C-Level Magazine: Convergence and interoperability, two trends in digital banking

For Pablo Pereyra Portugal of 2innovate, convergence and interoperability are two trends in digital banking 

Digitalization has transformed the user experience in different parts of the world. To learn more about digital transformation and banking trends, we spoke with the Chief Revenue Officer of 2innovate. 

2innovaite is an international company that provides solutions to digitally transform financial services required by companies and users in Asia, Africa and the Americas. Within their service portfolio, they offer solutions for digital banking, digital transformation, omnichannel integration, cloud services and their cloud-native platform Frame Banking™, an option to personalize and make the digital experience of their customers more flexible.  

We spoke with Pablo Pereyra Portugal, CTO of 2Innovate, to learn about user behavior, access to financial services and solutions that are being generated now; we delve into the experience of agile, secure and interoperable solutions.  

Conversation to learn about digital banking trends 

C-level Magazine: Pablo, let’s start this interview by knowing a need for the sector, why are we talking about digitizing banking?  

Pablo Pereyra Portugal (P.P.P.):  There is a great need for banks to transform their business model. What you see are one-off initiatives, but no one has the magic formula. They know they can’t be left with loans and accounts, because that world can easily be equalized. Players are becoming more sophisticated in offering services and mixing digital or service-based initiatives.  

C-level Magazine: How do you monetize a service? 

P.P.P.: With a transaction or a payment. There are very interesting studies by McKinsey Colombia that compared banks and conclude that these entities focused more on the digital world than on the traditional offer, we are talking about 20 points ROE, when the Colombian average and in Ecuador is 11 points.   

We have a platform in charge of solving the challenge of transactions from the perspective of convergence because there are many solutions on the market that solve a single development channel. We settle any transaction; banking-business, business-person, SH or payment of services. The trend of convergence and interoperability is very good, because banks need to innovate.   

We are any transition, whoever wants banking, company, banking, people, SH, payment of service, you name it, and that is not generating much growth, the truth is that it is a very good trend, convergence, interoperability, that’s right, all the moves are transactional.  

C-level Magazine: How to monetize a service?  

P.P.P.: Rates are not defined by the bank, they are defined by the Fed because the Fed moves the rate, then the rate is moved by the Bank of the Republic and then the bank takes it, traditionally it takes.  Putting the focus where it is and being innovative in transactional services is essential to make money and be close to customers.   

C-level Magazine: How has the process of digitizing industries been carried out after the pandemic? Has it been a central issue for financial services?  

P.P.P.: Prior to the pandemic, I saw the importance of the mobile channel and today it is a fundamental issue to carry out transactions, because very few people use online banking. Cards are a separate case, many people want to have cards because they are aspirational, but the challenge is linked to the content, to generate an ecosystem and when you can learn a button you can carry out the service you have; away from a physical office.   

C-level Magazine: Trends inevitably lead to difficult decisions, changes in structures or new areas. What has been the most difficult decision you have made in these two years?  

P.P.P.: The practical issue, without a doubt. If we can make things easy and simple for customers, it’s not so necessary for people to be trained in banking. We must break paradigms, the series of regulations and norms. We must focus more on the customers than on the processes, which although they are important to scale, are important to reach the citizen.  That the services can solve efficiency, practicality and security using databases. Let’s think about how the world is changing and prepare for that.  

C-level Magazine: In fact, Pablo, we spoke with Cristina Junqueira, the co-founder of Nu bank, she told us that a very important issue for them was to look at VIP services for citizens…   

P.P.P.: These VIP issues are fundamental for companies and SMEs, so this year we are going to invest a lot in this sector by expanding the applications and coverage that they do not have today.  

C-level Magazine: How important is convergence to you and the users you serve?  

P.P.P.: For me it’s life or death, because if you don’t have that vision everything is going to be slower and more expensive; In other words, the opposite of what your customers do. To our readers, imagine that you are going to board a plane and you have to manage everything with different companies: the suitcase, the route or the waiting room. If I could get them to solve that need with a single button, that would be great and very few are looking at that right now.  

C-level Magazine: Pablo, to close this interview, in our magazine we would like to explain the concepts to the readers. How would you explain your position to readers? What does it mean to be a CTO?  

P.P.P.: I would summarize it in two: ensuring the growth of the company and being close to the customers, because growing in this industry involves both. Our customers are the calling card and, if a bank or a startup buys us, we must continue working with them; If that model stops, the business is over. That’s why this year we want to expand to the United States and Europe, to expand our reach.  

Our holding company is in the UK, but we have a lot of space in emerging markets with a platform that is well suited to the realities of Asia or Africa. In Latin America we use the same for Uruguay, Argentina, Chile, Ecuador, Mexico, Panama, Guatemala or Jamaica. In the United States, on the other hand, we are investing to transform the American market.   

C-level Magazine: What is the company’s HUB in the region? 

P.P.P.:  Chile, Colombia, Ecuador and Mexico.  

Original article: https://revistaclevel.com/convergencia-interoperabilidad-tendencias-banca-digital-2innovate  

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