“Simplicity is difficult. You have to know what interests the user you're targeting”. Jaime Bolívar, general manager of TechRules, highlights the points Fintech startups should keep in mind if they want to stand out from the crowd, particularly in the area of financial consulting.
The last two years have seen the emergence of technology start-ups that give private investors access to free analytical tools so they can create their own financial plans or investment portfolios. And this is all thanks to financial robots, which –despite the fear they inspire– are technology made available to users, says Jaime Bolívar, general manager of TechRules.
Bolívar, who took part in the latest edition of The API Hour dedicated to the FinTech sector, points out that in the current climate, trust is absolutely essential: who do you entrust your investments to? Who can you trust? Traditional financial consultants fear a new form of consultancy with a greater technological drive.
They believe that what are known as financial robots generate a sensation that seems to lack the human touch. However this point is in fact taken very seriously in the development of these analytical tools, which can advise both investors and startups proactively and in real-time. This is the case of TechRules, for example.
Bolívar predicts that these robots “are going to change the way consultants interact with their clients” and it is the clients themselves who will spark the disruption as they will gain a series of improvements:
- Downward pressure on fees.
- Greater transparency so they can know the real profitability they have day to day in their portfolio.
- Access to comparative information to allow investors to be better informed in decision-making on financial plans.
- They adapt to the new generations, and particularly to the so-called millennial generation, which has grown up in a digital world and has a lack of trust in financial institutions.
- More technology: online consultant, online training, web conferences, joint work on documents…
In short, these tools are necessary, because “you have to keep up-to-date with the new trends, that's what the market demands if you don't want to lose competitiveness”, says Bolívar.
Bolívar believes that this new developments will “show up mediocre advice”, because good consultants will be in a better professional position.
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