Driving Financial Inclusion With Modular Cloud-Based Solutions

Q: What gaps in the Latin American market led to the creation of Finket?

A: We were born to address two key needs in the Latin American financial ecosystem: financial inclusion and the speed of adaptation for businesses. Over 300 million people in the region are financially underserved, and small businesses and entrepreneurs also lack adequate access to financial services. We provide a modular, cloud-based financial infrastructure that enables any organization to quickly launch fintech products, addressing the need to adapt to a hyperconnected environment and the growing demand for immediate, ubiquitous solutions.

Q: How would you describe Finket’s position in the Mexican fintech market, and what factors have contributed to its success so far?

A: Our ambition is big. We are in a continuous phase of expansion and consolidation in various markets, especially Mexico, which is key to our growth strategy. Our competitive advantage lies in offering agile and customizable financial solutions that can be implemented in just a few weeks. This has been crucial for attracting businesses looking to quickly adapt to an environment that demands immediacy and connection. The combination of our cloud architecture, the founding team's experience in the sector, and our ability to offer fintech products without the need for traditional banking infrastructure has allowed us to differentiate ourselves and grow in underserved markets.

Q: How have customer expectations of digital financial solutions evolved in recent years?

A: Before the pandemic, businesses and consumers were less demanding in terms of the speed and accessibility of financial services. Now they demand immediate, hyperconnected, and efficient solutions that allow them to interact with and access financial products exactly when and where they need them. This shift has created an opportunity for companies to integrate embedded financial services into their business processes, opening a potential market worth over US$200 billion in additional revenue.

Q: What common challenges do your clients face when adopting digital solutions, and how does Finket help them overcome these challenges?

A: Common challenges include changing the existing organizational culture and integrating our processes with legacy technology. Traditional companies, especially banks and financial entities, often have outdated systems and a culture that prioritizes slow, bureaucratic processes. Large and complex digital projects tend to be inefficient, with high costs and long implementation times.

We help businesses overcome these challenges thanks to our modular and flexible architecture. Our technology is based on independent components, similar to LEGO blocks, allowing businesses to implement specific functionalities in weeks without having to overhaul their entire infrastructure. This reduces technological barriers and allows for easy integration through APIs or SDKs, ensuring a fast and efficient time-to-market.

Q: What success stories showcase how Finket revolutionized the B2B customer experience?

A: One of our standout cases took place with a consumer lending company in Argentina, which operated analogously before our intervention through 40 physical branches that used inefficient, and bureaucratic processes. Customers had to submit paperwork and wait weeks or even months to get a loan, leaving the company vulnerable to digital competitors revolutionizing the market. When the pandemic hit, the situation became unsustainable: the branches had to close, and the business nearly collapsed.

During that period, we introduced our solution in just 45 days, allowing the company to digitize and offer loans remotely using biometric validation technologies. But the real transformation came when we proposed an innovative model: instead of relying on its own branches, we helped to sell their products through large retailers like Palacio de Hierro. This shift not only reduced its operational costs by 75% but also quintupled its sales in just six months. The company no longer needs physical branches, and its business model is fully digital and agile, demonstrating the impact that technology can have when applied strategically.

Q: What measures have Finket implemented to ensure the security of transactions and customer information?

A: Security is the backbone of our service. We follow strict best practices, starting with the use of cloud services without direct exposure to the internet to ensure communication through secure channels. We conduct annual penetration testing to assess and strengthen our platforms by identifying potential vulnerabilities and areas for improvement. Finally, we are obtaining ISO certifications that will validate our rigorous security processes.

Q: How is Finket integrating AI and ML to streamline its processes and enhance its offerings to clients?

A: We are using generative AI internally to help our developers quickly access documentation and solve problems, improving efficiency within the technical team. We also apply AI in our biometric validation products, which analyze identity documents, liveness detection, and other elements, such as photos and videos, to prevent fraud and identity theft. This service is used daily by several of our clients. We also developed a Data Lake system that centralizes transactional and unstructured information, allowing us to offer clients detailed analyses of spending, loan optimization, and personalized recommendations.

Q: What role will the cloud play in financial inclusion in Latin America?

A: Undoubtedly The cloud nowadays is playing a crucial role in Latin America, becoming an enabler that allows companies to offer financial services to underserved populations. The cloud is a vehicle and a bridge that facilitates scalability and reach, allowing financial institutions and other service providers to reach more people, regardless of their location. Through cloud adoption, businesses can create more accessible, efficient, and flexible solutions to offer financial products. This is similar to the smartphone and internet penetration in 2017 — what was once a significant gap is now just a thing of the past.

Q: What are the main challenges Finket faces in the Mexican market, and how do you plan to overcome them?

A: Our ambition is to continue growing. We are focused on Latin America, and Mexico plays a key role in our development strategy. The main challenge is the need to adapt to a more demanding regulatory environment, which means longer implementation times. Each market is different, so we cannot apply the same strategy in Mexico as in other countries. To overcome this challenge, it is essential to work with strategic partners like Visa, MasterCard, or American Express, which allow us to accelerate the development and adoption of financial products. We also need to comply with IT security regulations, which require partnering with infrastructure experts.

Q: What advice would you give to upcoming entrepreneurs looking to enter the fintech sector? What aspects should they prioritize, and what mistakes should they avoid?

A: My first advice is to move fast. No matter what you do, you need to do it quicker and better than your competitors. Second, the idea must solve a real and significant problem for a large number of people. This will give you scale. It is also crucial to deeply know the market you are trying to serve and understand its specific needs. It is not advisable to start alone but to surround oneself with a team that has complementary skills. Always remember that consistency and resilience are essential, as obstacles are more frequent than successes. Finally, being an entrepreneur is a demanding path that requires sacrifices and full dedication, especially in the early years. Remember these three letters I-T-P (good IDEA; strong TEAM and a lot of PERSEVERANCE). With that in mind, great achievements are possible.