Importance of fintech in the recovery of banking in Venezuela
Marisol Ornela Rodríguez, founding member of the Venezuelan Society of Fintech and New Technologies highlights the capacity for adaptability in the face of financial circumstances both in exponential growth and in the dissolution processes
Although the banking growth processes has reached profitability levels that show historical digits, this has allowed many actors to become financial groups lookjing for new horizons in the Caribbean, US and Europe, leading to an acceleration of its financial strength to face the inflationary crises that our country is experiencing today. This was stated by Marisol Ornela Rodríguez, a founding member of the Venezuelan Society of Fintech and New Technologies, advises on the development of new businesses connected to banking in the fintech ecosystem and alternative means of payment.
Regarding the dissolution and merger processes, Rodríguez said that in Venezuela it marks a unique and historical process that manages to keep the financial system under control. “Today, Venezuelan banks face questionable limits that suffocate their own intermediation activity, being sustained just with the immense transaction ability of electronic channels and the commissions derived from trading,” he said.
The specialist indicates that many of these financial groups have shown clear signs of activities related to fintech outside our territory. This is a consequence of the remarkable evolution that fintech proposes as a mechanism of trust, accessibility and better user experience in simplifying the use of technology.
The collaborator of the Venezuelan Society of Fintech Venezuela adds that many surveys show that users between 18 and 35 years of age would be willing to immediately test digital financial products.
Giants of technology industry such as Amazon, Google, Facebook are already involved in finance evolution, making available to their users new payment mechanisms, CC, DC, loans, among others.
Evolution of the fintech ecosystem
Rodríguez points out that “Latin America has shown in recent years an accelerated interest in fintech, as new technological ventures in reference to financial services which represent issues of great importance for the immediate future of traditional banks.”
According to the interviewee, the fintech ecosystem continues to grow in Latin American regions with actors from different industries, including mainly banking and insurance, proposing important ventures that lead strategic solutions in areas such as platforms for payment methods, credit systems, financial management, among others. The first 3 are at the top the list of proposals already arranged in the Latin American market (Report of the International Development Bank 2018).
Rodríguez points out that Venezuela has now its first Fintech Association, with proposals and solutions ready to be executed in a process of alignment and fusion with this ecosystem.
“The crisis that our country is going through today sets the conditions for the application of immediate technological solutions, such as the means of payment focused on services for both the banked and the unbanked customers, extending the benefit to the population without any distinction, enhancing the commercial productivity engine,” she says.
In the opinion of the specialist, this is only the beginning of a “resurgence of our banking system that faces great potential for development and expansion to new technologies.”
Marisol Ornela Rodríguez, founding member of the Fintech Venezuelan Society, CBO E4cash, is a recognized advisor in the development of new business related to banking in the fintech world, new technologies and alternative means of payment.
M.Pino
