Rafael Nuñez Aponte - Foro Hablemos de Fintech

Fintech and Social Networks: The Client Has Got The Power

The sprout of social networks changed the web. It gave the users access to a great quantity of unlimited information and it gave them the power of interaction.

This accelerated the growth of digital companies, such as the commonly called Fintech, named after “finance technology”, they are enterprises dedicated to offer products and financial services using information and communication technologies. Furthermore, they assure that their services are less expensive and more efficient than those offered by the traditional bank:

  • Payments and remittances
  • Loans
  • Corporate Financial Management
  • Personal Financial Management
  • Crowdfunding
  • Investment Management
  • Insurances
  • Savings and Financial Education
  • Solutions for scoring, identity, and fraud
  • Trading and markets.

Rafael-Nuñez-Aponte-Foro-Hablemos-de-Fintech-90-FINALAlexis Rodriguez, Technology Manager of MásQueDigital, explained that social networks offer a horizontal bidirectional communication. “The brands are no longer the only ones who speak to mass recipient (…) the users get additional information from others consumers. They also compare products and make an opinion about a company” He said during the forum “Let’s talk about Fintech: remapping the Business’ Frontiers” organized by the Venezuelan-British Commerce Chamber (CVBC by its acronym in Spanish).

Rodriguez explained that the outbreak of social media has transformed the clients’ consume patterns in financial matters; they would rather just visit the banks if necessary.

“The digital client goes to banks with a clear and almost definite idea of what he or she wants. It surfs internet looking for information about the product. It looks information in social network, blogs, forums, and opinions to know the experience of other clients” He said.

Beyond Social Networks

According to Rodriguez, these new technologies applied at the financial area become “threats” for the traditional bank in three visible ways:

  • The Bigtech, such as PayPal, Apple and Google represent the biggest risk, followed closely by Facebook and Amazon. (These companies have a “bank” status, according to the United States’ legislation). These great technology companies are very interested in expanding their businesses lines; they want to take advantage of their brand’s image and of their capabilities and technologic and financial resources.
  • Then, the Fintech come to play. Its platform of digital loan threats the profits of the traditional bank, because of the “interest rates” that they offer, moreover they eliminate the problematic and bureaucratic process that constitute for the users to apply for a banking credit. Furthermore, every day there are new innovating startups or entrepreneurship that propose new solutions, products, and digital services easier to use, cheaper, and more efficient, that is why it is convenient to support these companies.
  • The last growing threats are the NeoBanks and the Challenger Banks (digital banks), they do not count with physical banks, and everything is handled from a web page: from requests to customer services. Its business model is simple: it barely charges for the main financial services, which pressure the traditional bank to create products with added value and profitable, made for clients who migrate every day to new technologies.

Rafael-Nuñez-Aponte-Foro-Hablemos-de-Fintech-96-FINALFidor Bank, Atom, Mondo, Monese, Tandem, Starling, Number 26, Simple, Moven, among others, are 100% digital Banks that will revolutionize the financial business. In England only, 14 bank licenses have been granted in the last two years and a half.

During this forum, specialists in the technology field, cyber security, accounting, finance, insurance, bank, and entrepreneurs; talked about the financial technologies in the following presentations:


  • Remapping the frontiers: the growing Fintech’s influence in business
  • The phenomenon of the cryptocurrency
  • The legal aspects of the cryptocurrency and Frauds in the net
  • Influence and risks of social networks in Fintech
  • Fintech and Insurtech