RACO Investment founder Randall Castillo Ortega discusses technology in the financial space

Today, technology and digitization have become essential tools for the survival of a company. As such, the financial sector has moved from traditional interaction and communication to an immersion in the process of regeneration and transformation which has resulted in decisive changes. Randall Castillo Ortega, founder of SME lender RACO Investment in Panama and Costa Rica, explains how advancements in technology are contributing to the evolution of the financial ecosystem.

Financial services have shown that the integration of practices linked to the digital world has a positive impact on their users; Reason enough to resort to digitization, technology, digital marketing strategies and interaction through social media.

In addition, today there are companies in the financial sector that use the latest technology to offer truly innovative solutions. These companies fit into the new technological reality and establish themselves as FinTech companies. Today’s businesses need to manage risk, ensure controls are functioning properly, and monitor transaction integrity. This monitoring has to be constant and the only way to do it is through technology.

FinTechs fall into four broad categories, loans, personal finance management, payment technologies, and cryptocurrencies. However, even as they increase their presence and use in the user world, many of them, out of mistrust, continue to choose to maintain their relationship with financial services through traditional channels. Despite this, those who decided to venture out did so to gain access to better value propositions in terms of products and services.

FinTech companies are pushing traditional financial services to use or implement technological innovations. The downside is that it takes time due to costs, legalities, regulations, among other factors. This has proven to be a timely challenge for financial services which have started to join this technological revolution.

More and more financial institutions are deciding to invest heavily in technological innovation, Castillo explains. By going digital, they manage to offer more comprehensive services and, as a result, provide better experiences for their users.

Online banking, as part of a financial service, manages to positively impact the user at different levels. On the one hand, he has the possibility of being able to connect to the banking service at any time. Yet beyond that, today it is also accessible from anywhere and via devices that a large portion of the population owns and uses on a daily basis. Moreover, this virtual service manages to eradicate the needs of users to visit various bank offices.

Likewise, and as if that were not enough, this type of service also allows the user to carry out his own movements, operations or transactions without having recourse to intermediaries.

Currently, the financial sector, especially banks, integrates biometric recognition solutions by facial recognition, voice recognition, fingerprints, etc. This measure is intended to prevent fraud and provide much faster and more reliable services, says Castillo.

As part of the digital transformation of the financial sector, it is also investing in robotics and artificial intelligence. Automating repetitive processes increases the efficiency of your services, thereby improving the experience for your users to benefit from your competitive offers and advantages.

Without a doubt, the technology that enables process automation is starting to heavily replace old systems, resulting in a necessary, accelerated and unstoppable transformation process.

Today, information technology (IT) has created significant progress within companies. This is due to the improvements that have been made, as well as the implementation of new systems and better technologies. It is also thanks to the efforts of people who are committed to innovating new solutions within the ecosystem.

About RACO Investissement

RACO Investment is a financial investment company serving small and medium-sized businesses in Panama and Costa Rica. It was founded by Randall Castillo Ortega, an expert financial advisor who has his roots in the import and export industry in Latin America. The company has helped many startups find the financial support they need to get started. It has also provided bridging loans to help those looking to restructure or improve their operations.

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