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What you need to know to understand the Fintech world

The financial world has entered a revolution thanks to the emergence of new technologies. Making payments, transferring money or requesting credits can be done 100% through the internet. There is no longer a need to make long lines or fill out tedious documents. With technology, a better experience can be offered to customers who have traditionally suffered to have high levels of satisfaction.

All for consumers

The need of consumers to save time and obtain services 24/7 accelerated the appearance of Fintech calls, companies that offer an online financial portfolio in an increasingly massive way. In the end, the Fintechs allow you to efficiently carry out loan approval processes, make online payments, invest, buy a product or hire a service from anywhere and in real time.

Any company that offers financial products using technology as a main channel can be classified within the Fintech ecosystem. In fact, an association dedicated to the union has already been created in Colombia. This is ColombiaFintech which represents a large group of startups or ventures that operate under the modality of platforms.

The Fintech sector is complementary and ally of the traditional financial system

The Fintech sector is complementary and ally of the traditional financial system, often being the gateway to these services and promoting banking. In the country there is still a large percentage of the population that is not immersed in the traditional banking system, which represented a headache for the government, and a high informality implies fewer resources within the national budget, and fewer opportunities to promote the country’s economy.

Entering traditional banking

However, using services from Fintech companies such as Lineru (which offers loans through the Internet), can be the direct channel to enter traditional banking. “Colombia has great Fintech potential to solve current market problems. Leveraging these innovations with the traditional financial system will allow us to create an ecosystem where several industries converge digitally creating greater value and efficiency” says Camilo Montañez, Product Director for Lineru.

Countries such as Japan, Australia, the United States or China have led the way in the sector, achieving a significant impact on their economy and benefiting a significant number of citizens. In some cases it is no longer necessary to carry a physical card to make transactions, since it has begun to implement direct payments with codes, smartphones and even biometrics.

“The competition is global and accelerated”

“The competition is global and accelerated. Traditional players have prepared for this new wave and Latin startups are transforming the digital channel. In Colombia we have developers and designers of exceptional stature for this challenge, I am sure we can compete and win. Every day we work on innovating and building better technology in our products” says the executive

Lineru is undoubtedly a success story of Colombia, the platform was created in 2012 and has received more than 1 million credit applications. The company offers rotating credit slots from $ 150,000 to $ 900,000 Colombian pesos.

Using machine learning technology, Lineru manages to decide the approval of a loan in less than 15 minutes, just by filling out an online form. Being of legal age, residing in Colombia and having a personal bank account are some of the requirements to be approved.

Published inFintech
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