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Data Science, Artificial Intelligence, Blockchain? Abundance of Capital, Computing Power and Mobile Access? Open Banking, Regulatory Sandbox, Cloud? ¿What does all this mean and how relevant are they?

In this decade the financial system will be profoundly transformed by these trends. The impact will be greater in larger markets, where millions of people are excluded by the traditional financial system, customer costs are high, the use of cash is abundant, and product customization is low. Sounds familiar?

How are we leading this transformation? Some examples:

  • A traditional microcredit in Mexico takes between 2 to 4 weeks to be approved and disbursed. Crediclub can do that in a matter of minutes, start to finish. Soon, with the help of these technologies, we will obtain the information needed in 3 minutes, approve credit applications in seconds, and we will do it without the intervention of a single human.
  • The cost that some of our clients had to incur in the past to send money to their relatives represented between 10% to 20% of the amount sent, in addition to long travel hours with the risk of assaults and implicit infections. With Wally, our digital wallet, that cost was eliminated nationwide, and its digital nature eradicted the risks. Soon we will extend this service for the sale of businesses and international remittances at no cost.
  • The average return that a Mexican saver obtains in the Mexican banking sector was less than 2% in 2020. In Crediclub, our savers earn more than Cetes at sight and impressive term rates, regardless of whether they invest 1 peso or 5 million pesos, in products categorized as low risk by the main rating agencies in the country. In the near future, we will increase the benefits for our customers in even more extraordinary ways.

This is the value of financial technology: reaching more customers with better credit, savings and payment products. With the advantages of precision, fraud identification, efficiency and personalization that artificial intelligence provides, and with the trust and transparency facilitated by blockchain, Crediclub has grown exponentially. Crediclub has been extremely successful in the niche markets where it previously focused, and is now expanding its capabilities to new segments.

 

These transformations are extremely complex. They require combining two completely different worlds, that of entrepreneurs who reinvent the world, and that of financiers who ensure financial viability and regulatory compliance. In this consolidation, both must focus on the customer while taking care of computer security risks. This requires significant investments.

 

Crediclub has this solid financial and regulatory base, and in addition to being the product of an entrepreneurial project, it has also been very successful in incorporating new entrepreneurs. In addition to the “intra-entrepreneurial” projects that we have underway, we are always open to collaborating with the best entrepreneurs to transform our sector together.

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