freelancers that work with Banco Sabadell have had direct access to Nomo through the institution’s website and app, as well as its branch network. The Bank thus begins to provide its customers with a pioneering solution born from within InnoCells, its digital business hub, and which came about from the complete understanding of sole traders’ day-to-day activities and their workload when managing their business, accounting and tax obligations. Nomo’s onboarding positions Banco Sabadell as a pioneer institution in open banking, and its value proposition represents a turning point as regards traditional banking.
Nomo’s main driver was the realisation that it is essential to support a key group for the Spanish economy –a vision shared by Banco Sabadell which is linked to its commitment to digitalisation. The app, available for Android and iOS, is a smart option to traditional freelance business management, which facilitates the elimination of countless receipts and meets the needs outside the business core activity.
Banco Sabadell and sole traders
The self-employed professionals’ segment is one of the most relevant for Banco Sabadell, which since its inception has had companies and independent entrepreneurs at its heart. The Bank currently has a 16.4% share in the Spanish freelance market, and 13% of its commercial banking business comes from this type of customers.
Banco Sabadell expects to close 2019 with 45,000 new self-employed customers and, for next year, it has set itself the target of reaching 45,700. The success of the Bank’s value proposition for this type of professionals is based on mobile solutions, which include remote customer service, proactivity and a streamlined offer channelled through digital media, which is now strengthened with Nomo.
Nomo is a digital platform for self-employed individuals that allows them to digitalise receipts and invoices, control expenses and sales, add a bank account of any financial institution to visualise in real-time the business’ cash position and reconcile accounting with banking movements. The app also analyses the quarterly net result of the sole trader and calculates in real-time the tax return payable at the end of the quarter. In addition, it offers an agent management service (key for any sole trader) to file taxes, generate accounting books, as well as unlimited consultancy visits. It already has more than 40,000 freelancers throughout Spain.