The rapid growth of cell phones in the region has opened opportunities for people of all ages to access financial services. 88% of respondents said they use their cell phone to make financial transactions.
“Mobile technology is becoming a central factor in the financial life of Latin Americans,” says the study.
However, it is the youngest who are afraid to do these operations even though the Fintech have reached countries with the speech to democratize access to financial services emphasizing that they have better reception among digital natives.
According to the study, there is a “missing opportunity” by financial companies to address people’s concerns, which causes this lack of trust.
“Our responsibility in this market is to win the confidence of consumers by offering them real value, such as credit and tools that really facilitate financial life,” says Tory Jackson, head of business development and strategy of the Galileo financial technology platform .
Study figures are interesting if you consider younger consumers to have a greater probability of using Fintech to access financial products compared to older ones.
On the impact that Fintech has among the Mexican population, 63% of respondents said that Fintech did not offer them a financial product or service that was not available.
Debt and investments such as their first access to financial services
30% of people between 18 and 39 years of age said that their first financial product was an online or credit loan, followed by 29% who said that investments were their access to the financial system.
27% said the Buy Now, Pay Later (BNPL) was their first financial product (offered by many online stores) followed by 26% who opted for cryptocurrencies.
“This suggests that as basic financial services have been generalized and the financial ecosystem of Latin America has mature, the region is entering a second phase of financial inclusion, marked by the expansion of other tools,” said the report .
