A new era is coming, digital modernization is not only transforming in entertainment, but also in business.
Organizations have seen the need to update their legacy software to be part of the upgrade. In fact, the financial services ecosystem has also seen the impact of this new technological transformation, so they have been forced to enter one of the most promising and active sectors in recent years. Those who are part of this world should be aware of what they are missing out on before they are left out.
This is where FinTech companies come in, offering financial services in a variety of markets digitally. The word e is formed from the contraction of the terms financial and technology.
This nascent industry is of companies that use technology to provide high quality financial services in an efficient, agile, convenient and reliable manner. It has been a true revolution for the financial market, because it has generated greater speed even in the internal processes of companies.
How are FinTech companies composed?
FinTech, in essence, offers digital solutions to improve, personalize and automate financial services processes. It leverages technologies such as BigData, Software, Artificial Intelligence and Blockchain, to name a few. This has changed the way business is done and also the experience of using financial services.
It consists of:
- Means of payment and transfers, such as payment platforms, e-commerce and international transfers.
- Financial advisory, such as personal finance managers, financial education and distribution of financial services.
- Digital credit origination.
- Cryptocurrencies and blockchain.
- Crowdfunding.
- 100% digital banks and other financial institutions
- Financial solutions such as accounting software and digital infrastructure. This includes risk profiling, cybersecurity, big data & analytics, identity verification, banking APIs and payment aggregators.
How to develop your banking software to become a FinTech?
If you want to create a Fintech, it is important that you take into account some important aspects from a technological point of view. First of all, you will need a team of developers who will be in charge of creating the technological platform that will be the basis of your business. This will include the development of mobile and desktop applications, as well as the creation of a website that will allow your users to access your services.
You will also need a team of cybersecurity experts to protect your users' information and ensure the integrity of your systems. This is especially important in the financial arena, where significant amounts of money and sensitive data are handled.
In addition, it is important that you have a solid and scalable technological infrastructure that allows you to adapt to changes and grow efficiently. This may include servers, databases, and other technological tools that help you manage and process your users' data.
In summary, to create a fintech it is important to have a team of developers, cybersecurity experts, and a solid and scalable technological infrastructure. With these elements, you will be able to start developing the platform that will allow you to offer your financial services to your users.
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The superapp revolution and how fintechs can stay ahead of the curve
One of the reasons why superapps integrate financial services is their ease of use and agility. For example, platforms such as WeChat and Alipay, which feature digital wallets and wallets, promote contactless payments and reduce the need to use cash and credit or debit cards. While it may be difficult to compete with giants such as these, in the future it is possible that other key players may begin to establish themselves as leaders in emerging markets in other countries.
In Latin America, there are some emerging platforms that are becoming super-apps, such as Rappi and Gober. Both offer a wide range of services, such as home delivery, financial services and digital payments, and also have a premium subscription. In regions where superapps have not yet emerged, financial institutions have the opportunity to identify their opportunities and develop targets through the use of the cloud and open banking through APIs, allowing them to bring together an ecosystem of different players into a single application.
Applying these tips will undoubtedly reduce costs, improve the quality of services and diversify the outlook that your organization can achieve. As processes are digitized, there are more business opportunities in the technology market, so don't be afraid to get involved in one of the most profitable movements for your company.
