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Working with fintechs is more common than you thought: The way to open innovation

Ceo’s of the financial sector promote working hand in hand with open innovation and Fintechs to bring financial services to more Peruvians

The CEOs of the main banks of Peru expressed the importance of betting on open innovation from the hand of the Fintech, in the framework of the second edition of the ‘CEO Summit Open Innovation’. At the event, whose main theme was “Open Innovation in Financial Services and Banking,” the participants reflected on the challenges they face in the era of technological revolution, trends in the financial sector and the challenge of working with Fintech.

What is open innovation

“Open innovation is a great vehicle to accelerate the productivity and competitiveness of the country’s companies, but mainly to generate opportunities for all. Therefore, forums like this are important because they discuss not only what can be done, but what is already being done to transform the lives of people, companies and public organizations, “said Pedro Cortez, CEO of Telefónica. of Peru in the opening.

Vinka Samohod, Vice President of Digital Transformation of Telefónica, was in charge of moderating two panels with the CEOs of BBVA Continental, Credicorp, Citibank, Interbank, Pichincha and BanBif. The common idea was that digital transformation can only be achieved through a cultural transformation, where knowledge and experiences that allow agility to be shared are shared. For this, they stressed the importance of working hand in hand with the technology and innovation offered by Fintechs to bring financial services closer to Peruvians.

Working hand in hand with fintech

“Open innovation breaks a myth and shows that financial companies can work hand in hand with Fintech collaboratively, as we have done with Culqi to aim to provide digital services to all countries where Credicorp operates,” said Walter Bayly , CEO of Credicorp.

“Digital transformation implies a cultural transformation that contributes to changing the mindset. In that sense, sharing knowledge and experiences with Fintechs is a natural consequence of our new way of doing things, “said Eduardo Torres Llosa, CEO of BBVA Continental. On the Citibank side, CEO Maria Eugenia Gonzalez added: “Open innovation is key to initiating change and contributing ingeniously to generate successful results, creating sustainable progress”.

The digital revolution that is coming

Another of the most emphasized points by the participating CEOs was how open innovation and the digital revolution contribute in opening possibilities and development opportunities for people. In this sense, Julio Malo, General Manager of Banco Pichincha, pointed out that innovation in the financial sector is more effective and valuable for all its stakeholders, including society, if it is open and shared. “This principle is not incompatible with our ability to compete, it simply takes the competition to another level” he added.

In turn, Luis Felipe Castellanos, CEO of Interbank, emphasized that technology and innovation represent an opportunity to bring financial services closer to Peruvians. Juan Carlos Garcia Vizcaíno, CEO of Banbif pointed out that in an increasingly interconnected world with borders between industries in constant redefinition, open innovation is a win-win strategy. “Banks achieve innovative solutions, reducing time to market delivery and Fintechs achieve critical mass of customers in less time,” he said.

Other important appearances

In addition to the main CEOs of the aforementioned banks, the CEO Summit Open Innovation also included Pedro Cortez, CEO of Telefónica del Perú, and Dennis Fernández, VP of the B2B Segment of Telefónica del Perú, who kicked off the event. For his part, Jaime Sotomayor, Country Manager of Wayra Peru, led a panel on partnerships between corporations and startups, such as Credicorp and Culqi, an enterprise that was accelerated by Wayra Peru and that seeks to simplify payment experiences for users with technology.

“Currently, the financial sector is experiencing a digital and technological revolution, with great challenges of readaptation and search for collaboration and open innovation, it is precisely there where that alliance with a Fintech startup must be achieved, achieving more disruptive business models” said Jaime Sotomayor , Country Manager of Wayra Peru.

In this way, Movistar together with Wayra Peru reaffirm their commitment to the development of talent, entrepreneurship, open innovation and business development with the most disruptive Startups in the market.


Also published on Medium.

Published inFintech

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