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FinTech: Reinventing the Financial Industry

By Federico Mazzella ,
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Innovations in the world of finance include everything from ultra-fast credit analysis to time- and money-saving mobile applications. Specialists shared their perspectives at the INTAL-Lab.

 

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You can run a risk analysis and even obtain a loan in just a few short seconds. Smart finances are becoming an increasingly useful tool for both the business world and the community as a whole.

Financial SMEs do not face the same bureaucratic restrictions as large banks in terms of innovations, and they have advantages when it comes to installing new financial products. This was one of the conclusions reached at the event that brought together several dozen businesspeople and officials from financial institutions to share insights on the financial industry of the future. The event took place on November 19, 2015, at the INTAL-Lab, and its slogan was “Technology, agility, and innovation.”

IDB Specialist Gabriel Casaburi welcomed those present and emphasized the need for the financial services industry to increase its competitiveness and offer users new alternatives. By incorporating new technologies, financial technology (FinTech) firms and new models for the banking industry can help reduce credit costs and operating costs for large companies.

Gonzalo Costa (NXTP Labs), who has ten years’ experience at high-profile banks, argued that the largest financial institutions find it hard to innovate due to internal and market-related bureaucracies. “Financial innovation start-ups don’t have that problem. They’re agile, and creativity is their very raison d’être,” Costa said.

The event included presentations from Pablo Lima (VU Security), Alejandro Estrada (Billonaire & Moni), and Matías Doublier (Increase), who also won the INTAL D-Tec prize that INTAL launched this year in conjunction with Endeavor. During the talks there was consensus that the most important areas of innovation today are linked to big data (the analysis of large databases), the mobile experience (financial applications for cell phones), and cyber security (protection from fraud and identity theft), among other technologies that are contributing to the modernization of the world of finance.

During the event, Ana Inés Basco, Specialist in Strategic Alliances at IDB/INTAL, discussed the new initiatives, tools, and competitions that INTAL has made available to the community through INTAL-Lab, a space for the co-creation of innovative ideas in integration and trade, and invited participants to take part in the initiative.

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