Financial technology is taking root. At an event hosted by the BBVA Innovation Center it came to light that fintech (financial technology) in Spain is a reality and that it still has time to decide its future.
What is the fintech or financial technology sector? They are on-line financial services which offer an alternative to traditional financial institutions, not only because they are digital but because they have disruptive business models. Financial technology companies represent a turning point in the digital age in this financial sector.
This was how it was defined by the Spanish Financial Technology Association at an event held at the BBVA Innovation Centre It is a sector comprising many companies on different verticals: payments, loans, personal finance, foreign currency, funding… They are a particular financial product, digitizing and enhancing the customer experience to make it more appealing to a new user.
The BBVA Open Talent competition could serve as a link between these small start-ups. This competition, the seventh edition of which is open until July 13, has created a steady relationship between the founders of this association.
The five founders of the recently-created Spanish Financial Technology Association took part in this competition, Phillipe Gelix (Kantox), Arturo Cervera (Comunitae), Paulino de Evans (Finanzarel), Eloi Noya (LoanBook), Carles Escolano (Arboribus) and Francisco Amián (Deudae).
In fact, the event to present this organization kicked off with the launch of this new edition of BBVA Open Talent, a BBVA initiative to try to foster innovation development in the banking and financial sectors, in the broadest sense of the words.
El futuro del sector
During the second half of the event, Gelix explained his own theory about the second wave of fintech companies: marketplace banking. According to the Kantox CEO, any banks that do not adapt to the “uberization” of their sector (in the sense that “Uber will reach every sector”) will perish in the attempt. But what exactly is the Uber of banking? It is probably yet to arrive, according to Gelix, because banking digitalization is, at the moment, a promise rather than a real fact.
Gelix maps out a future full of new actors on the financial services stage. He says that banking, finance and insurance services will see a fragmentation of the old-school business model that holds them together, and that is where financial technology will play a crucial role. But it is still early days because "in Spain there will be 10 well-structured fintech companies”.
To wrap up the session, Carlos Kuchkovsky, Global Head Open Platform at BBVA, gave up his role as master of ceremonies to engage in a 'tête–à–tête' with Gelix about the future of fintechcompanies in Spain. The players on the international fintech scenario, banking APIs or digital currencies , wrapped up the event which you can watch up: