Monday, August 15

“The key is in technology, in simple products and working in financial education”


“The pandemic was very challenging, but it also left many positive things. Tech companies were better prepared than traditional companies, but it was challenging. It was an opportunity for everyone to grow, to be able to build better products for people, who today have a different life or consume differently.“, he pointed Juanes Roig, who added: “There were changes in habits, of people who began to have the habit of saving, because they found themselves at home and it allowed them to learn about new tools. My diagnosis is positive and challenging to be able to bring customers a better product proposal ”.

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2The user changed, his habits and way of consuming changed. And the bank began to transform with that spirit, of listening to its customers and connecting with fintechs. I think we traveled a gigantic path, “said Jejcic.

Juanes Roig highlighted that Banza is dedicated to “develop products based on savings and investments ”. “So that clients can buy bonds, invest in FCI and buy the dollar stock market. Our latest product, the ‘Uber of finance’, is a platform for anyone to become a financial advisor, “he said.

Stern, for his part, remarked: The pandemic was challenging, but it is worth clarifying that the tools were palliative. We grew in penetration a lot. It is said that inclusion was five years ahead and it passed across a lot of factors: the Interior grew more than CABA and Amba; grew by an issue of unpaid or better paid work, the penetration of women using digital financial tools. The age range grew. It was transversal to a lot of factors. We six times the number of client accounts in the country. It is for everyone and the key is in technology, in simple products, and in continuing to work on financial education “.

“Ten years passed in a year and a half. For the banks, the challenge was twofold in the transition, “he said. Jejcic, and added: “The indicators are multiplying, in terms of the relationship with customers through digital channels. The user changed, his habits and way of consuming changed. And the bank began to transform with that spirit, of listening to its customers and connecting with fintechs. I think we traveled a gigantic road. And a few months ago, we launched a platform that we call Chat Account, what is your bank 100% on WhatsApp. There you can see how it grows at the federal level, the registrations come from the Interior. Financial education is a factor in which the entire sector has to work, we have to work because it means inclusion ”.

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“We embrace the emergence of new players and the multiplicity of tools. But we also carry it in our DNA. With Mercado Libre we do financial and commercial education, “said Stern.

When analyzing the challenge that the transformation towards digital represented for a “traditional” bank, Jejcic pointed out: “VWe started with a transformation plan, but it radically changed the way we interact with customers. There is still a large deficit in education. There is a lot of ignorance on how the customer can still be reached. In Chat Account, we seek that the client finds the bank as a facilitator. For us, it was a continuous learning, we left on Friday in one way and on Monday we started in another way. We are changing the way we serve, redistributing the formats of the branches, and the remote channels, where you can interact with a bank employee to solve many things that the digital channel may not provide, with extended hours ”.

Financial education, the speakers agreed, is the key. “You have to continue educating. Inductive education is going to continue with products that are simple, but the numbers are still staggering if you will. There are more people who have been banked, but in reality it is underbanked, because half of the people who have a bank account have little balance or withdraw everything from their account, “said Stern, and stressed:” But you have to understand that, by offering a means of payment, sum for your credit history. I think virtual wallets helped a lot to understand that. The person who has a virtual wallet, today understands the benefits and what financial inclusion is about much better than people who do not have it. We believe that we have to continue advancing in that sense, in addition to making intuitive products ”.

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“Our latest product, the ‘Uber of finance’, is a platform for anyone to become a financial advisor,” said Roig.

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“In line with financial education, a new challenge is coming for us. What is to make this coexist with the transactional universe. Fintech companies came to revolutionize and make the adoption of financial products easier ”, analyzed Juanes Roig, who projected: “There is going to be a tendency to agglutinate in super apps, where in different niches we will end up arriving at the same place, where we will offer multiplicity in financial services, with a catalyst in financial education”.

“It is the tool to take another step towards something. Technology is now a commodity. They all got it. The challenge is what we do with the 50% that we still have to bring to that world ”, added Juanes Roig.

When referring to education, Jejcic also mentioned the change within the organization, especially in relation to a traditional entity: Start from the inside with the change of the organization. This requires a change of mindset, not that technology or digital channels is the enemy. You have to seek communion in these two things. The transformation started strong in the cultural inward and thinking everything we do with the client at the center of everything. That makes the difference. And that means that it has capillarity, that customers have a facilitator in the bank who always shows them the best option. And that the transactional with the investment, always go hand in hand ”.

SternMeanwhile, he remarked: “We embrace the appearance of new players and the multiplicity of tools. But we also carry it in our DNA. With Mercado Libre we do financial and commercial education. We are promoting it because it is in line with this: a mobile post with a card generates history. If we add a credit, we are talking about almost full inclusion. We continue in the same line, because we have many challenges. What technology allows is simplicity, inductive learning through use. There is a client who is investing without knowing it perhaps, with his remaining balance ”.



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