Should your company be a FinTech?
Payment Platforms
FinTech in Latin America
Latin America is a growing market for FinTech. In this region, there is a lot of potential for growth in the payments sector. Many people in Latin America are still underserved by the traditional banking system, and there is a lot of room for innovation in the FinTech space. But the question is if you, a traditional bank and company will innovate like a FinTech? Rappi and Mercado Libre are already Fintech and Commerce with an extensive business platform? Are they a FinTech? Are they a Commerce Platform? Will you partner with them? Will you innovate to become a business platform?
The FinTech industry is doing what many traditional banks have failed to do: “La bancarización de la población en general” - making banking and payment solutions to the general population.
In this Conversaciones de CRM livestream with Luis Barragan, CEO of BigData explains the real impact of FinTech in Latin America (Spanish livestream).
FinTech is democratizing access to financial services. Open Banking with the use of Big Data helps expand access to financial services for consumers and SMEs in Latin America. - Luis Barragan, CEO of BigData
But FinTech is not just about providing payments solutions and financial services. FinTech is also about proving information. Gonzalo Alonso, CEO CuentasOK & Founder ClowderTank, talks about this, on this Conversaciones de CRM livestream (Spanish video).
Every company should be a FinTech, every company needs to include a FinTech service in their business model. And that FinTech service is not the exchange of money but the exchange of information. This means companies need to eliminate any friction if providing payment and financial services and data. - Gonzalo Alonso, CEO CuentasOK & Founder ClowderTank
One of the most exciting things about the FinTech industry is that there is always something new to learn from payments to blockchain and from the metaverse to customer experience. The FinTech landscape in Latin America is constantly changing, and there are always new startups popping up. Just do a quick Google search and you will see. The question remains if you as a traditional bank or company are doing something about it. Are you expanding your business platform to include FinTech technologies?
Some of the most exciting startups in Latin America right now include BitPagos, which is a Bitcoin payment processor, and Dash, which is a digital currency. These startups are just scratching the surface of what is possible in the FinTech space, and of course, there are NuBank and Rappi, among many others. Plus Kavak and Justo, both have business platforms using FinTech technologies.
FinTech is a rapidly growing industry, and Latin America is an exciting region to watch. CRM and CX vendors like HubSpot, Zendesk, Zoho, and Freshworks have solutions for FinTech startups and many other types of startups. Many of these CRM and CX solutions have a focus on Growth (Inbound Marketing) and/or Customer Service in digital channels. However, if you want to expand your company as a business platform you will be a complete customer engagement ecosystem. But this will be another blog post in the future.