The origin
The financial crisis that the world experienced in 2008 was a trigger in the financial world in several aspects. The financial and banking sector began with a process of profound transformation not only in the topics of market risk, but also in the technological one. The development of technologies and applicability in the financial sector gave rise to the Fintech phenomenon.
A world tremendously interconnected by mobility and driven by the computing power and interaction of smartphones led to a rapid change in the way financial products and services were delivered. The gestation and maturation of cloud-based technology services, artificial intelligence, virtual assets, and increasingly wide adoption of blockchain began to gain relevance in investment project portfolios in financial institutions.
The generational changes in the market have been the turning point in the new models. The generations that had traditionally commanded the organizations and the final consumer began to drive a change in the way products were defined, provided, and disposed of. With generations delineating customer profiles based on service experience and enjoyment of opportunities in the world, with an increasing focus on the impact on life, the planet, and social equity; they are exerting pressure on changing principles in the sector.
Technology as an enabler, a more dynamic market, and a generation with new interests pose new business models that lead to the need for new technological solutions. The providers of technological solutions have had to adapt to these conditions and have evolved the deep technological and business knowledge subscribed for years enabling not only their current customers to continue with cutting-edge technology but to expand their adoption.
The present
The growth and relevance of this sector can be observed in the number of transactions that since 2018 have been observed with an upward trend. According to data from KPMG’s “Pulse of Fintech H2 2021 – Global”, 2021 was a record year with $115b US worldwide.
This investment has a justification beyond the delivery of products and services to a new generation that thinks, consumes, and seeks different from previous models. It also has to do with meeting specific needs based on technology.
A large part of the technological opportunities is found in sections whose penetration and development of the financial market have been limited not only by the understanding of the seclusion to which they are directed but also to the limitations that at the time the infrastructure. Developing countries have great opportunities in the area of financial inclusion. In 2017, a third of adults – 1700 million – were still unbanked in 2017, according to the latest data from findex (World Bank) and due to COVID-19, the possession of bank accounts/finance managed to an increase of 51% in the last years (2011-2021). 83% of adults in developing economies who received a digital payment also made a digital payment, up from 66% in 2014 and 70% in 2017.
The future
The 2020 turning point stemming from COVID accelerated the digital transformation of the financial market. The investments of 2021 give a glimpse of the expectations that are in the companies / technological models applied to it and global companies such as SAP made strategic bets for the future on April 13, 2021, announcing how their unit “Financial Services Industry” would become Fioneer (Forbes, 2021).
The SAP & SAP Fioneer Financial Services Forum is about the future, the turning point where sustainability, digital innovation, banking, insurance, and cloud will be addressed among a variety of topics where we will meet customers, software enablers, and specialists from all over the world in one place: Amsterdam.
For us at DYCSI, the presence at SAP & SAP Fioneer Financial Services Forum in Amsterdam has several profound meanings:
- Congruence with our vision as an organization: “To be the biggest and most important SAP & SAP Fioneer partner in the world. “
- Alignment with our long-term internal strategy to provide services in more countries and new regions.
- Represent our three locations: Austin TX, Monterrey, and Mexico City.
In this forum, the characteristics that define the delivery of professionals in this branch will be shared first-hand; at the same time that the learnings of our most successful cases will be addressed in a global way (DYCSI will present unpublished material on Actinver [Mexican Bank]) and we will collaboratively outline the next steps of a joint, solid and global strategy to deliver business solutions based on technology around the world.