Earlier, to open a bank account, one had to go to a bank branch, get a password, stand in line, get documents for proof, in short, a very bureaucratic process. Today, thanks to Fintechs, you can easily open an account in your home, all you need is a smartphone.
This technology is evolving day by day, bringing smart solutions, including process automation, creating solutions for simple banking problems like opening an account, paying bills, making transfers etc. Fintech terminology emerged from the union of the terms financial and technology, applied to technology and innovation in the financial services sector.
In the epidemic, there was a significant increase in the number of digital account openings, as bank branches were closed and people were transacting banking through apps. As a result, with the growing number of these technologies, many who have reliability in this category of service, conduct their transactions in an increasingly normal way. Government actions, including the creation of PIX and open banking, helped to take advantage of this forecast. PIX revolutionized the transfer and payment market, all without speed and bureaucracy. Market trends include technologies such as cloud computing. Bass (Banking as a service) and FaaS (Fintech as a service) Traction should be gained as users understand the benefits in terms of safety and speed. The amount of investment received by the economic innovation sector has been increasing in recent years. In 2021, it reached US $ 3.5 billion, which is almost double that of 2020. The growing expansion of digital banks, known as NeoBancos, offers specialized channels and means of digital transformation, services and products that meet the new needs of the market. NeoBancos are technology-based financial companies, whose services and products are created and provided entirely online.
Nubank is an example of fintech, best known today, which was created in Brazil and gained international fame, the market leader in Latin America. Created in 2014, with its first product, managed through a free credit card app. Nubank has offices in Mexico, Argentina, Germany, Colombia and the USA, and more than 4,500 employees worldwide.
The company has already received several rounds of investment, including expanding and consolidating only in the market. Nubank is using new business strategies, such as beyond banking, in which banks and other financial companies offer services and products in other sectors, to make their customers’ lives easier, to innovate in the provision of services and products, to add more. And more value. Nubank has established its own marketplace and has partnered with e-commerce companies such as Magazine Luiza, Aliexpress, Dafiti. With this new business strategy using Beyond Banking, with this new front, Fintech aims to increase the use of applications by customers.
Another trend in the market is cryptocurrency, bitcoins, NFT, etherium, the traditional financial world is changing. NFT – Non-fungible token, for example, is a digital asset that resides on the blockchain, which has monetary value, using authentication and tracking features of digital media origins, such as JPEG images, music files, games, etc.
These are just some of the goal setting shareware that you can use.
Another system that is growing is Open Finance, which deals with the freedom to share your financial data, business, banking, financial and business, all on a voluntary basis. Sharing may include information on banking services, foreign exchange, insurance, pensions, investments, all controlled by the National Monetary Council (CMN) and the Central Bank (BC). We have noticed that there are only a few business opportunities in the fintech market, which are growing. With the advent of technology, the creation of new leads, with the possibility of expansion, in this vast ecosystem of opportunities, to meet the needs of customers, to facilitate life, to explore increasingly automated processes that create new market perspectives.
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