"Digital banking regulation, key to strengthening banking": Daniel Suero Alonso

With experience in risk management and regulatory compliance, the young entrepreneur is revolutionising finance. Today, he discusses the future of the banking world and banking regulations.

With the risk management expertise he acquired at Frankfurt Business School of Finance and Harvard, Daniel Suero Alonso is an expert in financial markets who, at 33, has positioned himself as one of the most successful entrepreneurs in banking revolution and financial technology. Based on a solid track record, he shares his vision of banking trends for 2021.

The UK was one of the first countries to regulate new banking, and Daniel Eduardo Suero Alonso didn't think twice about jumping into this revolution. He has become one of the most experienced entrepreneurs in the regulated world and an eminent figure in this imminent niche with important publications in the media on the evolution of the industry and the financial markets.

Today he is already a candidate for directorships in several financial associations and has gained a wealth of experience in corporate governance, with a crucial insight into the evolution of the banking industry and financial markets that allows him a unique sensitivity to the subject, as well as a personal interest in the banking revolution that is becoming more relevant every day.

The evolution of digital banking has become a trend not only for the younger generation, but for all people and companies who want to improve their daily lives with technology applied to finance.

After the COVID-19 pandemic, digital technology accelerated exponentially, changing the financial landscape for all players. Thus, the old models are increasingly in need of digital, which represents about 1.3 billion dollars in Mexico, according to the KoreFusion report on Fitnech in Latin America.

Against this encouraging backdrop, Daniel Suero Alonso explains that "banks have an opportunity to change their speed of innovation and provide the technological value that users need. To achieve this, they must demonstrate their honesty, passion and perseverance to provide all their customers with a digital experience from start to finish, so they can bring to this digital society the value of technological tools in the banking sector".

The entrepreneur and banking specialist points out that this scenario turns the more than 200 fintechs in Mexico into 'key partners' of the digital transformation, a phenomenon that offers a great opportunity to improve the user experience with service and attention alternatives.

For Daniel Suero, it is necessary to reflect on digital banking and the evolution of the financial situation. "Are banks ready to implement digital transformation and do they have the technological know-how, the vision and the leadership to face this continuous innovation?

It is a reality that all signs are pointing towards a much broader financial evolution. "The Spin mobile app from Oxxo shops - launched in December 2020 - is an indicator of the impact that new technologies are having, of their potential and exponential growth, which is a new need for traditional banking. It is a question of evolving, not just offering a choice of digital services. This process must be supported by experts and regulators who drive the development of efficient, agile digital platforms that offer a quality service. This is where the challenge lies and where the focus should be", concludes the expert.