The growth of FinTech technology has increased the demand for digital services in LATAM
The adoption of financial technology FinTech has been rapid in recent years; however, there are still countless opportunities and a lot of work to be done.
In LATAM, a young and tech-savvy population is increasing the demand for digital services, and financial technology is no exception. Globally, the adoption of FinTech is approximately 64%.
Adoption rates have doubled year after year since 2015, with developing countries being the most progressive. Within the first ten positions, we have Colombia with 76%, Peru with 75% and Mexico with 72%, surpassing countries such as Ireland, the United Kingdom, Argentina, and even the United States.
The size of underbanked markets, coupled with the benefits that financial technology offers, such as availability, accessibility, and price, make LATAM an ideal market for both mature companies and startups. At DolEx, we understand the importance of making new technologies available to our consumers, and we are in the process of transforming the traditional brick and mortar outlet to a world-class FinTech retail outlet.
Inclusion and financial equality
Inclusion and financial equality are at the top of DolEx’s mission. By being one of the preferred FinTech providers by the Latino community in both the US and LATAM, we are committed to continuing investing in cutting-edge technology to develop and provide offerings that make a difference for inclusion and equality such as responsible installment loans that help people initiate a credit history and therefore access several life-changing financial products.
Consumer preferences have been changing rapidly; this represents a challenge for large financial corporations both in LATAM and around the world. Their ability to adopt and adapt to new technologies is the key to staying relevant in the preference of new generations and their demands for easy, fast financial technology and at prices below market averages.