The banking sector is going through a complete reshape worldwide. According to McKinsey, Latin America stands out as the globe region that had the fastest growth in the payments sector in 2019.
Latin America faces a fintech boom, launching unicorns in the financial sector and attracting record amounts of VC funds.
With strong competition represented by fintechs, enabling to shorten significantly banking process activities and reduce the taxation onus for customers, the digital transformation in the traditional banking sector goes beyond tech modernization: it is redesigning their business model.
Latam: a pool of opportunities
According to McKinsey’s research, in Latin America, only 30% of the population uses a banking account. In comparison to the US, where 91% of the population has a bank account, Latam has a large gap in the access to banking services.
This accessibility problem represents an opportunity of $34 billion to the banking and payments sectors (Visual Capitalist). This promising market share is responsible for bringing more than 2,1 billion in investments to the region in 2019 (CB Insights).
But both for fintechs and banks, being able to attend to this demand is no easy task. It requires hiring talented professionals to articulate the required technology with the business objectives to drive innovation in a transforming way.
Fintechs are reinventing banking services all over the world. In Latin America, these companies have found a huge potential market in the unbanked population, especially in Mexico, Paraguay, El Salvador, Nicaragua and Haiti.
With a business model based on technology and personalization, fintechs offer banking services in a more agile and cheaper way than the traditional bank institutions, besides making it easier for people to create a banking account.
Fintechs were born in the innovation process. The banks, on the other hand, are going through the digital transformation process to adapt and optimize the service provided while improving efficiency.
The digital transformation process is a challenge for digital professionals when it comes to implanting new technologies and automations. However, it involves rethinking the business model and opening space for creativity and innovation.
The pandemic effect
With restrictions of physical contact due to the pandemic, many people in Latin America were forced to use e-commerce and online payment methods for the first time.
The health crisis created a huge demand for financial solutions, being the main one the creation of bank accounts easily and fast. In a scenario where the majority of people didn’t have access to creating a bank account in traditional banks, the fintechs envisioned an opportunity and absorbed this market.
This demand also coincides with record numbers in smartphone usage, which increased a lot with the pandemic.
High demand for professionals
Both traditional banks and fintechs are in need of professionals that are able to promote digital transformation in the financial sector.
As they have such a fundamental role in the sector reinvention and in solving the bank access problem, these professionals are in high demand and find no issues to find great career opportunities, remunerated accordingly.
The most in demand roles right now in Latin America are:
- Business Hackers and/or Managers;
- Front-End, Back-End and Full-Stack Developers;
- UX/UI Designers;
- Agile Coaches;
- Marketing Specialists.
As finding the right professionals to conduct a digital transformation is not an easy task, many banks and fintechs worldwide trust The Bridge to deliver them the perfect talents.
If you are actively looking for a job in the financial sector, we are glad to help you reach your goal: click here to see our open positions and send your CV!
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