We already told you. In EMMA we deeply care about fintech topics; it’s no surprise that it’s one of the industries that takes out the most from mobile automation.
The new way to “El Dorado”?
Things are that if we talk about Europe or USA, maybe fintech has already evolved enough and innovation itself has paced a lil’ bit down in the last years; however, there’s a certain region that’s willing to grow and represents an open road for everything related with banking apps: Latin America.
Just not so long ago, a new initiative named the “Alianza Fintech Iberoamérica” was born during Montevideo’s Fintech Forum 2017. Even if it’s not our style to do this type of quoting, here at EMMA we consider that the creation of this type of organizations clearly draws the growth route for Spain’s fintech ecosystem in relation with Latin America’s powerhouses.
A brief analysis is just enough… How many people live in all Latin America? If we consider Fintech Forum’s data, we’re talking about more than 600 million citizens – and, on average, 6 out of each 10 people aren’t using banking apps yet.
In Latin America, the powerhouse markets are within Mexico and Brazil, being these two also accompanied by Uruguay, Panama, Argentina and Colombia. Each one of these nations start to shine thanks to their own efforts, in the midst of offering new digitalized products that invite to think in a more competitive Latin America.
A brilliant future for Spain and Latin America in the banking app universe
Either by history or for other reasons, Spain must put special attention in everything related with banking apps and fintech in Latin America; the first step was made 40 years ago by long time institutions as Santander, but now the need for a sectorial revolution is clearly stated by the different banking institutions and latino startups.
What’s more, is that a solid money injection in the industry will eventually benefit other sectors and companies; the perfect example is within eCommerce industry, in which Forrester states that by 2018, the income generated from this industry just taking into account Brazil, Argentina and Mexico will round about 47 billion dollars.
So, that’s it for today. The banking app industry has just everything to grow in Latin America, and maybe Spain’s support will be a key piece in this development process. What do you think?