The main difference with the fintech is that the first they connect finance with technology so that consumers can use, spend and receive their money through them. The wealthtechInstead, they aim offer digital solutions to improve the way of managing and investing the money of each citizen or company.
Mónica Martinez, Chief Innovation Officer at Vector Casa de Bolsaan institution with specialized services and products for individual investors and companies, in turn, explained how he sees the wealthtech landscape. “The move from fintech to wealthtech has 4 major players. The first is the evolution of technology itself. The second is the change in habits and behavior. The third is access to investment. The fourth is the evolution of regulation “said.
And then it was expanding. “Technology allowed us to personalize the service and in financial advice to the client. Regarding consumption, Covid-19 greatly accelerated the issue of the digital economy“, he said and then differentiated the generational layers: “Millennials have purchasing and investment capacity and have a demand for digital experience that the previous ones, who are digital migrants, do not have.”
As for the investment accessspecified that “15 years ago it was like crossing the desert, in 2021 we had a great world party, and in 2022 we began to make a correction”. “Regarding the last point, no regulator is easy, but we are making progress,” defined Martinez, Chief Innovation Officer at Vector Casa de Bolsa.
For his part, Valdemaro Mendoza Co-founder and CEO of tyba Colombia, a digital services app, gave two keys for the development of the sector to continue. “In order to create an investment business, First you need the bank accounts to exist; There really is no successful model where you have to bank through investment, “since, he added, the financial inclusion of recent years has allowed this business to develop.
And also highlighted that “There is now a middle class that 20 years ago was not that big. And these investment products are products for the middle class.“.
Omar Larré, Chief Investment Officer (CIO) and co-founder of Fintuala General Fund administrator, opined in turn that “basically now there are more accounts because it was possible to digitize more with the pandemic; despite this, 89% of transactions in Mexico are still in cash. Wealthtech allow people who are at the bottom of the social scale to come closer, give them a savings and investment service when before they were seen as people who could only access a loan”.
“Before it was considered that if you invested you had a lot of saving capacity. Which is not true. Because each person defines how they want to save according to their income. That is why we must not limit saving and investment to only the 20% of the richest people,” she added.
As for the question of Ambit about what the future of his company is, he said: “95% of my clients are under 45 years of age. Clearly the digital model does not serve people over 45 years of age. One of my challenges is to create a model for these people. It will end up being a hybrid model, where the interaction with a human being is added. For this segment, talking to a human generates a lot of value and in the spirit of being digital we went to the extreme of not talking to anyone.”
“I joined this sector out of frustration that if you don’t have 1 million dollars you don’t have good investment products. We hope that our portfolio continues to expand and we are going to launch a product so that from 1 dollar they can invest in any asset in the New York Stock Exchange”hill.
Full coverage of Finnosummit 2023
Source: Ambito
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