AI Creates New Opportunities in the Horizon

AI has opened up new opportunities in the financial industry, particularly in underdeveloped countries, according to Ricardo Godinez, CEO of Enso Fintech. Nu Mexico has unveiled a new credit card to help Mexicans build or repair their credit history and secure credit access, while promoting sound financial habits. Ana Sepulveda, Head of Investment Mexico and Client Portfolio Manager, Fintual, emphasizes the importance of proper wealth management for millennials and Generation Z as they prepare to inherit their parents’ and grandparents’ wealth. Finally, Carlos Fiorillo, Managing Director, Fitch Rating, discusses the challenges Latin America faces regarding infrastructure quality, logistics, financing capacity and institutional stability to attract global companies and investments. 

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Leveraging AI and Its Applications for Financial inclusion

The rapid growth of technology has opened up new opportunities for the financial industry, particularly in underdeveloped countries where financial inclusion is one of the main goals, as mentioned by Ricardo Godinez, CEO, Enso Fintech, in his most recent Expert Contributor piece. Godinez shares five different approaches that can be taken to promote financial inclusion and the way AI could be applied, including: developing financial education programs, expanding access to financial services, developing innovative financial products, addressing regulatory barriers and fostering collaboration between financial institutions and governments.

Overall, artificial intelligence has the potential to revolutionize the way financial services are delivered to underserved communities. By developing conversational interfaces that are accessible and intuitive, AI can help bridge the gap between individuals and financial institutions, promote financial inclusion and ultimately contribute to the economic development of underprivileged communities.

Nu Mexico Introduces New Credit Card

Nu Mexico, a digital finance firm serving nearly 75 million customers throughout Latin America, has unveiled a novel credit card that aims to allow Mexicans to build or repair their credit history and secure access to credit. The Nu Guaranteed Card allows customers to make credit payments online or at any physical establishment, including paying for subscriptions. It also allows users to pay in installments and access interest-free promotions. The card enables customers to establish a credit history with both credit bureaus, which could allow them to access more extensive lines of pre-approved credit in the future. Nu Mexico seeks to be a gateway for those who never had access to credit or have experienced financial difficulties. 

Proper Wealth Management More Important Than Ever Before

Ana Sepulveda, Head of Investment Mexico and Client Portfolio Manager, Fintual, and MBN Expert Contributor, shares how, as millennials and Generation Z prepare to inherit their parents’ and grandparents’ wealth, the need for proper wealth management has become increasingly important. These two generations are facing unique financial challenges, including high levels of student debt, stagnant wages and a changing job market. In addition, they may have a different level of financial education or experience than their predecessors. As a result, new generations must understand the importance of wealth management and learn how to manage their finances effectively in the future. While different options are available, such as traditional wealth management and wealth-tech, it is crucial to have an experienced financial adviser who can offer expert guidance based on their specific needs and goals as one starts growing one's wealth. 

Infrastructure, Financing Challenges Limit Latam Competitiveness

In his most recent Expert Contributor piece, Carlos Fiorillo, Managing Director, Fitch Rating, shares information on how Latin America is competing with other emerging markets in Europe and Asia regarding infrastructure quality, logistics, financing capacity and institutional stability to attract global companies, new initiatives and to convince them that the region is the right place to receive manufacturing investments to produce goods and provide services on a global scale. “Based on the Logistic Performance Index (LPI) produced by the World Bank (2018), more than 40 countries around the world have a better capacity to move merchandise than well-industrialized economies like Mexico (53), Brazil (56), Peru (74), Argentina (62) or Chile (40). The list includes relevant competitors in emerging markets outside of China, like Vietnam (45), Indonesia (51), Thailand (34), Malaysia (35), India (42) or Korea (23).”