After having a prevalence in the financial market, banks began to have competition from technology-based companies, known as fintech. This has forced the traditional sector to start moving its model towards the integration of new solutions and tools that allow them to keep customers.
It should be remembered that according to the most recent information from the supersolidarityas of September 2022, 92.1% of adults had some kind of financial productwith which the level of banking access is quite high.
For this, Stefanini Group He presented four trends that can integrate traditional banking to compete and win the market against fintech. One of these is to take advantage of the cloud.
According to the analysis of the firm of IT solutionsthe use of these tools allows services, products, channels and digital applications to be added quickly and economically, to respond to the needs of the markets.
In a second place, there is talk of the outsourced payment system. This refers to the fact that financial institutions will be able to sell their technology and operations for payment platforms, thereby boosting their competitiveness.
The third point has to do with the transition to digital channels. This implies the closure of offices and physical points, in exchange for strengthening attention and digital services. The IT solutions group points out that progress is towards a hybrid model, in which the greatest efficiency is sought in all customer service channels.
“An effort that banks have to generate is to create unique and close experiences for their customers, while capitalizing efforts on those who have the greatest potential for the company and customers.s”, pointed out Yasmín González, expert on the subject at Stefanini Group.
To the trends already mentioned, it stands out that the entire commitment to data privacy and security will be added. Precisely because of this greater digitization in the service, entities must bet on strengthening their cybersecurity and data backup systems.
In this way, banks will be able to gain ground in the midst of the high competitiveness that fintechs have generated.