A first approach to the digitization of financial services must necessarily lead us to the role developed by the traditional financial system, and by the banking system, especially in recent decades[1]. The traditional financial sector (name that we will use in this guide to differentiate with the sector known as “Fintech”, of more recent appearance, which we will refer to later) has had —and continues to have— a clear commitment to new technologies and digital transformation, as a matter of both strategic imperatives and necessity.
This makes it necessary for the population to have an acceptable knowledge and mastery of digital tools, which is why the Edufinet Project creates EdufiTech, a web portal with specific financial content related to new technologies and digital transformation applied to finance.
[1]It is advisable to remember that since the financial system is conceptually unique, it rests on three fundamental pillars, which are the banking market, that of financial instruments and that of insurance and pension funds.
In turn, the companies that intervene as providers of financial services differ from one pillar to another. Summarizing, in the banking market the most relevant role is assumed by credit institutions (banks, savings banks and credit unions), in that of financial instruments, investment services companies (dealers, brokers, asset management companies and financial advisory companies) and investment fund management companies and custodians, and in that of insurance and pension funds, insurance companies and insurance brokers (bancassurance operators), and the management companies and custodians of pension funds.
