Porfirio Sanchez Galindo on how to use mobile banking

Move aside, traditional bank. Fintech is disrupting the industry. And no, that is not a bad thing. On the contrary, fintech is helping bank employees and customers navigate in the future that benefits from technology as much (if not more) as it depends on it.

Now, the esteemed economist and mathematician Porfirio Sánchez Galindo shares the reasons for one of the biggest impacts of financial technology: mobile banking. As a strategist at marketing and financial technology expert , Porfirio Sánchez Galindo knows the form of the game and sees the future that financial technology promises.

What is fintech?

First things first: for those who are not familiar with fintech, it is a short term for financial technology. Together, fintech has experienced tremendous growth over the past decade, emerging today as a leading sector in big business.

Fintech’s objectives are simple: merge existing practices with technology. The desired result is ease of activity and improved efficiency for both financial employees and customers. Services such as application-based investment services, customer support with artificial intelligence and cryptocurrencies are all fintech products. Do you have any other outstanding development? Mobile banking

And according to Porfirio Sánchez Galindo , mobile banking will only have an upward trend.

Why mobile banking?

Today, the use of smartphones is at an all time high. With the increase in technology, the desire of consumers to be able to do more on their cellular devices has emerged. Dozens and dozens of companies from various industries are providing mobile services for their customers. Hence the need for banks to do the same.

The way banks meet the needs of their digital consumers if they offer services that can be done through smartphones. Things like voice-activated features, support through AI, advanced biometrics for easy access and withdrawals from cardless ATMs have become part of the mobile banking experience.

In the opinion of Porfirio Sanchez Galindo, these innovations only increase customer interest. If the ultimate goal is to make life “easier”, then mobile banking is doing exactly that.

The benefits of becoming mobile

Still loyal to your bank’s brick and mortar establishment? Don’t worry, many people are. However, Porfirio Sánchez Galindo emphasizes the benefits of mobile banking. The traditional bank is still standing, but why not at least try to take advantage of what mobile banking offers?

Benefit # 1: Additional Security

No one wants to lose money, especially through fraudulent activities. Think about how many hackers and scammers in good faith there are. When was the last time a Nigerian Prince asked you to transfer $ 4 million? Yesterday? Last week?

No one wants to lose money, especially through fraudulent activities. Think about how many hackers and scammers in good faith there are. When was the last time a Nigerian Prince asked you to transfer $ 4 million? Yesterday? Last week?

The nuanced machines and big data are paving new paths for the banking industry, and they promise to continue building stronger security on all financial fronts.

Benefit # 2: Ease of access

It may be obvious, but mobile banking makes accessing your accounts much easier. While you still cannot complete all book transactions through a mobile platform, the cellular functions of many banks have grown.

Do you need to check your funds? No problem: access the account on your phone. In addition, while waiting for the iteration of your bank or smartphone, you can log in to your account without having to enter a password. Instead, your phone will use your facial recognition software.

Check deposits? Easy. Most mobile banking applications allow deposits to be made through their platforms. Do you need to transfer money? It can be done directly from your phone.

When traveling to the bank is out of the question, mobile banking has become a viable alternative.

Benefit # 3: Faster support

With an increase in mobile banking there has been an increase in AI. Many banks use automated bots to help customers solve problems. “Eno” by Capital One, “Ally Assist” by Ally Bank and “Erica” ​​by Bank of America are examples. While human interaction is (obviously) eliminated, these virtual assistants have a wide range of capabilities and can often solve customer problems faster than waiting in line to talk to an employee.

Benefit # 4: Non-traditional banking

For those fed up with the fees assessed by their respective banks, fintech has given way to traditional banking alternatives. Companies such as Varo, Chime, Moven, Simple and Aspiration are examples of fintech creations; that is, mobile banking platforms that are completely application based.

These platforms tend to eliminate the functions that users do not need, which speeds up the banking experience. Oh, something else? They strive to pay small or no fees when it comes to withdraw / deposit, minimum amounts, etc.

Fintech and the future

Fintech is the future, and the future is mobile banking. However, among its praise for innovation, Porfirio Sánchez Galindo also warns that, in order to remain relevant, mobile banking must be relevant.

This means a routine evaluation of mobile banking offers and more attention on personalized functions instead of general services. It means analyzing demographics and providing services to specific people. It means constantly evolving. So far for the fintech industry, that doesn’t seem to be a problem.

Why wait? Invest now with Porfirio Sanchez Galindo

For many, investing can be a terrifying action verb. Subtle art has the propensity to give someone millions of dollars in the future, but it also has a reputation often infused by the means of breaking another person’s bank. And again.

Mexico City.- According to the economist and specialist in fintech Porfirio Sanchez Galindo, the investment does not have to be approached with as much fear as it often is. It is a simple matter of understanding what you are doing and why you are doing it. And, says Porfirio Sánchez Galindo, understanding investment today is much easier than understanding yesterday.

With fintech (financial technology) leaving its mark on the entire financial sector and actively seeking ways to merge traditional financial methods and technology, the investment has grown in the form of several easy-to-use mobile and online platforms.

Read Galindo’s tips to take advantage of these tools below.

Online investment at a glance

The consumer financial services company, Bankrate, discovered that 83% of Millennials say they will never retire. The reason? They don’t believe they will have enough money to do it. But with online investment, this narrative has the potential to change.

Dozens of new fintech companies have become pioneers of people’s extra money. Investment options are what they offer, with the most successful applications targeting a specific clientele (for example, Millennials) and providing simplified and low-cost forms of investment.

The most successful tools are those that eliminate jargon or complicated financial procedures and satisfy consumers in their respective levels of knowledge. There is no shame in admitting it: as a society, our knowledge of personal finances seems to have reached a historical minimum.

There is no easy answer to this situation, but general digital trends remain possible culprits. Today’s readers are exemplary “scouts.” The way we absorb information is very different from the way we absorbed it twenty years ago. The growth allows for more information saturation, but it certainly does not help with long-term retention.

So, are you interested in investing, but don’t know where to start? Do you lack enough financial knowledge to feel comfortable taking the leap? Consider the following investment tools.

Tools for you

(Note that these are not affiliate links)

1. Acorns

Does not have money? No problem. Acorns is probably the best online investment tool for those who … well … don’t have much money to invest. But as Porfirio Sanchez Galindo emphasizes, that does not mean that he cannot invest!

Thousands of Millennials are afraid to invest because they think they absolutely “need” this money for daily expenses. To combat this, Acorns (when linked to your credit or debit card or PayPal account) rounds all purchases to the nearest dollar and then invests the difference in one of the five diversified portfolios listed on the stock market.

Do you want to invest more? You can set up automatic investment payments from your bank account. There is no minimum account for Acorns, although you must provide $ 5 to start investing. And although rates start at just $ 1 per month, Galindo warns to evaluate its growth after a month of investment. Acorns is excellent for the small-scale investor, but if nothing is invested except the difference in transactions, $ 1 can actually be a large part of your initial investment.

2. Robinhood

Similar to Acorns, Robinhood is made for the beginning investor. The difference? Absolutely no cost (except for lower sales rates). Robinhood also allows its users to exchange full shares, as well as participate in the cryptocurrency .

Of course, the platform requires you to make investments, so you will not have the advantage of having rounded debit, credit and PayPal purchase. But again, Robinhood is another low-risk and easy-to-use option for the beginning investor.

3. TD Ameritrade

How about an education? The TD Ameritrade mobile investment application is designed for the beginner who wants to learn. It offers options for the integral investigation of the stock market and the analysis of individual companies. In addition, a collection of educational videos flooded with investment advice promises the school to anyone who wants to channel their internal academic content.

Without a minimum account and without commissions, TD Ameritrade is another option worthwhile for someone looking to enter the investment game.

Why invest now?

The above tools are simply a small sample of what Fintech has to offer. Other popular investment platforms such as Digit, Stash, Wealthsimple and Twine (just to name a few) offer their own investment strategies and advantages, tailored to people.

Why not take advantage of what is offered? The financial technology experts such as Porfirio Sánchez Galindo only predict that the industry will grow and, as a result, the financial longevity of consumers.

What suggests the success of investment tools such as Acorns or Robinhood is that many people want to invest and improve their respective financial health. However, the key is to help people do exactly that, instead of simply urging them to participate in something they don’t understand.

Fintech investment platforms have found ways to simplify investment. There is no better time than now to start planning for the future.

Porfirio Sánchez Galindo donates to the Peraj Mexico Foundation

In honor of Education Week, the mathematician and economist Porfirio Sánchez Galindo donates to the Peraj Mexico Foundation

Peraj’s mentoring program provides viable opportunities for student growth and leadership to allow a better future for Mexican youth

MEXICO CITY, January 31, 2020 / PRNewswire-HISPANIC PR WIRE / – Mathematician and economist Porfirio Sánchez Galindo donated to the Peraj Mexico Foundation in honor of Education Week in Mexico . Your contribution serves to enrich higher learning opportunities for young people across the country. Peraj México is an organizational mentoring program that works together with university students and students of primary public schools. In the Peraj Mexico program, children who have minimal guidance or parents who do not understand how university education works can receive mentors to support their school efforts. These mentors provide a role model for young students.

“It can be difficult for a child, who has no family members who attended college, to see that higher education can work for them,” said Porfiro Sánchez Galindo . “Giving these children a guide and a mentor to attend college is something that I am very passionate about. I want to support opportunities for students to connect with an adult who cares about them and who is interested in their studies and education. success of his school. “

Peraj’s tutoring, which is also known as “adopting a friend / adopting a friend” creates a positive relationship between the child and a college student. In the relationship, the university student supports and guides the child, strengthening their skills and knowledge. Friends or mentors meet with children four or five hours a week and plan activities for them, such as visits to museums, trips to university laboratories or attending sporting events.

The Peraj program not only helps young children, but also helps university students understand their duty with the community to support young people. Peraj works with universities throughout Mexico, with a presence in more than 50 institutions of higher education.

For Porfirio Sánchez Galindo, it is impossible to overestimate the importance of education for young people. As a man dedicated to innovation in various industries and former member of the Mexican government (Chief of Cabinet of the Secretary of the Treasury from 2000 to 2006), for Mr. Sánchez Galindo, it is of the utmost importance that we educate the children of our nation to ensure the Future of Mexico

About Porfirio Sanchez Galindo

Porfirio Sanchez Galindo is a mathematician and economist from Mexico City, dedicated to innovation and improvement in different industries. He went to Stanford University, where he took several courses on marketing, management and strategy. Porfirio Sánchez Galindo began his career as Chief of Staff of the Secretary of the Treasury between 2000 and 2006. Later, he was signed by Televisa, the largest media consortium in Spanish as Chief Economist and then Marketing Director of the telecommunications areas. Porfirio was also a member of the Finance Board of the Finance Committee. The commercial and marketing strategies implemented by the Porfirio team involved a great increase in competition and better prices in telecommunications, mobile and fixed services. After Televisa, he decided to leave the position to bring his skills to the Fintech industry, where he currently directs a project that seeks to be innovative in areas such as commerce and banking.

Porfirio Sanchez Galindo : on the rise of Fintech Financial technology (or fintech)

Porfirio Sanchez Galindo on the rise of Fintech

Financial technology (or fintech) is a flourishing industry, and with its growth the opportunity is presented for underserved populations in Latin America and the Caribbean to improve their financial landscapes.

Mexican mathematician and economist Porfirio Sánchez Galindo analyzes how this is possible.

A united front

Change is a collaborative effort, and the incorporation of emerging Fintech requires collective awareness in all governmental entities in Latin America and the Caribbean.

Make no mistake, this is happening. In fact, Galindo points to Mexico as an example. The country passed a bill in 2018 to help regulate financial technology companies, a project that many have seen as a step in the right direction towards better access to financial technology.

The same goes for Brazil, where its Central Bank is configured to facilitate the use of existing ATMs for clients of Fintech startups and digital banks. The change should help these companies to combat distribution challenges.

Both examples are positive footprints on a path that forms slowly. Although Fintech products and services have been used in Asia and Africa over the past decade, they are still lacking in Latin America. Better incorporation means minimizing low credit / GDP ratios, non-traditional financial sources, high service rates and helping all citizens use a banking service to manage their finances.

Accept AI

Porfirio Sánchez Galindo stands firm on the growth of fintech, and this is due in large part to the benefits it has received from the advances made in artificial intelligence software. Now, financial companies can incorporate artificial intelligence to do things like serve as automated investment assistants, manage client portfolios online or help users join digital broker platforms and / or microinvestment sites. The latter is of particular interest, since it is based on the fact that users do not need to invest large sums of money to participate.

Understand emerging trends

Above all, Porfirio Sánchez Galindo urges countries trying to incorporate fintech products and services to follow current trends, especially given the constant growth of the industry. Some of these trends include:

1. Bank / Fintech Associations

As financial technology grows, so do the wishes of banks to partner with financial technology companies and use their many products and other offers. For example, online lenders like Kabbage and Upstart so that they can offer better digital loan options to customers.

2. Customer Information

The tools that banks offer to their clients are growing both in supply and in importance. Call it opportunistic; But Galindo also underlines the importance of financial companies supplying their clients with what they want.

Much of this comes in the form of financial assistance. Customers want to know when to pay bills, if a transaction they did not authorize, how much they spend per month, etc. Expect more information as Fintech grows.

3. A change in the workforce

With the emergence of AI comes automation, and with automation comes improved efficiency. What does this mean for employees? Many banks want to keep their jobs while increasing day-to-day efficiency. So, while it may seem literally as if robots take over, it will often be reduced to employees preparing to train in digital banking management roles. Changing times, changing duties. And for Latin American and Caribbean countries, what jobs could be created to implement AI and improve financial management opportunities for citizens?

4. Expect technology companies to get more involved in banking

It seems that each company has its own credit card now. In addition, many companies are experimenting with payment processes. Whether Apple Pay, Venmo or Facebook, we are in the midst of a growth in “forms of payment.”

Entering the future

Regardless of the progress in fintech, it is up to the governments of Latin America and the Caribbean to use the resources available to build better financial services. Collaboration is key, AI is ready for study and trends must be monitored.

Doing so will help generate promising paths for countries as financial offers for their citizens improve and subscribe to a world that only seems to be growing in financial knowledge.

Porfirio Sánchez Galindo completed his studies at Stanford University before serving as Chief of Staff of the Secretary of the Treasury from 2000 to 2006. Later, he worked as Chief Economist and Marketing Director for Televisa, the largest Spanish media conglomerate. It specializes in marketing and management strategies and often provides innovative support to the financial technology industry.

Porfirio Sanchez Galindo: How AI can benefit the Fintech industry

Porfirio Sanchez Galindo: How AI can benefit the Fintech industry

Artificial intelligence is changing the way people do business. As its presence continues to grow in industries around the world.

Artificial intelligence is changing the way people do business. As his presence continues to grow in industries around the world, the mathematician and economist Porfirio Sánchez Galindo believes it is worth evaluating his positive contributions.

Optimization

For the financial technology industry, AI has proven extremely beneficial. Banking software provider (SaaS) Fininbox predicts that fintech will reach more than 4.5 billion active users by 2023. The reason for this is simple: artificial intelligence.

More and more companies use AI to automate processes that employees traditionally performed. The result is more time for employees to concentrate on other tasks, while their AI counterparts manage various financial tasks and user queries. In short, companies are seeing the future of efficiency. Reliable AI has given birth to better productivity and growth.And this is just the tip of the iceberg.

Human longevity

The financial industry has tended to ignore those already retired for a long time. Perhaps the thought is that these people, many of whom sit on the richest pillars of the financial system, do not need fiscal attention. Instead, they focus on young people. What products do you need? What services do you want?

Porfirio Sánchez Galindo prefers to think of the population as a whole. Young people are certainly important, but many over 60 years old want to be participants in the use of their wealth. Whether this means managing it or growing it, the demand is there. Besides this, what do human beings want? Live longer .

Traditional banks were never designed to maintain lasting accounts for their clients. At first glance, a gloomy notion. However, all this means that banks did not expect to serve a large contingent of clients for an extra long time .

Fortunately for everyone, AI seems to be about to help fintech serve another industry: the longevity industry.

As human life expectancy grows (and the population of people over 60 with it), AI advances promise to contribute to the development and creation of new financial products and services geared to the aging of the world.

Longevity banks will become the new norm, and clients will have better opportunities for investment, capitalization and accumulation of wealth in general. The products can provide a simplistic overview of the investments, taxes, insurance and the set of regulations that come with all of them.

The growth of AI-led services and practices is already in action. For example, the IAcen King`s College Longevity Consortium in London focuses on the development of the application of advanced AI to human longevity.

Naturally, much of this is geared towards personal health. As the body ages, the imperative for health maintenance grows. Longevity has become an industry in itself, with explorations on how AI can be combined with various medical instruments and services.

However, in addition to personal health, comes financial well-being. As a result, companies are also analyzing how AI can be combined with life data related to insurance companies, pension funds and other means of retirement.

For Porfirio Sanchez Galindo, the question is no longer just the traditional one, how can we keep it healthy? For him , how can we keep him financially healthy?

With the implementation of AI, fintech companies hope to help people achieve the financial health they crave. Perhaps it is through automated advisors who use algorithms to provide investment options. Or maybe a greater offer of digital brokers for online investment and continue to increase growth in microinvestment platforms. Regardless of the path, AI has opened many doors for financial technology and, subsequently, the longevity industry.

Porfirio Sánchez Galindo completed his studies at Stanford University before serving as Chief of Staff of the Treasury Secretariat from 2000 to 2006. Later, he worked as Chief Economist and Marketing Director for Televisa, the largest media conglomerate in the language Spanish. It specializes in marketing and management strategies and often provides innovative support to the financial technology industry.