In recent years, Fintech in Colombia had built their name around companies, especially in payment services and digital solutions for business. However, the financial board begins to move in another directionin search of new customers who are more linked to the economy on foot.
This is the case of firms such as Bold, which became known in the Datáfonos and Transactions market and now decided to take another step to reach the pocket of natural persons; Within an ambitious bet, which starts with two key products that could change the way Colombians save.
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As announced since this week, it is a digital savings account with a profitability of 10% annual effective and a CDT with a rate of 12% annual effective. This movement is not less if one takes into account that it occurs in the middle of the so -called “fees war”, an increasingly visible competition in the financial sector, in The one that the traditional banking and the Neobancos seek to attract resources offering better conditions.
The jump to personal savings
Until now, Bold had focused his strategy on entrepreneurs, businesses and entrepreneurs who needed technological solutions to receive payments; So the turn to savings products marks a change of focus, which seeks to see Colombians see the Fintech as more than a transactional channel.
This market continues to gain ground among Colombian savers.
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From this firm they explained that the first product is a digital savings accountin which the client can deposit their money without commissions and receive a profitability of 10% annual; A proposal that is presented as an alternative to traditional accounts that, in most banks, do not generate relevant interests or charge costs associated with management.
The second is a digital CDT with rates of 12% annual effective, which becomes one of the highest profitability in the market and according to Bold, the goal is that any person, from their cell phone, can open the product without cumbersome procedures, with the same legal support as a traditional bank CDT, but with a 100% digital experience.
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These types of ads do not go unnoticed in a sector that crosses a particular moment, since the high interest rates of the Bank of the Republic in recent months prompted that financial entities offer better conditions to capture money and now, with the entry of Fintechs into the equation, Users can see options that previously seemed reserved for large capitals.
In fact, Bold’s commitment also reads as a message to the traditional financial system, because it seeks that Colombians understand that they do not need to go to banks only to obtain competitive profitability; taking into account that the digital model reduces operating costs and allows those benefits to be transferred directly to the user.
This market continues to gain ground among Colombian savers.
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The challenge of conquering trust
According to José Vélez, CEO and founder of Bold “this is not just a fees war, We see it as a catalyst for financial inclusion in the country, offer Colombians the ability to save and make that money grow alone, it is a great motivator to enter the financial world. ”
Likewise, Jorge Ulloa, Fintech Cpto, said that many Colombians already have savings accounts but face relatively low rates, bureaucracy or commissions that reduce the real profitability of money. “Our proposal is 10% in liquid savings with the pockets and 12% in fixed product (Digital CDT). And these products can be open and managed easily, quickly and safely from the bold app.”
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With all this, in a country where savings culture faces multiple obstacles, ranging from low income to the lack of financial education, the arrival of proposals with concrete benefits can generate a change of habit, since a CDT that pays 12% per year or a 10% savings account are not only striking figures, they can also be the incentive that motivates to those who had never thought about saving do so now digital.
In this way, the Fintech in Colombia seem to have left behind the label of tools only for entrepreneurs and their new mission is to conquer natural persons, with proposals that mix profitability, simplicity and accessibility. And although the road just begins, the competition has already changed the rules of the game.
Daniel Hernández Naranjo
Portfolio journalist
