For several decades now, different actors in society began to wonder what would happen if we could decide how to manage our own capital. Today, with the strong tendency among young people to self-management and to be self-taught in their own interests, the possibilities of knowledge were expanded beyond the limits expected by banking entities. And it is often the demand of the community that drives innovation and the creation of new financial products and services.
Why is financial education important to you?
In this sense, banks face a great challenge not only when it comes to digitizing their processes, but also when it comes to maintaining communication with their community of customers and potential users. For example, simple and easy-to-understand language is key when thinking about the user experience, especially for those who access a financial tool for the first time. Banks often use formal language, with predetermined words that, for those who are not in the financial circuit, are foreign and uncomfortable.
To continue promoting the financial inclusion of the population, all the actors in the financial system have to update themselves, on the one hand, to technological demands, but also to the forms of communication and interaction of society. Let us remember that there is no financial inclusion without social inclusion. Pretending to include a person financially without helping them understand basic financial concepts is complex. Financial inclusion contemplates much more than opening an account and this is something that financial institutions must consider.
For example, thinking about how to reach each audience could be a pragmatic way of approaching the problem. The youngest users value having digitized attention without many steps that result in barriers when resolving doubts. They go to the concrete and expect a quick response. On the other hand, other audiences less accustomed to solving their procedures digitally, require more personalized attentionwith sustained monitoring over time and explanations from scratch for certain concepts related to credit and investment.
Following the BCRA’s definition of financial inclusion, the entity understands that it will be achieved when all people have access to and make use of quality financial services, provided in a responsible and sustainable manner. Of course, we are not talking about a challenge that occurs only at the national level. More than one of the general objectives of Sustainable Development of the United Nations (UN) -such as ending poverty, promoting sustained, inclusive and sustainable economic growth, promoting inclusive and sustainable industrialization- highlight the need for expanded or universal access to financial services.
At Veritran we believe that it is key to develop digital solutions that contribute to the financial and social inclusion of the population, which is why we have been working for years to achieve this goal throughout Latin America. In Argentina we work on the development of the digital wallets of the two largest public banks in the country, such as Banco Provincia with DNI Account and Banco Nación with BNA+. Both projects allowed us to collaborate with the 100% digital registration of millions of people, in addition to having a close link with our mission of working towards simplifying people’s lives.
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Today more than ever, all actors in the financial system, but also from the technological field, have to work together to achieve affordable digital solutions with a focus on simple and friendly usability for anyone. We are convinced that this is the way for more and more people to be able to manage their finances in a practical and intuitive way and, as a consequence, to better manage their finances.
Degree in Systems and Business Administration, graduated from John F. Kennedy University. BCC (Chief Commercial Officer) of Veritran, a global company that accelerates and simplifies the development of digital solutions through its Enterprise Low-Code Platform.
Source: Ambito
