| Fintech
Original Version in Spanish: https://www.semana.com/5-productos-de-la-banca-digital-que-le-facilitan-la-vida/78293/
From requesting a loan to comparing insurance prices or making a crowdfund with your friends, the increase in financial ventures linked to technology shows that going to an office to request a product is absolutely obsolete.
The Fintech sector is revolutionizing the way we do our daily activities. Less and less, we see the need to go to traditional contact channels such as offices or the telephone, and we turn to our best friends par excellence: mobile devices.
For this reason, in Colombia, a large ' fintech ' market is developing companies that merge financial products and technology to streamline processes and operate more efficiently. According to Fintech Radar Colombia and Finovista, the country is the third ecosystem in financial technology and one of the biggest markets in the Andean region, with increasingly fintech available alternatives for the citizens.
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Thanks to the fact that the process takes place over the Internet, users are closer to the possibility of paying a debt, paying the monthly fee for college or an apartment, accessing credit or insurance, or simply making the purchase of any product, all through one click in just minutes or hours.
In addition to achieving greater agility and flexibility to respond to the needs of today's consumers, this new model also includes a sector of the population previously rejected by the traditional financial system. “Fintechs have the great power of making the invisible visible, that is, in some way, they include those who have not had access to this type of service, although always in a responsible manner,” said Edwin Zácipa, CEO of Colombia Fintech.
On the other hand, Francisco González, president of BBVA Colombia, stated at a meeting of the International Monetary Fund (IMF) that this digital revolution will mean that “in the end, there will be more wealth and more well-being for everyone, and I hope less inequality; less difference between those who have more and those who have less .”
Here, we present five fintechs that can be useful for your daily life:
#1. 100% digital Nequi card
Nequi is the first neobank in Colombia that has a 100% digital platform from which people can use their money in various ways, from payments, and transactions to savings and safety buffers.
A few days ago, it released its latest fintech product, a card that works like a credit card but is only found in the app. "What is done is that a 16-digit number is given like any other credit card with its own expiration date, security code, and the world of online shopping is now open for everyone for portals that only accept this method,” stated Pilar Correa, Digital Experience Manager at Nequi.
It has an opening cost of $3,000, and there is no handling fee or any cost associated with use, but it does have a cost associated with non-use. It can be frozen, blocked, and forwarded from the app without having to go anywhere else.
In the first four days, they had already issued 1,500 cards. "What we want is for people who did not have a credit card, because they are minors or because they do not have enough credit, to be able to access all those platforms such as Netflix, Spotify, Amazon or Dropbox that can only be accessed be used with a card,” Correa says. Some of the benefits are knowing how much you are going to spend, avoiding unnecessary charges, and not paying deferred installments for 24 or 36 months.
#2. Lineru
Lineru has been in the Colombian market for seven years and was orn with the objective of democratizing access to loans. Currently, they have received more than 800,000 credit applications through the platform.
People must meet basic requirements such as being of legal age, residing in Colombia, having a savings or checking account in their own name, and having access to a cell phone and an email account.
They issue credit quotas for six months where the minimum amount is $150,000, and the maximum is $900,000, with an effective annual interest rate of 25%. The approval response is given in one minute, and the money is delivered in one business day.
“The potential is huge, the growth rates of new fintech companies are 50%, and Colombia has a very particular situation, making it one of the most important markets in Latin America after Brazil and Mexico,” says Héctor Aponte, Commercial Director at Zinobe, the company that developed Lineru.
#3. Occiauto
Fintech also complements the portfolios of large companies that see great opportunities in the digital revolution. For example, Banco de Occidente launched a new platform where people can request and obtain a vehicle loan in five minutes.
They can finance up to 100% of their vehicle with a term of up to 84 months. It has some benefits, such as the immediate and free credit study, rapid approval and disbursement, and the payment of the monthly fee through PSE, Banking Correspondents of Grupo Éxito, and Offices of the Banks of Grupo Aval.
Plus, you don't need to fill out a thousand forms. By entering their website, you can simulate your credit and know what your monthly payments are, which include life insurance.
#4. Q·enta
This is a platform that minimizes the administrative processes of companies. “We are betting on new technologies and data storage in the cloud, transforming traditional accounting systems and paperwork, which prevent collaborative, dynamic, and effective work,” says Juan Carlos Suárez, CEO at Q·enta.
This tool is aimed at managers and entrepreneurs of small and medium-sized companies who do not have the time, skills, and knowledge of the existing accounting processes and standards in the country, with the aim of saving them time to put aside the rigorous and extensive administrative processes and facilitate access and understanding of accounting reports. By the end of 2018, Q·enta aims to have five thousand active users throughout Colombia.
#5. Arm your cow
This web platform allows you to do what is commonly known as crowdfunding in a quick and safe manner. It facilitates the financing and organization of all types of events, allowing the organizer to collect the money in a bank account of their choice or use it to buy at their marketplace.
The cow organizer, as it is known, registers through a form, personalizes the fund, invites participants, and tells them how much the fund is worth, which can be fixed or variable. Additionally, it accepts payments through any type of credit or debit card franchise through the PSE button.
The cost is between $2,000 and $7,000, depending on the amount being requested for the event and the number of participants.
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