Currently we are seeing the arrival of neobanks and fintech, which are digital financial alternatives, which operate under the license of a banking entity.
With the use of technology, These are intended to meet the needs of specific users and try to have advantages over the competition.
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In colombia, traditional banks are the ones that have the advantage Compared to other financial options, however, neobanks are gaining ground and the pandemic was a stage for them to gain strength.
According to a survey carried out by the digital bank ‘Mambu’, In Colombia, 46% of the population has some type of banking service, compared to 13% who claimed to have a neobank as a financial product.
Nevertheless, neobanks are on the rise in popularity as people opt for this option so they are not carrying or keeping cash and not pay handling fees and discounts on savings accounts.
In the country, There are already more than 32 million users who use neobanks and fintech which are from different banks such as Nequi, Daviplata, Ualá, among others.
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When buying and selling items, most of these are being done through digital platforms and a large percentage of payments are made by neobanks, as well as transactions such as payments, transfers and consignments, according to Portfolio.
Neobanks and fintech are transforming the financial landscape in the country and in Latin American countries due to their mobile access and the ease of use of their platforms, reaching especially the younger population, thus increasing one of the financial keys of today: savings.
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However, with economic growth and high valuations, ‘LatamFintech’ studies record that only 5% of the 400 existing neobanks in Latin America have reached a break-even point and very few have been able to make a profit.
When this financial form begins to mature, it faces more competition, therefore they must create long-term profitability and sustainability strategies.
Banking and fintech. Allies or rivals in the supply of credit?
LUZ ANGELA DOMINGUEZ CORAL
DIGITAL SCOPE WRITING
TIME
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