The banking sector and insurance companies are two examples of adaptation to the disruptions that have appeared due to the digital and technological revolution that we are experiencing. It is for this reason that the sixth edition of DES-Digital Enterprise Show 2022, the international digital transformation event that will celebrate its sixth edition from June 14 to 16 in Malaga, will address how fintech and insurtech are transforming  Banking & Insurance, through the use of software and specialised algorithms that help businesses, entrepreneurs, and consumers better manage their operations, processes, and financial lives.

And it is that the fintech, that is to say, the emerging companies that develop new technologies applied to finance, monopolise every day a greater market share thanks to their reduced costs and their way of operating completely online. According to the latest report published by Smartme Analytics, 100% of digital banks (also called neobanks) in Spain already account for 29% of the virtual banking market. Although they were born oriented to the millennial public,  it is in young people between 18 and 24 years old, those known as generation Z, where this type of finance application is becoming more popular.

Alejandro Banegas, Director of Business Development at Mastercard Spain, highlights that: "the constant change of context caused by the advance of digitalisation is a challenge for both the financial and insurance sectors. Every day there are innovations that lead us to imagine new scenarios to which we have to adapt, developing new platforms or technologies. DES2022 will be the perfect setting to discuss the challenges and opportunities of both industries which will help to understand how we can start taking advantage of the latter today."

The transformation of banking, to be discussed at the Banking and Insurance Forum of Mastercard

Trends such as Banking as a Service, biometrics to validate payments without friction, or new financing formulas -such as Buy Now pay later, which consists of paying in installments without following traditional procedures- are an increasingly frequent reality. However, if there is a banking activity that stands out for its rapid and successful transformation, this is payment. Spain is, through BIZUM, a world reference in immediate payments P-2-P (directly between individuals), integrated by the entire ecosystem.

To analyse this new financial reality, in DES2022 the Banking & Insurance Forum will be held, with the support of Mastercard, a space dedicated exclusively to share with companies the new trends in finance 4.0.  Expertos such as Rodrigo García de la Cruz, CEO of Finnovating, the largest fintech platform that brings together more than 50,000 startups, investors, and corporations, through artificial intelligence algorithms;  Eduardo Ozaita, Managing Director of EVOBANK, one of the so-called "challengers" of the Spanish financial system; or David Lozano, Ceo of Arcopay,  an authorised pago that makes collections safer, will share their vision of the sector and establish the basis for understanding where banking is headed.

More accessible, fair, and easy products: the basis of insurtech

If in the field of banking there have been important transformations, the world of insurance is not far behind either.  Technology has been one of the levers of change that has driven the insurance sector, which has taken the opportunity to improve its efficiency thanks to the traceability, management, and privacy of data. In this way, insurtech has come to revolutionise insurance and offer accessible, fair, and easy products for consumers, very oriented to the younger public.

All branches of the insurance industry, such as sales, savings and pensions, home, car, or travel, are seeing how different startups break into the sector with disruptive value propositions that improve the user experience and are more efficient than traditional products.

In the sixth edition of DES2022, and together with the Community of Insurance, the leading Insurtech platform in Europe, this paradigm shift that the sector is experiencing will be discussed. Thus, representatives of WEECOVER, a solution to integrate insurance in the online purchase or contracting process;  VITAANCE, life insurance that helps improve and protect the well-being of employees;  LUKO, a home insurer that allows you to do all the management from the application in a very intuitive way;  GOCLEER, a digital alternative to car insurance management and new forms of mobility;  and DACADOO, an application that motivates users to achieve and maintain healthy lifestyle habits, will share the keys to their success.