The future of financial services in Latin America

Melissa López
December 6, 2020

Covid-19 marked a before and after in finance not only in Latin America but in the world where digitization was the most visible factor that came to revolutionize both internal processes and the interaction of entities with their clients.

In this way, customer service centers were transformed by leaps and bounds, as well as their ability to serve their users remotely.

When operations are carried out through a mobile application instead of in a branch, they are cheaper and easier for both the user and the bank itself.

FinTechs are no longer a small niche to mature and grow in services and numbers, allowing the acquisition of loans, cards, service payments, and everything from your mobile device.

Causing financial institutions to realize the business opportunity offering 100% digital products implies.

AntIT stands out in the market for its innovation, experience, and excellent service in the development of FinTech products tailored to the needs of each organization.

According to data released by Mastercard, contactless payments increased 40% during 2020 as people seek to avoid cash for health reasons.

Besides, in the last year, the financial sector was exposed to a series of challenges and opportunities that force them to make reinventing themselves a constant practice and no longer something that is done gradually in a long-term period.

We increase your Time to Market with the development of MVP products that will give you greater competitiveness in the market, standing out from your competitors with the launch of innovative products that will improve while you reach a greater number of customers.

Among the main challenges that the sector faced are: the need to invest in new technology to be able to adopt new forms of digital work, increase investment against cybersecurity risks, decrease in transactions, purchases, savings, and a greater amount of delinquencies. by users.

On the other hand, we can see opportunities such as a decrease in operating costs, improvement in remote workflows, adoption of agile structures, banking-FinTech alliances, automation, and digitalization of processes.

In 2021 the trend of virtual assistants is forecast to strengthen at the same time as those in charge of customer service improve their skills regarding digital assistance.

Likewise, it is expected that there will be containment regarding investment risks impacting product lines such as investment funds or long-term products.

As a consequence, a greater number of alliances with FinTech companies will allow financial institutions to offer their clients innovative products that support the lack they will see in other areas, focusing on unbanked clients that FinTech stands out for attracting.

AntIT has worked on the development of three neobanks in the market, so it has the necessary experience to guide you in your projects successfully and efficiently.

In 2020 the robot-advisors that are based on a hybrid advisory system was the system that obtained the best figures since users still prefer to have human advisers to some extent.

Likewise, the business of online loans with the so-called neobanks is a sector that will continue to gain strength during 2021 with the advantage that unlike traditional entities they make use of online data to assess credit, reducing interest by not depending on a physical infrastructure to function.

Similarly, the use of alternative credit-scoring systems, based on Artificial Intelligence for more accurate and adequate risk assessments.

In a context where the pandemic is still an issue, the impact it will have on the financial sector will depend on the actions taken by different entities, such as reduction of physical infrastructures, more efficient remote work, and innovation and development of tools and products. that allow providing a better user experience.

The promotion of QR Codes for the development of fast, legitimate, and less risky payments in contactless transactions thanks to the provision of this code for businesses and applications with the endorsement of financial institutions that facilitate their use.

Pei is one of the applications on the market that has the inclusion of QR Codes and was developed from start to finish by AntIT.

On the other hand, there is Big Data and its analysis that allows financial entities to track the behavior of their clients in real-time, process efficiency, market trends, and, most importantly, it allows to forecast the current and future needs of users.

Likewise, it allows improving customer service, identifying spending patterns that will translate into personalized offers.

As a company, we have Big Data, cloud, mobile development engineers, software engineers, among others.