Fintechs have truly come into the world to change the way business, finance and the economy in general, have completely revolutionized people’s consumption habits. Now you can access several banking transactions from your mobile phone Make payments, send money or shop electronically.

Perhaps 20 years ago, the idea of ​​not even needing a plastic card to make payments in commercial establishments was unimaginable, but this is a reality that has been living for several years.

Well, the sector of the tech industry that focuses on finance has been responsible for innovating so that everything from the most complex to the smallest transactions is easier than ever, and By developing applications, implementing systems such as blockchain Or the connection between different platforms to create complex financial systems that were previously only physically possible, known as APIs.

For example, Galileo, a company that existed before the term “fintech” became popular, has been dedicated since its inception to building various computer systems that allow people to use a wide variety of online banking products. Through it all Interconnecting the various platforms necessary to send or receive money without the user having to use more than one app.

Tori Jackson, Director of Business Development and Strategy for Latin America at Galileo, spoke about this phenomenon and explained that the technology that played a decisive role in the development of this type of banking solution was blockchain or data blocks, because of the number of people. For those who have accounts and other types of services, this is not a small thing, so It was important to include a system that could handle large amounts of data And many times in real time or just seconds.

For example, several banking services that are performed using a telephone number, such as bank account identification, are based on this type of system, in which Each registered data is encrypted by means of algorithms into large chunks of information that then become part of a much larger block of data stored in the cloud.

Based on the above, the arrival of the fifth generation and future technologies is so exciting for many Internet users, because advances in banking can occur at a much faster pace and in directions that are still unknown to people.

similarly, Cyber ​​security systems have played a very important role in the development of financial technology (fintech), because more than any other economic sector and its cloud platforms, banking entities need to protect and keep people’s data as far away from criminals as possible.

For this reason, fintech companies have also innovated in point-to-point encryption, encryption or two-step authentication so that users of various banking applications can access them with full security in a simple and intuitive interface.

But ultimately, the biggest advancement that all of these innovations have brought to banking services is the ability for anyone to access an account at a financial institution. Thus democratizing the possibility of having a credit history How necessary in some cases.

In addition, Tori assured that Before that, banks were not designed to cover every personal need of the customer.who are also the ones who have driven the evolution of the financial industry.

He also stated that “we are also more connected than ever, and the user knows what he has access to and what he doesn’t, and he wonders, for example, why can I invest in shares in such a country with an application, how can I do the same?” This is inclusion.”

Continue reading: