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Financial Technology in Latin America

Abstract:

An encouraging sign is that financial technology (Fintech) startups are introducing innovative solutions to expand financial services to the disadvantaged groups in Latin America. This article highlights the roles of Fintech to improve the access to and affordability of financial services to unbanked or underbanked populations in the region. Fintechs are computer programs and other technologies, which support the delivery and use of banking and financial services. Some examples include mobile money or contactless payments, nontraditional cbkp_redit scoring models based on information from consumers’ social media behaviors, cryptocurrencies, and artificial intelligence (AI)–enabled chatbots used by financial institutions to help customers. There are strong business opportunities for providing financial services to fulfill the banking and financial needs of the unbanked population in Latin America.