Rafael Muñoz and The future of finance is digital thanks to Fintech

RECENTLY, WE SAT DOWN WITH RAFAEL MUÑOZ GIL, DIRECTOR OF THE ONLINE MASTER IN FINTECH AND BLOCKCHAIN TO TALK ABOUT THE EVOLUTION OF THE FINTECH INDUSTRY AND HOW IT HAS IMPACTED FINANCIAL AND BANKING SERVICES.

In addition to his position at the European University, Rafael is also Head of Big Data in the Management of Retail Monitoring and Dynamization at Bankia. As an industry leader, Rafael has more than 12 years of experience in IT consulting in companies such as Indra and Software AG for various clients: Banco Santander, National Police, Gas Natural Fenosa, mainly in the area of ??Business Intelligence. In addition to talking about Spanish fintech and what fintech is, we also asked Rafael for his opinion on the key skills that people who want a professional career in Fintech should have.

Explain us roughly, for those who do not know, what is Fintech and what does financial technology consist of?

The Fintech field was born as a result of the financial crisis of 2008. The crisis brought the contraction of the financial system in many countries. In Spain, for example, it has gone from eighty banks in 2010 to ten in a matter of ten years. And this, for the consumer and user of the system, implies a considerable reduction in the supply of financial products and services.

The future of finance is digital. Consumers and companies have the entire financial ecosystem at the click of a button. And in this process, startups and Fintech companies have played a fundamental role.

For a decade we have been witnessing a complete reconfiguration of the financial and banking industry.

What were your beginnings in the field of digital banking and Fintech?

As a result of studying a master’s degree in Big Data and Innovation while working at the European University, Bankia called me a few years ago and they offered me a very attractive project that was just beginning. While at Bankia I began to collaborate with the innovation department and attended meetings to evaluate Fintech companies and their possible potential and collaboration with Bankia. That opened me to the world of Fintech startups and I have participated in several projects with several of them. We are currently developing a crucial system for Bankia and we are collaborating with a Fintech to carry it out.

Has entrepreneurship and innovation grown in this industry in recent years?

The union of finance and technology gave way to an incipient market that moved in 2018 one billion dollars and that grew in 2013 to three billion according to a report by Accenture and the Partnership Fund. According to The Economist, in 2014, fintech companies attracted $ 12 billion in investment, and Goldman Sachs estimates revenue in the sector at $ 4.7 trillion. More recently, the global fintech market was valued at around $ 127.66 billion in 2018, and is expected to grow to $ 309.98 billion at an annual growth rate of 24.8% through 2022.

What are the basic skills that someone who wants to develop their professional career in a Fintech company or in the digitization of Banking needs?

To work in the Fintech area it is not necessary that you have a great vertical training in any of the areas involved, see banking, finance, technology, cybersecurity. However, having a transversal knowledge of all of them is recommended, and that is what the Master in Fintech and Blockchain provides , training in all areas in which both a Fintech and digitization projects can be involved.

Currently, companies are looking for skills and abilities such as: learning ability, creativity, perseverance, entrepreneurship, collaboration, and the ability to think, among others.