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Banks are copying fintech startups!

An interesting phenomenon is taking place in the world of finance: The Banks, are adopting technological advances and innovation that come from startups “fintech”. According to what the newspaper Cronista publishes, from digital onboarding (opening of digital accounts), biometric validation of identity for all types of procedures, until obtaining an advance or a credit that is requested online and is granted without the signature of paper some (especially to new clients) the range of innovations of the sector seems to have no limits and the lack of agility of the banks is being compensated with resources to fund these developments and scale to test them with their “customer base”.

Buho Bank proudly declares that its digital registration is validated in the Renaper (National Registry of persons) according to Guillermo Mansilla, manager of Retail Banking of the Mortgage in the interview conducted by Ana Clara Pedoti for the Chronicler.

Itau and Galicia also invest vigorously in their digital ventures, the latter with the Galicia Move and according to Pablo Gutierrez, manager of the Galicia Move, the banks are doing the catch up and bluring the “first mover advantage” that eventually the pure players like WilloBank or BruBank presented as exclusive.

Banks struggling to catch up with fintechs

The phenomenon is not the heritage of the big banks and even the “catch up” is taking place also in the interior of the country. Financial entities such as Montemar, a firm with 300 employees and 60 years in the market, has just launched its digital onboarding for loans where the new client, in addition to the online approval of their application, receives an offer of accurate credit adjusted to their capacity of payment, monthly commitment of indebtedness among other variables.

Banks and financiers are according to their size and strategy leveraging these developments with their own equipment but in many cases “isolated” from the organization and bureaucracy of this industry, or directly using Saas technology provided by boutiques specialized in Fintech or Startups that provide services to that niche.

Published inFintech

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