Approximate reading time: 2 minutes, 45 seconds
From a more open banking focused on the user experience to the use of artificial intelligence, analytical, predictive and metaverse data will be the technological advances that the financial sector will have in our country.
These are some of the conclusions of the discussion prepared by 2innovate called “Innovation Espresso” where technological trends were explored together with important industry representatives such as Cencosud and Modyo.
The panel was moderated by Tomas Ecclefield, CEO & Co-Founder of Digital eXp, who assumed moderation with a dynamic approach facilitating conversation between participants.
Guest speakers included Ariel Pereyra, CTO Corporate Digital Payments at Cencopay, Mark Bonnell, CEO at Modyo, and Pablo Pereyra Portugal, Chief Revenue Officer at 2innovate, where each brought a unique perspective on how innovation and technology are redefining the financial ecosystem.
Since the pandemic, banks had to digitalize quickly to continue functioning and the progress and adaptation on the part of Chileans has been such that, according to studies, 100% of Chileans would like to have all the products of their banks digital.
In addition, 82% have all their services automated and 46% say that efforts should focus on mobile banking. Also, the use of cash has dropped by 77% according to the Minsait Payment payment methods report and more than 20% of bank branches have closed according to CMF sources due to technological advances in the country.
Another of the main conclusions of the conversation on technological trends for banks in 2024 was that banks must strengthen cybersecurity, improve the user experience and promote strategic collaboration between fintechs and traditional banks.
In addition, it was assured that for the financial sector to be successful and guarantee its sustainability over time, it will be essential to maintain an innovative mentality to adapt to a constantly evolving environment.
Experts also stated that people have changed the way they interact with money and financial services.
In this sense, they are looking for a frictionless banking experience that allows them to save time and is more intuitive, secure and easier to use. In addition, a wide variety of savings and investment options are expected, giving users the ability to personalize their financial experience, just like today with streaming or Netflix.
On the other hand, it was assured that open banking will allow a bank’s customers to have access to third-party financial services through an API, which will provide them with a more fluid experience when interacting with banks, allowing them to offer greater variety of financial services, such as financial advice and loans, through a single platform.
“Cloud infrastructure provides a platform for creating modern financial services. This allows banks to offer services in real time, through mobile applications, which greatly facilitates the user experience.
Another relevant conclusion of the conversation is that reformulating the business model implies that people understand that technologies are not their enemies, but are there to make their lives easier.
However, the entire digital transformation involves respecting the culture of the organization and good training, which carries out a cultural change in people so that the use of new technologies is a success because if they do not know how to use them, they are of no use and That represents a huge operational cost for a company.
As is the case with Frame Banking™ from 2innovate, it is a comprehensive transaction processing platform that revolutionizes the way businesses and consumers interact with money.
With 100% cloud-native digital technology, Frame Banking™ uses a component architecture that offers scalability and flexibility to offer a broad portfolio of services and products through multiple channels of the financial ecosystem,” comments Pablo Pereyra Portugal, Chief Revenue Officer.
“Today’s discussions demonstrate that we are moving towards the development of financial services that connect seamlessly with the daily lives of consumers, reflecting their dynamics and changing needs,” highlighted Pablo Pereyra Portugal.
“For 2innovate it has been a pleasure to lead these meetings in Mexico, Colombia and Chile, highlighting our commitment to a financial future where solutions are integrated to generate competitive value proposals for users.”
About 2innovate
2innovate is a global pioneer in creating next-generation payments ecosystems. Its cloud products are designed to revolutionize the customer experience in the financial transaction sector.
Founded in 2016, its presence extends to 12 countries, supported by an outstanding portfolio of technology partners and strategic consultants.
With headquarters in Montevideo, they expanded their footprint with commercial offices in Buenos Aires, Mexico City and Miami. For more information, you can visit their website www.2innovateit.com or you can connect with them through LinkedIn.
