In Colombia the Finetch industry has been growing and consolidating in some key or vertical sectors that have helped generate greater financial inclusion.
This is what a study of Boston Consulting Group (BCG) A Global Management consultancy based in Boston, Massachusetts.
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Juliana Sguerra, Managing Director & Partner of BCG, said the Fintech are challenging traditional banking by taking advantage of their technological agility, business models and a strong focus on user experience. “One of the most impacted sectors has been that of digital payments, where mobile, immediate and friction solutions have replaced traditional bank infrastructure, offering a more efficient and user -centered alternative.”
The Executive said the Fintech They have also gained ground in the credit segmentboth in the corporate and that of the consumer, through platforms that automate the risk assessment and optimize the process.
For its part, in retail investment, “Digital trading applications have democratized access to markets, displacing banks as the main channel for small investments”he said.
The study says that even in the main service of the bank, the possession of accounts and transactional services, the Neobancos or Digital Attacker Banks are emerging strongly. In markets like Brazil, the United Kingdom or South Korea, These digital actors offer integrated products, mobile and without commissions, especially capturing young or subsequent users.
For Juliana Sguerra, the growth of the Fintech has overcome the threshold of disruption to become a tangible market share transfer to new players. In the corporate segment, Private credit funds with Fintech structures quadrupled their participation in loans in 10 years. This trend, initially strong in the United States, already begins to replicate in Latin America.
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Juliana Sguerra, Managing Director & Partner of BCG.
He warned that in consumer credit, the case of Brazil is unique: Neobancos as clouds have reached penetration levels close to 25%challenging traditional banks directly. Moreover, in certain countries, Fintech already represent up to 26% of the total stock market capitalization of the banking system. This advance is structural and measurable, with real impacts on the redistribution of value within the financial system.
BCG’s Managing Director & Partner said Fintech are real and consolidated competitors in many markets. It is no longer about emerging actors or distant threatsbut of players who have managed to climb quickly, respond with agility to the demands of the digital consumer and attract increasing volumes of investment.
In markets like Brazil, South Korea, Poland or the United Kingdom, The Fintech have reached customer bases comparable to those of large banks. In addition, their valuations in public and private markets, rival those of traditional financial institutions. Their approach to operational efficiency, low costs and customization of the service makes them weight rivals in an environment where technology has become the main competitive differentiator.
Despite the growing competition, there is a wide and strategic space for collaboration between banks and Fintechs. This complementarity allows banks to take their structural advantages, As the regulatory experience, access to stable funding and its customer base, combining them with the capacity for innovation, technological agility and operational efficiency provided by Fintech.
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Holman Rodríguez Martínez
Portfolio journalist
