Para el futuro de la banca es clave la transformación digital


By Juan Bello, VP Digital Solutions of GlobalLogic Latam

At a time when some pose a setback in the handling of information and transactions, it is vital to be able to show technological transformations whose purpose is to change the market and evolve into the future. In this sense, it is important to share disruptive innovations that represent significant advances and are presented as what comes in the industry.

The most important thing is to understand that we are facing a re-definition of the way we relate to banks, produced by the invasion of digitalization. In this way, more and more users of “apps” and “user-friendly” platforms are turning to digital channels to perform online account operations, rising to the new trend.

We are facing a banking market where user preference is transformed: according to a study conducted by Fujitsu European Financial Services in 2016, among young digital natives, almost half (46%) would use multiple existing brands to meet different financial needs. In turn, agile financial technology companies (fintechs), as well as powerful large technology companies (bigtechs), are invading markets previously dominated by banks. What does this mean for the banking business? That the fintechs and NeoBancos would capture part of the banking business, which would mean that 60% and 40% of the profits, except mortgages, are expected to be left to new operators in the next decade.

So, in order to remain competitive, traditional banks need to innovate, since they are part of an industry that is transforming day by day, at a rate in which new technological solutions are constantly emerging, while customers demand more from them. To face this challenge, they have to consider three aspects: cultural, technological and methodological, each with its own particularities. In this way, they are able to observe that the digital transformation has become a fact, considering that worldwide digital-based companies are expanding rapidly and positioning themselves as strong competitors for traditional companies in the field.

The banking business is today as dynamic as it is changing; The combination of technologies and regulatory changes in recent years allowed many players to stand out in the financial services business. From retailers that issue credit cards to companies such as Paypal or PayU, which allow someone to send money, regardless of where they are in the world.

El futuro del sector financiero se ha convertido en un espacio donde se podrán resolver diferentes necesidades de los usuarios de manera rápida, cómoda y segura. Frases como: “este negocio cobra con su app de Square”, “pague sus importaciones a través de TransferWise” y “cuando necesite financiamiento, use MarketInvoice para descontar facturas”, serán parte comunes entre los consumidores que ya han incorporado en sus rutinas el uso de tecnologías para mejorar y agilizar su calidad de vida.

In this sense, digital access to banking services becomes essential for users. The challenge is to create products that, beyond establishing an omnichannel with assistance available 24/7 and on various platforms, focusing on key channels such as smartphones and tablets, allow the creation of value proactively, creating experiences in accordance with the reality of different types of users, prioritizing a 100% digital strategy.

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