 Good morning. Shall we get started? Hi. You're lovely to see you all here on so bright and early in the morning. You're looking like you've all had a cup of coffee or a cafe con leche or something. That's great. So the the subject of our talk is FinTech financial technology and let me just start as I asked I'm based in New York and I did a panel like this in in the fall with a lot of sort of CEOs of FinTech groups and a couple of bankers and I called one of them before coming down I said hey, I'm gonna be doing this this conversation on FinTech in New York I'd love to get your perspective You know I'm doing it in Latin America. I'd love to get your perspective on the state of FinTech in in Latin America And he said hey, you know Rob. It's gonna be a really short conversation and and I said oh come on You know that can't be the case You know from what I can tell talking to folks some of you over the last day or so There are there is quite a bit going on in sort of financial technological innovation Not just here in Colombia, but but around Latin America But that said we only have 45 minutes. So it will be a short conversation anyway But like luckily we have a few folks here on the panel who can help elucidate us on this matter I've got two in the middle. I've Richard Eldridge who's the chief executive of Lendo Which has created a platform that enables banks and FinTech firms to effectively use non traditional data sources To measure creditworthiness, and we'll hear a little bit more about that. Thank you Richard Eric Prado to my left is Chile superintendent of banks and financial institutions So he can give us a pretty unique perspective on how regulators view movements in financial technology At least in Chile and beyond And Matthew Blake to my far left not political persuasion necessarily, but Is the head of banking and capital markets here at the World Economic Forum? And has spent much of the past couple of years actually shaping the way sort of opinion leaders look at this emerging industry all around the world But so let's let's address my my arrogant New Yorker Wall Street friends view First about the state of FinTech in Latin America, maybe throughout the idea, you know What is this? What is the state of FinTech in Latin America? What you know? Where do what are we seeing out there? What are some of the companies that you see out there? You know what FinTech is a pretty broad area, so we'll probably have to break it down a bit But let me start maybe with with with you Eric. What what are you in Chile in particular? What what are the emerging sort of FinTech firms look like? Okay. Thank you very much. Good morning to this wonderful audience at this early time and I would say FinTech is a revolution in evolution Revolution because it's quite new You cannot have a good comparison in terms of some new technologies like blockchains And we can talk a little bit about about that But also it's an evolution because everybody has to understood and they have to take the time to understood the new technologies I'm not only talking about the regulators because we're trying hard to understand also this new technologies But also the markets So we don't have to compromise for instance risk that are Inside this type of technologies like money laundering like financial The financial of terrorism and know your clients. So that's why this imposed a lot of challenges to the regulators The race that run the innovators at marriage much faster than the regulators We run other type of race. We run the boring marathon very stable long-term While the innovators runs 100 meters and they want to be under 9.58 seconds So we have to talk each other. We have to have meetings We have to be in this type of panels to understand what are the type of restrictions that you guys innovators and The regulators have in place and try to create an environment where innovation is allowed in many cases in Chile Some innovations because it's pretty new are not in our loss are not in our regulation so as a regulator I have to do my job and if these Activities are not allowed. I have to do something But on the other hand, I don't want to be an impediment for innovation So we are we are facing that challenge Today and that's why we want to learn from you guys also and pick your brains how to deal with that And Richard as you go around, I mean maybe explain a little bit step back explain how lendo works But you you've you know, you and I have spoken in advance of this You've seen a lot of these you've gone to a lot of different markets You know, maybe you can assess a little bit the state of play as well from Latin in Latin American And maybe contrast that with some of the ones where you're already active Sure, but happy to I think if you take a view of the FinTech I think and some of the other sessions if you attended them yesterday I think you see it's such a broad topic a bit like CRM was ten years ago And and it's hard to then define such a broad topic. And I think if you break it down into a few you see disrupting Technology companies ones that are competing with traditional institutions You know the peer-to-peers for example the some of the blockchain companies that are coming up now I'm doing remittance for example that they're really opening new sectors a bit like uber did or Airbnb did the sector didn't exist They're creating their own sectors You then get the enablers the ones that are helping Incumbent banks for example to get better to get more efficient So I think you see those two sides of things globally in terms of it I think you also get An interesting kind of you if you divide it into three areas I see one is helping especially around financial inclusion the last mile access Ultimately most people would like to serve it, but it's just not economic to do that today And using technology is a great way to allow people to do that Whether it's a disruptive technology a new company or it's an incumbent bank that needs new technology to reach it at a cheaper rate I think the second is identity and verification and kind of scoring You know again, there've been very traditional ways of doing it credit bureaus have been around for a long period of time You know KYC is a very manual face-to-face process How can you adopt new ways of doing this which are secure and safe? But at the same time and innovative enough to allow more people these access to these services If you don't solve that problem it just won't happen And I think thirdly you then have a new set of products and services that can be offered to these people You know you now can get insurance by the day Yeah, you get innovative companies that you know imagine you're at the bottom of the pyramid and don't know what insurance is It is the hardest thing to sell in the world insurance because it's for a future event long long time away No one wants that they want, you know instant recognition So innovative companies for example if you maintain a certain minimum balance in your account Either on a mobile phone or on or in a bank account You automatically can get a small Small amount of insurance and this is sometimes the first time that people will have insurance And this is a unique customer experience that now you can actually take forward and run with So I think that's kind of that's how I'd break it down what we're seeing around the world in those different areas But specifically I mean Latin America are you is it you know, you're based where in the Philippines and I spent my time between Asia and and kind of the Americas I think what you're seeing here is Is it was slower to take off here? You haven't seen the scale that you've seen in some countries I mean I think if you see most of the fintech scaling companies, they've been in the u.s Um, you are now seeing that in India To a rapid side you're getting you know the numbers and volumes of what you're seeing of the of the fintech disruptors are happening You've got lots of companies all over the world doing little bits of disruption Which is very hard for regulators because they're popping up and no longer does it take three years to design a company and and you know about it Literally two people in a garage pop up and oh they're there the regulator now has to know about them The other side of it is the banks and i'm seeing that the banks here are getting very very aggressive at digitizing their entire End-to-end value proposition They're looking at this seriously and investing big sums of money. I was just in brazil earlier this week and Some of the biggest banks um there are being the most innovative You're going to see this really interesting fintech spectrum over the next few years When some of these banks are now going to be competing with these disruptors And we're going to see what happens, but ultimately I think the end consumer will win It's created competition that hasn't existed today And these new players have made the banks think harder about how they how they become competitive Rather than just competing against themselves. They're now having to compete against the other guys So i'm seeing a rapid adoption of the the big players the small players lots of them cropping up But not so many getting traction I'd say mexico would be the country with the most traction and followed by brazil Right, matthew. I mean you've looked at this all around the world. I mean, what have you seen and and I sort of correlated that is Can Can these fintech players be regional like or country-based or are we going to have winner take all type uber Um, which richard just mentioned that sort of can hoover up the whole thing across the globe I think it's a fundamental question. You know, we at the forum sit in a privileged perch Over the last three and a half years. We've had the chance to talk with incumbents So traditional financial services providers the fintech guys globally Many of the academics that are focusing on this space and more recently We've been working with the regulatory communities because that is the evolution of where we need to go from a kind of an intellectual and thought process Um, we found interestingly at the outset that there was little to no common taxonomy around this space So our first step was actually to divide the world, you know Look at these various components of innovation divide them into clusters Correlate those clusters to different aspects of the financial services system from a function perspective and figure out what's going on And what we saw immediately was, you know, if you're a venture capitalist, this will come intuitively to you But where there are frictions in the system And where there are large profit pools now, but also perhaps in the future is where the opportunity set lies um If you think about traditional players in the financial services ecosystem Like banks One of our main hypotheses from our first report and our first analysis that came out last year on this Was that banks in the short to medium term Are feeling much more of the acute pressure from innovation But in actuality over the longer run and this might be interesting to some of the insurers in the room It's actually the insurance markets that we see as being most ripe for innovation and disruption Why do we say that? It's a function of nanotechnology. It's a function of wearables The plethora of data that we're creating around ourselves. Everything that we do is trackable How do you make more precise decisions around risk assessment? How do you view your clients in a way with much greater precision than you have in the past? Yeah, I mean that sounds like you just described an enabling technology though I mean which is interesting which is so that's you know When I think of it wearables and you think of you know, knowing if you're trying to manage risk Which I assume is what the insurance assures trying to do then this is very helpful I guess I guess that question. Well, how is it disruptive? You know, because yeah, I mean what I think what we've come to see And I I think this was well articulated Already, you know, there are opportunities to disrupt but many of the opportunities are actually for collaboration and partnership Um, I think a fundamental defining factor here is what is the technology at play? Um, we referenced blockchain earlier distributed ledger. I mean that that's a fundamental innovation Um, it's different than perhaps an amazing innovation in its own right. No slight at all But um, we all have our iPhones on us paying via the iPhone function that is using infrastructure That's already in place. I think there's a fundamental difference there You know creating something new that could perhaps settle securities in a more efficient matter in a more transparent matter Deal with contractual issues in a more transparent matter. These are all the things that distributed ledger slash blockchain promised to do over time But um, that is a fundamentally different. I think approach and mindset than what we're seeing Where we have technology that is more additive as opposed to completely disruptive But even even there I sort of think to myself not to play the devil's advocate so much But you know, if I'm a bank, you know anything that can reduce my back office internal friction costs all that kind of stuff Would be a huge benefit. Um, and Rather than a disruptive one and and so I I mean I come back to this view that I wrote this a meta year ago, which is that they'll never be an airbnb or uber of fintech Largely because the banks are going to snaffle up all the all the opportunity and because of people like Eric And which gets to regulation Which is no no my point being you know with with regulation is is got to be the biggest burden in in so many of these More lucrative markets of banking and finance Um, you know the capital requirements anti-money laundering all the things that you just mentioned before I mean, you know, how do you as a regular now? Okay. Chile is we should probably explain It's a slightly different situation because fintech's kind of outlawed But um, but uh, but but even you know, assuming you get You know, you know, there's some sort of law that's passed that you find some sort of equilibrium here How do you How do you make sure that you're not that innovation is not Being hampered in the industry for the benefit of the financial services industry and its customers You have to remember that the main objective of regulator is to keep care of financial stability And confidence in the markets. So that's why important all the type of the implementation of new technologies We don't want to be against innovations And we have a specific case that we have to sue the superintendency One company one peer-to-peer and lending company because it's not it's not allowed But at the same time we are trying to think how to set Standards for this type of industry So we are dealing I was speaking in this challenge that we don't want to stop innovation But at the same time we have to do our job It's very difficult for the regulator to know Which uber rmb is coming Because I will take that that place I wouldn't be in the in the superintendency You know what I mean? So so that's why I think innovators have to talk With the government have to talk with regulators and trying to set Tap standards that would put some norms in terms of these activities For instance, I I learned a lot about blockchain as you mentioned And it's an incredible technology an incredible technology I think some homework that we we have to do At least this audience and the people that are watching us Is that blockchain is really revolutionary Blockchain is very well known when we talk about bitcoins But this can be applied to anything You can reduce cost you can be more efficient You can have a a lot of Increasing in safety So but impose also a challenge for for regulators So that's why some jurisdictions some countries some Regulatory institutions around the world are trying to kick back With innovations and put something together Where both the private sector and the private sector are talking about these new technologies And I think this is a good example to be applied in latino america. So just erica on that When you look at as a regulator, I mean you've got financial stability, you know Safety and soundness of your banking system anti money laundering, but but don't put it like this like it's so boring Are you kidding? It's it's given me a living I mean, are you kidding? That's it's been the greatest thing ever for financial journalists No, but I mean with all of these All of these priorities, I'd imagine like trying to figure out how some little guys who do p2p lending You know, or it's got to be a low on the priorities chain, right? I mean The the problem is that for instance in the case of the peer to peer lending You have the money. I don't have the money And we want to erase the middleman the middleman bank You gave me the money you hear that bankers. I do I do whatever I want with the money and then suddenly we have a recession Right and I cannot pay you back Who is going to be the culprit of this? I'm not going to be the culprit You know who is going to be the culprit the regulator Because where is the regulator here? And that's the problem and that's why we have to keep confidence in our financial system With standards with regulation and with norms There is a good reason to to do that and that's why impose a challenge for everybody. So Richard you As part of lendo's sort of mandate, you also have the site you have a social impact mandate To create financial inclusion. Maybe maybe you can explain a little bit how that Falls into this. I mean, and this isn't just about for you necessarily about making money or you know becoming the next you know P2P uber p2p whatever you want to call it You're also trying to connect as as eric saying people don't have money with people who do have capital and and that's You know, obviously in the benefit of it of the sort of social good Explain how that works and How you how they uh, yeah, yeah, sure. So so I think you know I've lived in developing countries for the last 20 years of my life And and I came across an issue that there was this this friction as matt said in the In the markets wherein, you know on one side financial institutions were saying I don't have enough information to make a decision about giving a product or a service to an individual And the individual was saying I want this product or service Um, this was and you can look at that around savings insurance We we focused on the credit side of the market where people were looking for funds to set up a business get better education Help out with a medical emergency because they hadn't got insurance And and we sat we you know when you look at it and we then reviewed Um, what is this information and and the information was credit history And credit history is based on your previous transactions And if you look at how many people in the world have never had credit in a formal environment and it's never been captured That billions of people And when you take a step back you then say well if you can't get credit because They don't have any information Let's let's look at other avenues to look at potentially. Um, so we said well It's really interesting because all these people are the most digitally connected in the world Yeah, they actually have mobile phones now smartphones most of them or or they will in the next five years They have email accounts. They have social media accounts. They're on the internet. Um, can we use technology To be a disruptive element in allowing this access to them So we we created a platform that allows people to connect the different accounts With their permission Because privacy is critical to us and then offer different products off our platform that allows that So, you know, one would be credit credit scoring product that allows either banks or other people to be able to To use that service and and we work with regulators We actually go to the regulator and say this is a new way of doing things Can we work in a sandbox environment where we can test it? How do you want it tested before just going and doing a lot of this thing? I think that's very important Another one we're working on is kyc, you know, you know in a lot of countries we operate in and south america included Um, you know, the average person may have 10 dollars in their savings account And if kyc is going to cost you a dollar Yeah No one's going to serve that market and if the regulator in america is going to find you a million dollars If you don't do the kyc in some rural area and in one of the other smaller countries This market's not going to get served. So it's open up for disruption So, you know, imagine a world where your social identity or your phone could be used as kyc And blockchain now would allow you to do that and take that across multiple different points How many times of you even though you're fully banked have had to pull out an id Verify yourself through kyc. How many times have you done that in the last year? A lot of times So imagine people that don't even have that identity if you could they might even leapfrog this process You can take an id using different forms of data they exist And some of our tests we've been doing with regulators have actually proven We're even more accurate than traditional forms where you can buy an id sometimes for a very cheap amount of money And and and use that to again reduce that transaction cost So those are kind of some of the things we do and and how how we work So what you described is sort of interesting because it's you know, this that the idea that you can That people will be using their phones to find credit And blockchain will be the enabling technology that allows you know for them to to the technology to work Right, which is so it's both. I mean this sort of gets I mean Matthew. Maybe it's worth thinking about What are the different? You're just stepping back the sort of use cases here, you know for I mean really broadly I mean, I think Richard hit on a couple of them all at once, but maybe it's worth thinking about that and then maybe Where are you seeing? Let's forget Silicon Valley and Wall Street. Where are you seeing those kinds of innovations coming out? You know markets. I'm gonna hit on three things. How about that? I want to come back to those This notion of a sandbox I think is critical and we've seen it work very effectively In places like the uk which has a I would say a national mandate to allow for fintech to proliferate Benefits in cost reduction There's an inherent benefit in greater competition greater access to capital etc etc and there's that's really the mindset there A sandbox is essentially an environment where you deal with some of the complexities the trade-offs that you have to focus on every day Which is not to extinguish An entrepreneurial spirit, which we all recognize here is fundamental to economic growth It's finding a an appropriate balance. Hopefully to where you can test something Right in a controlled environment See how well it works you get familiar with it. It's a technologist and others get familiar with it and then you scale So it's I think it's a very practical approach to dealing with an extremely complex set of sometimes conflicting interests and priorities The financial inclusion side Is fundamental to this topic We had the great pleasure, you know that the forum again works with a lot of different stakeholders we work very closely with the IMF and the world bank on many different issues and I'm going to be front running a report that we're issuing We're hoping to issue this week, but we're looking like more next week. You're breaking news here. Yeah, I know I'm breaking news You're loving me. You're loving me. I know So this report looks at merchant acceptance of electronic payments And I'm going to quote some numbers which are In my mind mind boggling Okay, the first is $19 trillion that's trillion with a t That is the total amount of cash And paper meaning check Transactions conducted among mom and pop stores globally mom and pop the more technical term Micro small and medium-sized enterprises 19 trillion Let's talk about latin america and the caribbean 2.3 trillion dollars cash and check columbia 123 billion dollars 500 of these mom 500 thousand mom and pop shops in this country alone If you think about the benefits that we've talked about of dad aggregation if you're a business owner Greater inventory management, you know your customers coming in and out less cash On your books less inherent cost and moving that around and keeping it safe How do you access how do you provide an incentive? To retailers to pick up on this technology and it hasn't been an easy sell It hasn't been an easy sell And how do you do it and this gets to this notion of where we're seeing pockets of innovation? I'm going to talk about mexico in a second Is through offering bundle products that couple couple not only the point of sale But also the data analytics And the way to tap into the entrepreneurial mindset of a mom and pop shop is to say, you know Yeah, you have to pay with the card and that can sometimes feel a bit confusing cash is very tangible cash is very easy to understand You've used it forever But he already don't always see the cash That a hurdle a hurdle um But the bottom line is if you can make a holistic business case For a small to medium-sized enterprise to go that way I think it makes a lot of sense Let me just finish so so a vendor would offer that I mean we're just trying to think like just so mom and pop So is this a pepsi comes in and says here's how it's going to work and This this is exactly where i'm going so mexico Three core actors again a great example of collaboration here Three core actors grupo bimbo. Everybody knows that I major consumer good store bakery Friday Goods You have mastercard And you also have A group a fintech group, which is very interesting called blue label Now grupo bimbo has a huge network of salespeople deals with retailers all over the place So the the brilliance here is how do you serve the people that are way out on the fringe? How do you get to them in a cost-effective manner? All these sales guys are going there anyway, so let's create a partnership So blue label works with grupo bimbo and their salespeople to deliver and entice Retailers with a point of sales device plus plus plus all the data analytics the inventory management technology And the benefit is for everybody group of imbo has to deal with less cash The retailer at the end of the chain deals with less cash It incentivizes Customers to say wow i actually have to get a card So there's this trickle through effect And you're leveraging let's say an infrastructure that's already in place to make that access happen And it's those type of examples that we're seeing all over the place that technology is permitting and it's extraordinary Interesting so eric i mean do you could have could have blue label do that in chile today? To be frank i hope so i hope so because you're looking like you're the bad guy here in in this panel And and i you know what i'm here i'm this panel because i want to learn How new technologies could be adapted cautiously in in the countries so so that's why we We think we have to to push hard that agenda And i think created this type of sandboxes in every country in latin america that we are really good ideas So i'm trying to to do so so in in chile I guess i so a blue label. I mean i don't know where they from are they a mexican South africa south africa which is fascinating in and of itself right that it's that it's i mean i get a couple of thoughts is You won the idea How important is venture capital to the sort of fostering of local startups or fin tech sort of companies and and in in the absence of venture capital does it just mean banks Finance everything and therefore the innovation Doesn't mean banks can't innovate but that the innovation is is contained and doesn't have that Opportunity to go across the world like a blue label. I don't know who wants to take that Maybe i'll just throw out something that that's Really been stark and struck us in these conversations that we've had There are really three core things right to create an enabling environment for fin tech. I think that's a fundamental question You know one is Really from a policy perspective you have to have a stable tax Authority and tax system right if you're an entrepreneur you need to understand the rules of the game You have to have the legal structures in place. You have to have stability at a governmental level the second piece ties in exactly to what you're talking about is You need you know what we've seen the states is a very flourishing and strong vc community That invests because they've lived the entrepreneurial experience And they're not only throwing money. They're also throwing guidance, right? They're nurturing That's a really critical element to success The third piece I would say really ties in fundamentally to the education system the local education And the way that the pedagogy and the structure encourages an entrepreneurial spirit in students I think that's that's really really important and maybe last one other thing that comes up from time to time But a regularity that I think it's important to mention Is the risk appetite, right? Culturally you've got to be in an environment that actually understands if you fail You know failure it actually is an option you learn from your failure Hopefully get back up and try again That type of perspective is not omnipresent It's really kind of local sometimes Yeah, and Richard, how did you guys fund lendo? OBCs, which are interesting. In the first place comes the atrito In the second place comes the size of the opportunity That's what they're looking for. If this exists and you can have good companies With good directions. If you add emerging markets Then the pool is smaller. So FinTech is an emerging market Many people don't have the data to do that But now we already have a lot of money BICI, the risk capital We're seeing Africa, you see these funds there We're seeing a lot of money that comes from Japan to Singapore Looking at FinTech in the Asian region We're seeing it here in South America I think we're seeing this And that's what's going to continue Because there's still the atrito and there's still the big opportunity But still, people hear the stories of success in the United States And try to replicate these models in developing countries This cascade effect This won't prevent the banks, looking at the banks And I have the privilege of traveling the world Each bank with which you read has an innovation team Within your organization Some of them report to the CEO And some of them are very low in the organization If this is right or wrong, we can discuss it But we're seeing the speed of some banks With the JP Morgan or Citigroup, for example There are big teams that dedicate a lot of capital Up to 20, 50 investments Some are partnership investments Some are capital risks But they're betting Yes, they're internally establishing their teams Funds investing in FinTech Almost everyone has a partnership agreement With incubators in the countries All of this is happening at the same time I think, therefore, that the capital risk money The VC will be there, there's the FinTech bubble People are talking about it But I think it's good to talk about it Some things that we saw in the United States In the last few months The issues of loan clubs And issues that appeared on the peer-to-peer side But I think a community of FinTech is stronger And many things can be on the side, but it's healthy But Richard mentioned some of the things that emerged in the United States Eric, I wonder To what extent does this instruct you? Thank you very much for being here To be part of this conversation But you are saying That it's good that we're not getting into this yet Because there's a lot of opportunity For things to go wrong Yes, we have to remember That we still have challenges In traditional technology Let's say, the scheme of traditional technology I mentioned, for example That it's important to have all the data Consolidated from the debt side Now, in Chile, in Varejo We don't have this information We only have the banking system But not the Varejo system Which is complicated Because you want to increase the loan process You are looking at the financial demonstrative You only see a part of the passive And not the whole square We have to, first of all Build up to the first To walk around like this And then add more That's why we have some challenges In the traditional economy But at the same time We have to be updated With the new technologies Someone has a question For the members of the panel We have a microphone There's a question Tell me your name I'm Daniel Melina From the Persperse Lab How do we create an environment In which the informal economy Is bigger than the informal economy In Mexico, where I come from Everything that has to do with Taco, tequila, vitamin T Is made with Live money How do you incentivize suppliers To include So include in an environment When, as you mentioned Distributed authorities Will know how much money you have And you can't Protect that technology Who wants to risk Answer that question Well, let me start I participated in a panel yesterday Talking about this specifically We talked about The centricity In the client One of the important things Is to change Anything difficult People naturally don't want to change What is the event that Can Take people to do this Especially when they think About the Tributary issue For example, Uber One of the biggest reasons For people to use Uber In developed countries Is that you don't have to pay In money But you need a card Without a card You can't use Uber And you can't have this experience You don't get the benefit I know that Uber In India, Philippines, Mexico And Santiago are receiving Now it's very important To see what you can do For these people To improve their lives One thing, speed Can you do the fastest transactions With the client You can drag, have a fidelity system What do I have to gain With that If you start doing that You can encourage people And share the experience with others To do the best But it's hard It's going to be hard to change As a regulator Eric, you have You have All the laws in the bank Tributary laws Are not your daily work But you have to be part Of the general picture That you have And today, for example We're talking about shadow banking These Parallels Of the banking system That has to do with shadow Is the shadow That isn't regulated It's partially regulated So, this With technology, you have to accept And at the same time You have to propose an infrastructure For example, if you don't have Agences No sales points In local stores It's very hard That people can pay With a credit card But I want to say one thing About this, because in Chile We are making a great effort In terms of financial inclusion This is the new Situation for you 98% of the adult population Has some type Of bank instrument 98% Which is a lot And one of the Points that led to this change In Chile, recently Was the debt card Of a state bank So now, everyone Of 15 years Or more, has a debt card Associated With social security Social security This imposes a good thing In terms of Payments Of course, you have to have A good infrastructure In your community In your neighborhoods But you have to have a correlation Between new technology And infrastructure We have another question here Well This is a question That received an award In Panama By the Economic World Forum And in that network We developed a network That is called Efecti Which is for Cash transfers, etc We have been Listening to all your discussion And I think That we have to give more weight To the network Here, for example, they call us Low-value networks And we say we are a high Strategic value network So I would like for you To give us some feedback in that sense And we're also working Trying to get everybody To be a part of the system With debit or credit cards or something But we also have to think That first comes first And we have to raise The income level of the population Because there's many people Who during the day They shoe, they do shoe shining Or they sell Fruits, how can they Get a debit or credit card Well, Efecti has done a lot Of progress there But in fact We are beginning to Look at the option of Corresponding banks And we haven't gotten Just don't match We have not been able to We have not been able to find a way To handle the money coming In and out of the network And this is an effort That is not well-valued in our society Yet we would love some feedback And we would like to know how we can cooperate I'm going to answer that question In Spanish, out of respect for the lady In the Chilean case Especially the largest banks Have made an effort, a significant effort To set up Correspondent banks In neighborhoods And in communes And there's many Mom and Papa stores That sell in the neighborhoods And they also give you The possibility of doing banking transactions And that has Had a significant Impact in terms of bank inclusion But the problem That we have not only in Chile But in the rest of the world Is that we have included Financially many people But people don't quite understand What it means to have that Responsibility to And so when we see The delinquent rate The delinquency rate We see that the highest Are among the youngest users In a credit card But they don't know how to use it really And that is a problem For persons, for families But also for governments and for businesses So when we talk about Financial inclusion That has to go hand in hand With financial education Otherwise we're creating a problem We have to finish But I don't resist the temptation One last question You know, the way When I think of big data I think about one, how do you create a data trail I think about the exponential Growth for all of us In terms of what our Digital profile will look like today Vis-a-vis ten years from now And it's an exponential curve I think loyalty Is one of the incentives That's required to entice people To transact digitally And I think it's a fundamental Part of the equation for success So on that note I want to thank My panelists and thank you all for Your undivided attention Enjoy the rest of the day