We understand Fintech as the use of technology to offer financial products and/or services either through mobile applications and/or web platforms. Fintech encompasses a new wave of companies that reduce costs and simplify procedures, improving the efficiency of these services, favoring financial inclusion and access to credit, payment methods, loans and investments for individuals and/or legal entities.
That said, we can evidence that the essence of Fintech companies is to facilitate the user’s life by accelerating and simplifying processes such as: (i) applying for a credit online, (ii) exchanging currencies or, (iii) making a payment; in other words improving the user experience. Technology is the best ally of any of these companies that is generating a profound change in traditional banking, introducing alliances and challenges for the financial industry that should be taken as the turning points that will generate a complete change in relation to the banking we are used to.
