Julian Colombo: Trends in Fintechs 2022
In an interview with CNN, Julian Colombo had the opportunity to talk about the state of the industry, trends in the financial world, and what makes N5 software unique.
How was N5 Now born?
“N5 Now is a company that was born in the United States, but most of its members are Argentines,” Julian began. As he explains, N5 makes the software that Fintech, banks and insurance companies use to serve their customers, do intelligence, to calculate prices.
For several years now, N5’s goal has been to provide these companies with reliable software that allows them to provide a service like no other.
What are the latest trends in the financial world?
In 2008, Julian was working at a bank and was already hearing about digital transformation back then. As he explains, ever since then the importance of mobile in the world of personal finance has been seen to come.
For about four years, however, this has turned around. Now that the digitization process has already taken place, what the banks are asking themselves is precisely how this advance is profitable. After all, what is the point of such transformations if they are not profitable?
While fintechs are losing money globally, classic banks are still the ones that create the most profits.
The advantages of the Argentine entrepreneur
One of the questions they ask Julian is whether it is cheaper to undertake this type of project from Argentina. At first it might seem so, but Julian quickly shatters this myth.
“You get a cheap haircut in Argentina,” says Julian. “But you don’t get a cheap software architect.”
What Argentina has, as he explains, is that its entrepreneurs are used to fighting against an environment of enormous complexity. So when you leave them in an environment devoid of obstacles, you have a distinct advantage.
When you hire a Silicon Valley software architect, they expect all the comforts in the world. However, when you hire someone from Argentina, you know that they are going to be able to do their job no matter the circumstances.
What are N5 customers demanding today?
One of the main things that N5 customers take advantage of is the benefits of the platform. One of these is the CRM, which allows us to provide better care when serving people.
Other preferred benefits of the algorithm have to do with automated decision-making in many of the processes: from executing payments to understanding the prospect of the bank at a better level.
In addition to the fact that the software allows carrying out important modifications in an easy and fast way. It is adaptable, even when it comes to last minute strategies. “No software in the world allows that,” says Julian.
Can the world banking system change as a result of what is happening in Russia?
When Julian is asked about the changes in SWIFT, he comments that it is something that has actually been in motion since before: even before the start of the pandemic.
“Years ago there was already talk that SWIFT transfers should be decentralized and based on the blockchain — something more democratic.”
As Julian comments, this is a change that was going to happen anyway, since the need for a more democratic bank transfer system was already being seen.
In summary
As you have seen in the interview with Julian, the world of fintech is constantly on the move. Here are some points to keep in mind:
- The trend is changing from hyper-digitalization to the search for profitability.
- The Argentine entrepreneur is an “all-terrain” who is accustomed to changing economic systems
- N5 customers prefer the platform for its flexibility and automation power
- The SWIFT system appears to be headed towards decentralization
Editorial: Marcelo Frette
