Digitalising Banking in Latin America

 

Latin America is becoming an important player in the global FinTech landscape due to the increasing numbers of savvy entrepreneurs that are filling gaps un-addressed by banks.

We are living in a new digital age, in which our lives and senses have been transformed, and industries compete to attract and retain customers on an hourly basis, especially in competitive markets.

Technology is increasingly shaping the brand experience, and defining a company’s future success.

The banking industry, until now, has been characterised by focusing on specific components as opposed to the larger distribution of its products and services.

But, the industry is transforming imminently, and many would say, inevitably.

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Latin America

In the past two years, Mexico has witnessed an explosion of disruptive competitors, who with their entrepreneurial spirit and strength, are providing to be formidable competitors to traditional banks.

Formed by young entrepreneurs and mature executives, the FinTechs emerging in Mexico, Brazil, Argentina and Colombia are focusing on solutions related to payments, remittances, and loans, in particular. These companies tend to be crowdfunded, or financed through a network of their own investment projects, or third parties’ and have fast, and agile financial services at their core.

One of the advantages of being a FinTech in Latin America right now is that most banks are not performing in a customer-oriented manner, thus almost ensuring significant market penetration. Furthermore, the potential benefit to be gained from financial inclusion is clearly visible, and tangible.

The Impact

The FinTech industry’s growing dynamism has put increasing pressure on banks to both understand the ecosystem, and to accelerate their search to provide customers with value-added digital services.

We are undoubtedly witnessing the re-composition of traditional banking services, and the power of skilled entrepreneurs who have exposed entirely new and revolutionary market opportunities for almost every citizen.

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Our future lies in digital relevance, for everyone. Brand experiences shaped by technology are slowly but surely becoming crucial to success. RedCloud’s connected marketplace, which provides banks with tailored digital solutions, opens the doors to Latin America’s rapidly disruptive ecosystem.

The key to enacting an all-encompassing technological revolution lies in marrying digitalisation, disruption, FinTech, reconfiguration, UX and more.

Only with connected platforms can we achieve greater efficiency, and growth.

About RedCloud Technologies

Our digital marketplace connects every member of the world’s supply chains, ranging from small merchants to international manufacturing companies, and every stakeholder in-between. RedCloud’s customised offerings enable every single user to achieve higher levels of growth, security, and innovation, transforming our global economic landscape.

 
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