They forecast greater collaboration in Fintech and banking

Playa del Carmen, QR. The collaboration between fintech and banks It has been a broad debate in the financial sector, since competition for specific opportunities is also present. On the one hand, fintech companies seek disruption through innovation, while banks maintain a large customer base and extensive experience in the sector.

During Finnosummit Connect, he spoke about the benefits that collaboration between entities can bring, over and above the existing competition between technological and traditional financial companies. In this sense, Jorge Arce, executive director of HSBC, highlighted the role that collaboration has played in solving specific problems.

“When there is something that adds value, we totally focus on that, we have strategic relationships with biometric developers, because we would hardly have been able to develop that internally or in alliances that help us better understand alternative risk models, where not only the data that we have”, commented Arce.

However, Mauricio Schwartzmann, executive director of Mastercard, indicated that in the current context, challenges are expected in collaboration, mainly in the selection of the technological companies with which they seek to work, since investment has changed and business models have changed. been tested.

The priority today is that you have to focus a lot and prioritize, do not try to do hobbies because nobody has been interested and they are going to remain in a slow process, when there is interest, things come out very quickly, “he said.

In addition, Schwartzmann stressed that financial regulation will play a central role in the confidence that they reflect towards other institutions, since having lax regulations could generate concerns regarding security and consumer protection.

Innovation improved competition

In response to the competition generated by the fintech, traditional banks have begun to incorporate similar technologies and develop new business models. They have created their own mobile apps, improved the online user experience, and developed new payment solutions.

In this sense, Arce highlighted that the arrival of financial technology has boosted competition in the sector, from the banking sector he affirms that they are visualized in a competition to improve the quality of financial services in the country. We also observe it with all our competitors all Every day, we see them investing more and more in their digital part, we are all improving due to this interaction, here everything adds up, nothing subtracts”, he added.

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