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Fintech companies find obstacles to alliances with banks

Fintech companies still see barriers to working with banks over the Covid-19 coronavirus emergency. This was reported by El Economista from Mexico on April 23.

The article that bears the signature of Fernando Gutierrezconsidered data from the World Fintech Report 2020 to confirm that this is happening and that these unions are essential to delivering digital solutions to users.

“After analyzing the companies Capgemini and Efma, Fintech companies around the world have gone from interruption to maturity and become serious players and are expanding worldwide. However, the banking ecosystem is not yet aware of this, which leads to obstacles working together.Gutierrez wrote.

Fintech companies find obstacles to alliances with banks
Fintech companies find obstacles to alliances with banks

According to the study cited by El Economista Banks and fintech companies have to overcome their relationship obstacles in order to industrialize innovations and achieve a positive return on investment. “The report highlights that Seven out of ten fintech companies that work with a bank are disappointed with the obstacles to banking processes”Displayed the article.

The report, cited by the Mexican media, also highlighted that two out of ten banks surveyed say that their systems are agile enough to work with Fintech.

Covid-19 and growth

After an interview with Carlos ValderramaFrom the company Legal Paradox, fintech companies grow in the midst of the world crisis caused by Covid-19. Valderrama said: “Fintech activities are growing faster than e-commerce. The latter grew by 6% and Fintech is already growing by 10%, this product from Covid.”

Valderrama also explained that the processes of digital transformation amidst the pandemic and the economic crisis offer opportunities for fintech companies. For the partner of Legal Paradox, interesting alliances and synergies arise in these moments of crisis through work in fintech ecosystems.

Fintech applications and banking applications

Citing a liftoff report from the Merca2.0 website, they said that apps from financial technology startups are growing faster than those from traditional institutions, and that these apps had more downloads than mobile banking platforms. According to the article in this portal, fintech companies have gradually risen to the top of the banking industry.

The Merca2.0 article cited a Liftoff Mobile Finance Report 2020 that analyzes the growth of these types of fintech apps on a global scale. “Worldwide, the user base of this type of project grew by 20 percent in 2019. In comparison, the mobile platforms of the most traditional institutions grew by only 15 percent. For Mexico, the figures are more meaningful,” says the publication.

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