The model proposed by David Vélez to strengthen the financial system

Over the years, the financial sector has been incorporating new solutions into its matrix to facilitate users’ access to and use of services.

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Precisely, that was one of the topics that the CEO of Nubank, David Vélez, addressed at the Latam Fintech Market, in which he shared his vision about the future of the system. A perspective based on a concept he calls: the innovation triangle.

According to Vélez, adopting this figure could lead Colombia to take the leap in financial inclusion and favoring the country’s development.

The first edge of this triangle is the Instant Payment System, thanks to the fact that it allows bank and digitize 100% of the population. This tool also allows the informal economy to be formalized, open the door to new products and reduce costs.

“We believe there is still a way to go for the Instant Payment System to be a success. The focus has to be on the consumer. A public, universal and unified model under the brand of the central bank offers a better customer experience, with less frictions and greater adoption”, stood out.

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Similarly, open finance has transformative potential for Colombia. They are the second edge of the inclusion triangle because they return control of the data to clients, who can use it to their advantage, in addition to create a great opportunity to increase competition between entities and remove existing friction and inertia.

The triangle is complemented by the release of the usury rate to address credit informality. Especially, considering that today 1 in 5 Colombians and 24% of the country’s microbusinesses access gota gota.

“The invitation is, then, to dare to have a discussion about the current model of interests in Colombia and define together a roadmap,” Velez pointed out.

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