During the past FINNOSUMMIT held in Bogotá on March 14th, Sam Maule (Head of Digital / FinTech, NTT Data Consulting Inc.) made an interesting analogy between the Bolivarian Revolution and the Fintech revolution that is already taking place, and, based on Simon Bolivar’s success, he shared the 10 key steps needed for the revolution to succeed. In an age of empires, Bolivar grew up with a global mindset, as he witnessed revolutions taking place all over the world. Today, and regarding financial services, this global mindset is essential, as the Fintech revolution is no longer limited to a few areas, it is global. However, in a global world we must not ignore the local characteristics of each country and region, as one size does not fit all. According to Sam, this is the reason why banks should partner local companies and take advantage of their local expertise.
Many of Bolivars’ keys to success can be applied to today’s Fintech revolution, a revolution that is already here and is taking place everywhere, including Latam, where there are huge business opportunities for innovation to take place within the financial services. However, in order for the revolution to be successful, every key actor must be involved: Government, banks and Fintech startups.These are only 2 of the 10 lessons learned from Bolivar’s revolution, discover the rest on the following video and embrace the Fintech revolution!