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Most of the fintech industry see their situation as “very good”, with sales up and thinking of hiring talent.
This sector of the economy is quite positive about the evolution of its Fintech companies. However, regarding the country’s economic expectations, the results are less positive: 63% believe that the situation will worsen in the next three months and 63% maintain the same with respect to the next 12 months. Regarding the impact of the pandemic on the sector, the vast majority project that “the association between Fintech companies and the traditional financial system will increase” and that “Fintech activity will grow”.
In order to learn more about the economic vision of the Fintech industry, the Depósito Central de Valores (DCV) together with EY Chile carried out the second version of the Fintech Expectations Survey in which relevant information was obtained on its characteristics, expectations of the business and its vision on the economy of the country.
In general, it is recognized that this sector is becoming more relevant every day and that it contributes to the inclusion of population segments that often do not have access to the traditional systems of the financial sector. For this reason, DCV and EY Chile decided to carry out the second version of the Fintech economic expectations survey.
The principal results were the following:
When the Fintech companies were consulted on how they project that this industry will emerge after this pandemic, the vast majority project that “the association between Fintech companies and the traditional financial system will increase” and that “Fintech activity will grow”; while 43% foresee that “acquisitions of Fintech companies by traditional companies will increase. Only 21% say that “many Fintech companies will disappear.”
When asked about the current situation of their company, 48% consider it to be “very good”, with sales growth in the last twelve months in 73% of cases. Regarding the evolution of sales, 81% believe that they will grow in the next three months and 90% have the same opinion in relation to the next 12 months.
The favorable expectations are also reflected in the intention to hire talent. In the next three and twelve months: 78% plan to do so in the first case and 93% for the latter case.
Most of the survey respondents (87%) are also thinking about making investments during the year and 81% have contemplated raising and/or obtaining capital from investors or financial institutions.
“Again we see how the expectations of the leaders of Fintech companies go in the opposite direction with what is the mood in traditional companies and with what was the first study carried out in December 2019. It is extremely attractive to see the decoupling of this sector from the economy that, faced with uncertain scenarios, such as the current ones, sees business opportunities”
Javier Jara Traub, Legal and Corporate Affairs Manager of DCV
Along this line, in terms of economic expectations, somewhat contradictory results appear in relation to the confidence they have in the proper functioning of their businesses, versus the behavior of the economy, as shown in the first version of the survey: 63% believe that the situation of the country will worsen in the next three months and 42% maintain the same with respect to the next 12 months.
"The results of this perception survey corroborate the view that there is great potential for joint work between the traditional industry and the Fintech industry, although we are in times of uncertainty due to the pandemic, there is optimism about the development of Fintech companies future, due to the work they can do with the financial industry "
Christopher Bosler Braun, General Manager of the BPC.
About its characterization:
The Fintech companies that were surveyed are strongly concentrated in the Metropolitan Region (93%) and in the “Banking, payments and transfers” and “Financial Management” sectors, with 27% of the total in each area, followed by “Crowdfunding & Lending” (21%).
42% of the firms surveyed have fewer than 10 employees, although 33% fluctuate between 11 and 50 employees. Regarding their sales, 25% have a turnover of less than 2,500 UF and 24% do so for over 50,000 UF per year
Regarding their age, the highest range occurs in the two years of life segment (33%), while only 9% are 10 years or more.
The survey began the second week of June and was completed in late July. It was sent to 59 Fintech companies and received a response rate of 56%.
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