We started the talks with Max Levchin, an American computer scientist born in Ukraine. In 1998, shortly after graduating from college, he co-founded (with Peter Thiel) the company that eventually became PayPal.
Levchin made particular contributions to PayPal’s anti-fraud efforts and is also the co-creator of the Gausebeck-Levchin test, one of the first commercial implementations of a human CAPTCHA challenge response test.
Max, addressed the issue of Fintech associations for better lives, he said that these fintech have technology in their DNA and understand that there is a different way of doing and offering services from innovation.
The case of PayPal
A great example is the case of PayPal, the well-known Fintech that is now in the ‘Sancta Sanctorum’ of the sector. The beginnings of PayPal are so remote that probably those who look at the year of its creation look strange. The firm has been in business for 19 years.
Max commented that reality has exceeded expectations in the Fintech world. The gigantic evolution that the financial world has suffered in view of the arrival of these technological firms seems to have no brake, distances no longer exist. The physical spaces either. Even the banks themselves are less and less important throughout the financial framework.
In this regard, during the talk, he argued that the arrival of the fintech world, like any revolution associated with technology, has been burning stages until the moment of consolidation. “That moment is now,” he says.
About the unstable time and the great use of tech
For Levchin, there was a time when they were unstable, a small market that hardly posed a threat. In addition, the technology they used that sought more than anything else, the recesses between client and bank, made them more interesting than threatening. In the first years, practically no manager imagined the explosion that was approaching.
For this scientist, it is a new business concept that revolutionizes the financial market worldwide since it defines those financial services that use technology to make life easier for the customer and improve the user experience.
Fintech has shown it
Fintech companies have shown that there is another way to manage people’s money, in a faster, more comfortable and transparent way and that is that they are involved in all innovative ways of shopping, loans, money transfers, investments and you can say that the way in which finances will be handled in the future has arrived.
So, it seems that it is only a matter of time before the Fintechs adapt to traditional finance.
Also published on Medium.