The COVID-19 pandemic has brought a new vision of the future to almost every niche in society. In the financial segment, the so-called fintechs  (startups or companies that develop financial products digitally), it was no different. Consumers' relationship with financial products and services has changed and this is directly related to technology. At this moment, much is discussed about economic resumption and recovery, but will the financial segment be like before in the post-pandemic scenario?

It is evident that COVID-19 has affected work relations and consumption on a global scale and in a short period of time, thus changing people's behavior. Remote work, for example, was a necessity and many companies had to adapt quickly. The most intriguing thing is that many segments realized that there was no loss of productivity, but rather, improved punctuality and efficiency in the operation on the part of employees. This made many companies opt for the permanent home office This example already reflects a changing scenario, in which many things will not go back to the way they were before, and the main one is digital. Everything is changing, including the way people communicate and relate to brands.

Brazilian fintechs are counting the days for the launch of Open Banking and PIX, which will change the way the financial market works, directly impacting banks, fintechs and consumers. The basic concept behind Open Banking is that the consumer becomes the owner of his bank details, being able, for example, to share the information with other financial institutions to receive offers of more competitive products and services.

PIX, in turn, is a new, more secure means of payment and transfer system, where transactions will be practically in real time (up to ten seconds) and can be carried out any day or time, including holidays. Purchases at establishments that accept the PIX can be paid using QR Codes and as the cost will be very low (BRL 0.01 for every 10 transactions), the new system has the potential to replace not only TEDs and DOCs, but also the debit card and even cash!

With the imminent changes, the market begins to stir and we can clearly observe the Unbundling and Rebundling of fintechs and techfins. The first concept is nothing more than specialization in a part of the bundle of services that the bank offers (credit for negatives, car insurance for young people, for example). Rebundling, on the other hand, can be characterized by the beginning of aggregation or consolidation of companies, in search of a more complete offer of services, rapid gains in scale and cost reduction through mergers or acquisitions. A recent example is the purchase of Linx ( Software ERP ) by Stone (Fintech), a transaction worth more than R$ 6 billion that united the digital and physical worlds. A trend that may intensify in the coming years.

Profile of Brazilian fintechs 

According to a recent study by PwC , in partnership with ABFintechs , on the Brazilian fintech market, currently, 25% of fintechs work in the means of payment area, 21% are focused on credit, financing and debt renegotiation and 55% are divided into other variations of the segment. Since 2017, Fintechs specializing in the area of ​​credit, both for individuals and companies, have been showing rapid growth.

The sector should gain even more relevance as a result of the post-pandemic economic recovery scenario. One of the biggest bottlenecks mapped by the survey is the issue of faster and less bureaucratic credit approval. Fintechs try to offer a better experience for customers, but the onboarding and documentation registration process is still laborious and not very smart.

However, with the launch of Open Banking, this reality will change because the financial history of companies and customers will be shared. Smarter services will emerge and financial institutions will not only be a transaction channel, but will assume the role of financial advisor, able to help in achieving goals, in planning your future, based on your history, behavior and stage of life current.  

The role of ERP and fintechs in access to credit

ERP controls business processes, including finance. But why not take advantage of the available information to offer more suitable and competitive products and services? Through ERP thousands of companies move billions of reais per year. This type of software is present in companies of all sizes and will be a great ally in the democratization of credit, a tool capable of changing the experience, the way companies relate to financial products and services.  

That was Sky.One's thesis Sky.One Sky.Simple Sky.Simple a platform that integrates with the ERP to offer end customers financial products and services through a renewed experience. Sky.Simple Sky.Simple information to build an intelligent credit score, bringing immediate benefits to companies and users. Imagine the following experience: the platform understands that there will be a disengagement in cash flow, selects the receivables with the best rates and suggests the creation of a statement that is already pre-approved. The financier receives the information and submits the document to advance the receivables. The credit enters the company's current account at the same time. That's the Sky.Simple .

After the initial integration, which is free and incredibly fast, all software customers now have access to the platform, consuming more convenient and competitive products and services. The ERP developer meets a customer demand and creates a new value chain, receiving a percentage of each transaction. Does this make sense for you as an end customer or as a software developer? If so, request contact from our team because the change has already begun!

Written by

Sky.One Team

This content was produced by SkyOne's team of cloud and digital transformation experts.