Jason Simon highlights how FinTechs are changing global banking

Global banking seems to be undergoing significant changes thanks to the advent of FinTechs, and Jason Simon explains how the transition is occurring.

San José, Costa Rica – WEBWIRE



The FinTech sector has improved and expanded its offerings around the world, spurring change in the financial services market. FinTech is no longer simply a concept in the banking sector but has now become a familiar term in technology in general. Jason Simon, a specialist in the FinTech environment, explains how this new era affects global banking in different ways.


Global investments in FinTech startups have doubled to a whopping $112 billion, up from $51 billion last year. This is evidence that the digital revolution is at the doorstep of the financial sector.


This revolution brought about by more and more FinTech startups and FinTech banks is having a huge impact on all banks and financial institutions globally. Banks have a growing role to play in the innovation ecosystem if they know how to form strategic partnerships with FinTech startups, which come with the promise of disrupting the major players in the financial world.


“A big advantage of FinTech banks and FinTech startups is that the vast majority offer fee-free lending,” Simon points out. “Today, traditional banks are facing a major competitor, and they have stepped up their efforts by offering the ability to apply for personal loans over the Internet and with virtually no paperwork. They are trying to compete with FinTech.”


FinTech companies are driving changes in the market by focusing on emerging technologies that will provide a completely revamped experience for their customers. As existing players adapt to the market and begin to focus on these technologies, they will be able to move closer to FinTech, use the technologies to quickly adapt to the rapidly changing FinTech ecosystem and its regulations, and ultimately provide a better user experience.


It is important that you highlight some of the business pillars, such as wealth and asset management. This business area is home to banks and companies that offer advice to help people manage their wealth to meet a variety of objectives such as tax reduction, asset transfer, investment-based growth, or asset transfer.


Insurance is another option. Insurance companies are trying to stay on top of the changes in the market and close the gap with other financial industries that have increased their efforts. Insurtech is rapidly becoming an industry, but it still falls under the FinTech sector.


Simon explains that although insurance is slow to adopt new technologies, many FinTech startups are working with traditional insurers to automate processes and increase their services. The industry is embracing innovation, from mobile car insurance to wearables and health insurance.


The market will respond to the growing complexity of data and models that help to quantify and identify risk is also a key trend. Insurers are now embracing data analytics innovation and plan to invest in it over the next few years.


Then there are payments and transactions. In this area, Simon assures that “we find all the platforms to make balance inquiries, payments, and transfers over the Internet, without having to go to the physical branch.”


Although there are many banks that already offer this option, FinTech startups are the ones that are innovating the most in the sector. Sending money digitally to any part of the world couldn’t be easier. 


Payments companies have been closely following the FinTech boom and the implications for their market. They are investing in technologies, such as data analytics, mobile, and cybersecurity, that reflect the most important trends in their industry. Payment companies are also investing significantly in blockchain technology and the vast majority have already adopted it into their system.


About Jason Simon


Jason Simon is a FinTech and digital payments expert who became involved in cryptocurrencies when they were first introduced. He enthusiastically follows what is happening in the evolving world of finance, excited about the prospects digital currencies offer global consumerism. When he’s not involved in helping advance the digital payments space, he enjoys spending time with his family and improving his community.

Jason Simon explains why local knowledge is the key to optimizing an eCommerce marketing strategy

Knowing the region where you are developing your business and the community that surrounds it is, according to Jason Simon, a strategy to take eCommerce marketing to the next level.

San José, Costa Rica – WEBWIRE

The image that online retailers project in different markets depends not only on the mix of products they offer or their price but is also influenced by the socio-economic situation of the market and the level of adoption of online shopping.



Having regular access to national market information is always a great key to organizing your eCommerce promotional strategy to optimize your results. Jason Simon, a specialist in the eCommerce field, explains in detail how local market knowledge can be a great ally in improving your eCommerce marketing strategy. 


As a retailer, you need to adapt your strategy to ensure that you reach your customers wherever they are. Therefore, detailed knowledge of local and regional differences is essential. The best way to get consumers in one country may not necessarily be the same as in another; significantly if online and traditional channel dynamics vary, which the data seems to confirm.


For example, globally, one out of every four US dollars spent on consumer technology goods today is online transactions; however, this is not an example that can be extrapolated globally. The growth of online shopping has even slowed in some markets. The share of eCommerce ranges from zero to more than a third of turnover. The perception of online commerce also varies: from a promotions-driven premium option to a mass-market channel offering well-priced solutions.


“The more detailed information you have on national online sales trends, the better you can plan your marketing activities and evaluate your results,” suggests Simon. “In addition, you will also be able to optimize your launch strategies and select which online and physical retailers to work with to maximize sales.”


Point of Sale (PoS) tracking becomes an invaluable tool that gives you the regional and local information you need to make the right strategic decisions. At the end of the day, it has to be recognized; a one-size-fits-all approach would not be effective.


There are indicators that growth is slowing in countries where online shopping is more mature. Globally, in the first half of 2019, eCommerce grew in turnover by approximately 24% (+1.6 percentage points), a flat dynamic compared to previous years when it was gaining almost three percentage points a year.


However, the global picture masks local nuances. China has led the way in online retail with a share of more than 35% in recent years. In the Chinese market, as in other developed markets, the concepts related to online and traditional retail seem to be more blurred. 


For example, eCommerce players have moved from being online-only stores to integrating traditional stores into their ecosystem to reach consumers regardless of channel. Many physical retailers have incorporated eCommerce activities and technology to add digital experiences to the traditional physical store shopping process. Offering a proper omnichannel approach is reinventing the definitions of eCommerce and traditional commerce currently in use.


Other regions are at a much earlier stage of online retail evolution, such as the Middle East/Africa and emerging Asia (excluding China). In these contexts, online sales are 5% compared to China’s share of turnover.


“eCommerce prices reflect socio-economic developments in a region,” notes Simon. “The image that online retailers project in different markets depends not only on the mix of products they offer or their price but is also influenced by the socio-economic situation of the market and the level of adoption of online shopping.”


In some markets, it is primarily affluent consumers who have access to online shopping. Retailers have responded to this by offering premium items. This is the case in Brazil, where online retail offers a range of premium products and generates high average prices. Thanks to online promotions, consumers buy premium product segments at an attractive price that is reflected in an above-average price index of almost 140% compared to the total market encompassing online sales.


While growing global sales may be the ultimate goal of an eCommerce promotional strategy, achieving it successfully depends on taking local nuances into account. Language is the obvious difference; local holidays and events or culturally specific aspects of communication are also factors that are unlikely to be taken into account a priori for local markets. But as the data show, this goes beyond that. 


Although eCommerce conveys a “globalized” character by nature, customer experience and behavior are and will always be local, and promotions must be adapted accordingly. Information regarding where a region may be in the evolution of online retailing, the socio-economic situation of the local market, or where customers are in their buying process is essential to optimize the execution of local campaigns. 


About Jason Simon


Jason Simon is a FinTech and digital payments expert who became involved in cryptocurrencies when they were first introduced. He enthusiastically follows what is happening in the evolving world of finance, excited about the prospects digital currencies offer global consumerism. When he’s not involved in helping advance the digital payments space, he enjoys spending time with his family and improving his community.

Jason Simon discusses why collaboration with FinTechs is the key to the success of financial services – –

High competition and increasing consumer demands generate a growing demand for simplicity and personalization. FinTechs are using customer data to deliver personalized solutions and digital services that are fast and available 24/7 via any type of device.

Increased competition and customer demand for convenience and personalization are transforming financial services and creating new opportunities for collaboration between FinTech and traditional financial firms. Jason Simon, a specialist in FinTechs and eCommerce, explains in detail how partnerships with FinTechs is the perfect key to take financial services to the next level. 

According to a global FinTech report published a few years ago, the rise of FinTech continues to revitalize the customer experience in financial services. However, many of them have found that they are alone in their battle for success. Because of the complementary strengths, they bring to the table, FinTechs are increasingly interested in establishing a symbiotic partnership with the traditional financial services firms they once sought to unseat.

Simon examines how FinTech is transforming the user experience in financial services, focusing on the customer and the use of new technologies. He also looks at the potential for symbiotic relationships between them and traditional financial institutions and the growing role of big tech in this sector.

“Through their technological innovations, FinTechs are enriching the customer experience of financial services,” says Simon. “High competition and increasing consumer demands generate a growing demand for simplicity and personalization. FinTechs are using customer data to deliver personalized solutions and digital services that are fast and available 24/7 via any type of device.”

However, financial services customers trust traditional brands more than FinTechs. FinTechs are finding success thanks to a customer-centricity philosophy that corrects the shortcomings of traditional entities. These shortcomings opened the door for FinTechs, but trust in traditional entities remains important to customers.

Freed from the burden of traditional corporate systems and cultures, FinTechs have leveraged new technologies to respond quickly to customer demands. According to the report, 90% of FinTechs point to providing agility over legacy systems and improving the customer experience as their key competitive advantages. Seventy-six percent point to their ability to develop new products and services and their application of innovation to existing products and services.

Their challenge now is to create economically viable business models. Although FinTechs have raised close to $110 billion in funding since 2009, the report reveals that many could ultimately fail if they do not create an effective collaborative ecosystem as they face challenges such as expanding into other markets, building customer loyalty, and containing operational costs of scale.

At the same time, traditional financial institutions are adopting many of the FinTech-driven improvements in customer services, without neglecting their characteristic strengths such as risk management, infrastructure, regulatory expertise, customer trust, and access to capital. Certainly, FinTech and traditional entities will win in unison with a collaborative and symbiotic relationship.

“More than 75% of FinTechs consider their main business objective to collaborate with traditional entities. This is why it is critical for both to transform their models through collaboration to drive innovation while maintaining customer trust,” explains Simon. “Without an agile and committed collaborative partner, traditional institutions and FinTechs set themselves up for failure.”

According to the report, more than 70% of FinTechs report that their main concern about collaborating with traditional financial institutions is their lack of agility. In contrast, for traditional firms, it is the potential negative impact on customer trust, brand, and internal culture change.

“The future of financial services is in the hands of FinTech and traditional institutions, which can complement each other’s strengths to meet customer expectations and redefine the customer experience,” adds Simon. Although the great uncertainty is related to the disruptions that may come from big tech, what is clear is that it is now that fintech and traditional entities must find the most suitable collaborative partner and redefine their model of progression. 

About Jason Simon

Jason Simon is a FinTech and digital payments expert who became involved in cryptocurrencies when they were first introduced.  He enthusiastically follows what is happening in the evolving world of finance, excited about the prospects digital currencies offer global consumerism.  When he’s not involved in helping advance the digital payments space, he enjoys spending time with his family and improving his community.

Jason Simon discusses how FinTech and digital payments are changing Latin American eCommerce

Banks are trying to transform themselves by seeking to merge their physical assets with digital ones by finding new ways to serve the population through the offer of electronic banking platforms (home banking) and mobile banking (mobile banking). Also, finding new organizational structures such as Digital Banking (entities without branches, offering virtual services).

The COVID-19 pandemic, which took the world by surprise, has accelerated digitalization in all areas of economic and social life. Trade has not been immune to this process. Although aggregate data are not yet available, in the first few months of the year, there has already been an unprecedented expansion of eCommerce in various Latin American economies, with sales of essential goods being the biggest beneficiaries. Jason Simon, a FinTech and eCommerce expert, explains how eCommerce in Latin America has received a drastic change thanks to digital payments and different FinTechs today.

The economic and health crisis exposed many of the structural problems that Latin America faces in order to consolidate the growth of eCommerce. Informality, financial exclusion, and low digitization of SMEs represent some of the major challenges. “In particular, the need to spread the use of digital means of payment in contexts of pre-emptive isolation has gained a central place in the regional agenda,” Simon asserts. “Even more so, considering that nearly 207 million Latin Americans still do not have access to a bank account, a condition historically essential to make use of these payments.”

In this context, the digital revolution in finance is opening up new opportunities. FinTech is digitizing financial services and providing new financial tools that give access to opportunities to a huge, historically underserved population. The technology revolution is, in turn, reinventing the business of finance in general, leading to the emergence of new players and business models in the traditional banking sector.

“Banks are trying to transform themselves by seeking to merge their physical assets with digital ones by finding new ways to serve the population through the offer of electronic banking platforms (home banking) and mobile banking (mobile banking). Also, finding new organizational structures such as Digital Banking (entities without branches, offering virtual services),” Simon explains.

At the same time, there is a growing use of new disruptive technologies that enable the emergence of new banking business models -based on the ’FinTech’ philosophy-, which is expressed in the form of Neobanks and Challenger Banks, or collaborative and/or open banking models such as Banking as a Service (BaaS) or Banking as a Platform (BaaP).

The role of “BigTech,” technological giants represented in the West by the acronym GAFAs (Google, Amazon, Facebook, and Apple) and in the East by BAT (Baidu, Alibaba, and Tencent), should be highlighted. These are technology companies that start out providing services of a different nature (non-financial) and then consolidate their position by offering financial services through the use of non-banking licenses or by building alliances with financial entities to enter into more regulated and supervised businesses hand in hand with a partner, prepared and with extensive experience in regulatory compliance in different geographies. 

Business models such as “super apps” are also highlighted, which integrate financial services as a spearhead to offer in a single place everything the user needs (eCommerce through social networks, marketplace platforms, restaurant reservations, ordering a cab, home food delivery, payment of services, etc.).

Therefore, the financial services market is currently an interesting space in which traditional players coexist with technology companies in different forms. Some FinTech companies compete directly with banks, others partner with them, and others supply them with goods and services. At the technological level, some specific technologies are identified for their potential to revolutionize the supply of digital payment media, highlighting, APIs; Big Data; Biometrics; Cloud Computing; Contactless, including the use of QRs; digital identities distributed registration technologies (Blockchain) and the Internet of Things.

Undoubtedly, the leading access channel in this transformation is the cell phone. Mobile payment is gaining wide acceptance globally but is more prominent in emerging countries.

A survey conducted ten years ago shows that, globally, by 2019, 34% of consumers paid for their purchases using mobile payment in-store, up from 24% the previous year. In Asia, the growth is much more pronounced (for example, in Vietnam, the percentage of consumers using such in-store services increased by 24 percentage points to 61% in a single year). In the Middle East, the percentage grew by 20 percentage points to 45%.

This transformation in financial services and providers brings with it a never-before-seen opportunity for eCommerce. Through digital and financial inclusion of the historically underserved population, or new services or more affordable providers for those underserved customers, the door to eCommerce opens prominently for consumers and SMEs in the region.

About Jason Simon 

Jason Simon is a FinTech and digital payments expert who became involved in cryptocurrencies when they were first introduced.  He enthusiastically follows what is happening in the evolving world of finance, excited about the prospects digital currencies offer global consumerism.  When he’s not involved in helping advance the digital payments space, he enjoys spending time with his family and improving his community.

Jason Simon provides the necessary knowledge to understand why blockchain is important for financial inclusion

Blockchain technology could be used to bring transparency to government public expenditures that should be dedicated to financial inclusion projects. By providing traceability of how funds are actually distributed and used, blockchain technology could make a radical contribution to the process by eliminating typical situations such as corruption or diversion of funds.

When thinking about blockchain technology, many people often tend to think only of cryptocurrencies, tokens, and crowdfunding through digital assets. However, these are just expressions of technology with the potential to transform multiple industries and organizations. Like the internet, blockchain technology has the ability to transform the lives of billions of people around the world by generating social impact. In this context, many companies around the world, from different sectors such as healthcare, education, supply chain management, insurance, finance, and donations, to name a few, are exploring blockchain technology. Jason Simon, a cryptocurrency consultant with extensive experience in blockchain, explains how the technology can have a positive impact on financial inclusion. 

One of the crucial features of blockchain technology is its ability to bank the unbanked. According to the World Bank, almost half of the world’s population lives on less than $5.50 per day. If we only take into consideration how Gross Domestic Product (GDP) per capita is distributed in India or Africa, the situation is dire. Furthermore, when looking at the previous years’ Shifting Wealth of Nations report, the results show that a large portion of the world’s private capital is becoming increasingly concentrated in fewer and fewer hands. Many people without access to credit live in rural areas of extreme poverty where there is no direct access to banking services. In addition, they often have no credit history, so the traditional financial system may not accept them or give them credit.

The good news is that blockchain technology has the potential to promote financial inclusion for those who really need it. And the first way is by reducing costs, as blockchain technology can clearly help people around the world spend and exchange money more cheaply and quickly. Cryptocurrencies could eliminate intermediation that generates high tariffs. The banked population in rich countries does not usually need wire services, but the most vulnerable use them all the time and therefore often have to pay exorbitant fees.

Simon notes, “Blockchain technology could be used to bring transparency to government public expenditures that should be dedicated to financial inclusion projects. By providing traceability of how funds are actually distributed and used, blockchain technology could make a radical contribution to the process by eliminating typical situations such as corruption or diversion of funds.”

On the other hand, in many situations, the unbanked population does not have identity documents since they do not have the means to pay for them. Blockchain-based IDs would not require the typical traditional documentation and would allow billions of people to be easily identified on a public blockchain. That would open up a whole new range of possibilities for commercial banks, as credit history could be easily linked to a blockchain allowing the unbanked to access financial services. Several financial institutions have been contributing to this process by enabling the creation of personal digital profiles composed of different records of personal and financial activities. Financial institutions could largely accept these profiles as legitimate identifying information.

By executing transactions in a secure, automated, and decentralized manner, a radical reduction in the intermediation costs incurred when applying for a loan or sending a wire transfer could be achieved. Blockchain technology could also reduce payment times and eliminate mishandling by providing real-time traceability of transactions without double-spending issues.

Decentralized and public blockchains will always provide a working environment that will enable financial inclusion, but traditional players in the financial system will also participate in the process, as there are clear incentives.  Asserts Simon, “According to a World Bank report, by 2022, blockchain technology could reduce banks’ infrastructure costs by $15 billion to $20 billion attributable to international payments, securities transactions, and regulatory compliance. Add to that equation the fact that (according to the report) cell phone penetration even in low-income countries is over 50%, and mobile applications that interact directly with blockchain technology could generate a massive addition of new customers.”

About Jason Simon 

Jason Simon is a FinTech and digital payments expert who became involved in cryptocurrencies when they were first introduced.  He enthusiastically follows what is happening in the evolving world of finance, excited about the prospects digital currencies offer global consumerism.  When he’s not involved in helping advance the digital payments space, he enjoys spending time with his family and improving his community.