New transformative waves are starting to form on the horizon, driven mainly by behavioral, regulatory and technological innovation levers.
It is no longer news to anyone that the financial system has been undergoing a series of transformations, characterized by ever faster and deeper evolutionary waves.
Today it is possible to verify that several forces have been acting simultaneously and in combination, causing all this evolutionary acceleration, whether in the system as a whole, as well as in some specific segments, as is the case of means of payment.
On the one hand, we have a new consumer demanding new and good experiences at an increasingly competitive price; on the other hand, we envision a wide range of technological innovations becoming increasingly accessible, inexpensive and scalable.
Finally, we also have the changes in the sector’s regulatory structure, facilitating the entry of new players and making various rules and regulations more flexible with the aim of breaking down barriers and increasing competition.
Naturally, this new scenario also points to a wide range of structural changes with practical effects for the consumer. Like the arrival of digital banks, the emergence of new types of financial institutions focused on payments and credit (in particular payment institutions, credit societies, payment initiators, among others).
This scenario is complemented by the implementation of instant payments, the digitization of credit cards, as well as the modernization movement of traditional banks. Events like these, which, combined with the wide adoption of Open Finance, will certainly take the Brazilian financial system to a new level of inclusion and experience in offering new financial services. This whole context demonstrates an inexorable reality that the market has evolved, that the consumer has changed and the regulatory framework has obviously also expanded significantly.
We carefully visualize that new transformative waves are starting to form on the horizon, mainly driven by the behavioral, regulatory and technological innovation levers that are currently widely debated.
This new moment begins to take shape from the combination of the arrival of several new technologies. Among them, 5G networks, intensive use of artificial intelligence, in addition to blockchain-based financial platforms.
The fact is that we are seeing the beginning of the construction of environments that anticipate the misconcepts of metaverses and web 3.0, which added to the possible regulation of cryptoassets, under discussion in Congress, and the strong willingness of the Central Bank of Brazil in its development process of the “real digital” project, will certainly lead us to new paths not yet tried on a large scale in Brazil.
If this scenario actually materializes in the same period of time and marketing space, it would be impossible not to be provoked, once again, to look ahead and recognize the strong trends of yet another wave of structural changes that will certainly affect the dynamics of the supply of financial services. This new moment could translate into what we are calling “Tokenization of the Economy”, translating into a new universe that encompasses a series of solutions based on entirely digital assets, where the already known cryptocurrencies would be inserted, but which could represent a much more broader than that.
For example, today it is already possible to verify a huge diversity of types of digital assets serving for the most different purposes, be it a real estate contract, a shared car, a credit title, differentiated access to a benefits club, rights over brands , about works of art, music or literary works. Just to name a few examples of its potential.
Finally, we arrived at the right time to delve deeper into regulatory, technological, consumerist, cybersecurity discussions and many others necessary to deal with a new world of options, goods and assets (tangible or intangible), which may fragment and become more accessible to consumers through these new “tokenization” tools. And, considering that this will certainly materialize as yet another evolutionary wave in the way in which financial services will be made available, the most important thing right now would be to be prepared and with an open mind for everything that appears on the horizon.
“Raul F Moreira is a director and coordinator of Banco Original’s innovation committee. He is also an adviser to PicPay, a member of the boards of ABECS and ABBC and director of the Germinare Business and Technology School.”
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