Banking today: what is the future of digital finance?

The engineer Diego Vegas, Digital Strategy Manager of Interbank Peru, guides us through the present and future of digital finance and the challenges facing traditional banking.
Banking today: what is the future of digital finance?

The digital irruption has transformed every area of our lives. One of them is finance. Digital payments, virtual access to bank accounts, ecommerce, account management through an application. There is almost no area of banking that cannot be accessed, to a greater or lesser extent, from a smartphone.

Banking had already been digitizing for a long time,” says Diego Vegas, from Interbank Peru, referring to the fact that this industry was a pioneer in adapting to digital platforms, long before this latest wave of digitization. Further back in time, the COVID19 pandemic only put the accelerator to this process in digital shopping and business that had already begun.

That involved a good technological support to serve both users who needed to solve their queries as quickly and efficiently as ever, as well as each of the transactions and actions that migrated to digital platforms, most of them never to return to the traditional method.

Facing the pandemic: fintech

The fundamental thing, according to Diego, was to have a team willing to work ”in a context of total uncertainty”. A high predisposition to agile work was fundamental to be able to involve the team in the constant responsibility of making the necessary changes to guarantee the optimal functioning of each of the functionalities expected by the users.

This did not take away the fact that users were there and needs arose. From one day to the next, a number of transactions, actions and users for which the platforms were not prepared had to be faced.

At that time, many digital banking teams found the solution in the so-called fintechs. Diego defines them as ”specialized companies that respond to a specific customer need”, as opposed to a traditional bank, which seeks to respond to a series of comprehensive demands. Diego sees them as a great opportunity to address specific needs of ecommerce platforms and digital businesses. ”Banks should see fintechs as a great ally” because they can help them meet their objectives. Fintechs are born with a technological base and a user-centered design, making it easier to cover the points where traditional banking today is weak.

Learn more about Fintechs and how they influence digital banking. Listen to the last episode of Ur.

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