FinTechs have native digital channels and rapid innovation cycles that give them competitive advantages that they must strengthen to attract a greater number of users to their platforms.
During 2020, FinTechs managed to consolidate in the financial ecosystem, helping many companies with their business models in matters of banking and financial inclusion.
A recent analysis by the International Monetary Fund ranked Latin America as the most profitable region in the world for banking only after Africa.
Costa Rica ranks as the fourth Latin American nation with the highest percentage of financial inclusion, having 68% of its adult population with a bank account.
Among the main FinTech strategies are the usability and accessibility of banking services through their digital DNA, allowing them to reduce the obstacles that usually characterize the traditional system
Antit is a FinTech mobile development company specialized in Minimum Viable Product (MVP) and Time-To-Market (TTM) products.
They seek to offer rapid design and development, advanced solutions, creation of complex and high-load mobile applications that stand out in the market for their competitiveness and excellence.
The FinTech sector is an emerging market in our country that is booming every day by making use of technology as a mechanism to innovate in the financial sector.
In a society with high penetration of mobile devices and low banking, FinTechs have found a way to reach this unbanked population innovatively.
This through a sophisticated accounting system capable of accounting for a large number of transactions, cheaper credits, and savings and investments with higher returns.
Also, to be able to estimate the risks of bad debts by making use of advanced models of artificial intelligence, neural networks, and alternative data.
Also, be attentive to the market to understand the needs of users adapting to them to propose effective solutions from mobile devices.
In this way, through the digitization of services, banks and FinTech have managed to consolidate alliances to offer a better digital experience for users.
Consequently, FinTechs should continue working on forcing alliances and offering services through multichannel platforms, 365 days a year, and with competitive advantages that are attractive to users.
The development of commercial banking with the intervention of FinTech systems makes life easier for the user and, at the same time, they achieve greater financial inclusion.
This competitive advantage has made banks increasingly inclined to seek mutual collaboration to reinvent themselves in the market.
In this way, the need to develop an attractive and meaningful experience for the user takes greater force, this is where FinTechs have been pioneers with the creation of simple and elegant platforms that give the client the feeling of saving time when carrying out all their procedures from one place in an easy, fast and safe way.
Commercial banking services must measure their success by the degree of empathy they achieve with their clients, anticipating their actions, needs, and emotions.
According to the Inter-American Development Bank (IDB) study, the emerging FinTech market in Costa Rica can be divided into four areas of action: payment solutions, alternative financing platforms, technology companies for financial institutions and business finance management, and alternative score ( Scoring).
Users have high expectations regarding the characteristics of the service, specifically speed and availability in real-time.
Applications in the Costa Rican market such as Pei created by Antit, an expert company in FinTech development, process payments 24/7 instantly and transfer money to friends and family.
It even allows you to divide payment for an outing between friends through a simple application from the APP, combining the characteristics of a direct debit with the benefit that it is still up to the payer to initiate that process.
Besides, this functionality allows the user the ability to better control their finances and with its inclusion of QR codes, it facilitates the almost immediate availability of funds by offering an alternative to cash payments.
FinTechs offer solutions to traditional banking leveraging connectivity, mobile technologies, data analysis, and the implementation of artificial intelligence.
"A state-of-the-art electronic payment system offers Costa Rica untapped potential for FinTech companies to be a powerful catalyst for financial inclusion," said the Economic Study of Costa Rica 2020 of the Organization for Cooperation and Economic Development (OECD).