* By Leo Monte
We live in a crucial moment for the Brazilian financial market, which mainly goes through two important systems being implemented in the country: the PIX, instant payment system that will allow transactions to be carried out in up to 10 seconds, and the Open Banking, which is still in its initial phase. , but that will open up a range of business opportunities by integrating technologies that allow different financial institutions to access customer data.
Just to give you an idea, during the pandemic of the new coronavirus, with paper money and cards used in the traditional way pointed out as possible agents of contagion, the use of alternatives of the so-called “contactless” technology, which include the use of tokens, approach payments, use of QR Code and others, skyrocketed in the country and in the world.
Due to social isolation, the use of digital platforms also grew in the five main banks in the country, reaching 76% at Banco do Brasil, according to a survey revealed to the newspaper Estado de São Paulo. At Sinqia, a supplier of financial technology to 8 of the top 10 banks in the country, software sales in the last quarter grew by 30%. Imagine this “push” forced on innovation combined with the scenario of convergence of technologies. The world of possibilities will be endless and with many business opportunities for the sector.
To create exponential futures, however, it is necessary to change the mindset, that is, to completely detach from the way we think today to resignify business. Of course, the technological framework is important, but the disruption must go further.
When we talk about this exponential future in the financial market, the next concern is usually about the survival of the banks and even of the fintechs themselves. But I do not believe it is there. In my view, there will be no substitution of one for the other or even a war between them. Just as Fintechs need Banks, they need them too. In my view, the result of this convergence scenario is much more a rich environment in which new converging business models will be created than competition, always focusing on the best customer experience. Everyone will win.
* Leo Monte, Director of Innovation at Sinqia, main technology provider for the financial market
Disclaimer: The opinion presented in this article is the responsibility of its author and not of ABES - Brazilian Association of Software Companies
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