The dramatic evolution of a movement called FINTECH that began to shake the banking sector.

June 18, 2021

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We are living a revolution in the technological world, every day transformation between what we knew as classic routines are solved with the development of mobile applications we can carry anywhere in our pockets. Each sector is reaching its time for change, a clear example is the transport sector, with a very practical application called Uber... .. The financial sector could not escape this incredible innovation in the digital age.

In a world where there are almost as many mobile phones as people, is almost a necessity to bring technology to such a classic sector as banks, where the Fintech movement says present.

Fintech the acronym of two English words Financial Technology, has become increasingly common to refer to in any technology applied financial services. Fintech put under the microscope all fields and sectors of financial services and examine the problems associated with them to find solutions that modify, in part or completely, those services.

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Solutions such as payments and transfers, Mobile Banking, trading, loans and financing, retail banking, security and privacy, alternative currencies, digital portfolios, financial advisory services, insurance and many others are surely to hit the market soon and is the reason why banks have to ride this tech trend.

And it is the small and medium-enterprises that account for more than half of the global GPD and this sector is still ignored by banks, which Fintech aims to provide a solution to their financial needs.

Fintech is changing the way SMEs access to financing, control their expenses, monitor their money or ask for a simple loan, across platforms resale invoices, SME loans to SMEs among other alternatives.

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Aunque el método Fintech no sea algo bien visto por el sector de la banca, casos como BBVA han dado un paso adelante y dicen SI a la posibilidad de incluir tecnología a sus clásicos métodos para prestar servicios

Although the Fintech method is not something welcomed by the banking sector, cases like BBVA have taken a step forward and say YES to the possibility of including technology to their standard methods to provide services

The most visible part of this project is the BBVA API Market, a portal where you can access these APIs. It also takes into account the opinion of Dwolla, an American start-ups with real-time payments, which already operates in that country using the APIs of the bank.

All Fintech entrepreneurs have appreciated the commitment of BBVA recognizing the institution of its support for this type of technology that will mark the future of the financial sector and open the door to the creation of new services and models of good user experiences that at the end of day is all that matters.

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In a next Blog, i will refer to the different methods Fintech that we can find in the market and how it is almost IMPOSSIBLE to ignore this movement that certainly came to change the way we have our finances, showing how it is increasingly NEEDED to take our business to the mobile world through a Mobile Application and to get involved in all this evolution and provide a better user experience also it is taken into account much faster.