in Portugal Fintech Report 2020
Articles in Portugal Fintech Report 2020

At the end of October, the Portugal Fintech Report 2020 was published. was in it and exposed the benefits obtained by its clients in the financial sector when investing in chatbots. See the specific case of the Millennium BCP’s internal chatbot.

Portugal Fintech Report 2020

Fintechs are companies that provide technologies related to the financial sector.

At a pandemic time, many companies from the most diverse economic sectors had difficulties staying afloat. However, fintech has managed to intensify sales due to the need for technological banking innovation.

The report, organized by Associação Portugal Fintech, had its first publication in 2016 and already has four editions.

In an analysis of the fintech environment, the report states that 43 % of these companies are still in the early development stages. They operate mostly in payment and transfer points, cryptocurrency, and insurtech (technological companies associated with the insurance sector).

In addition to the ecosystem analysis, this edition highlights the 30 most relevant fintech in 2020. To date, they have raised “more than 275 million euros in investment”, with 30 % of this funding coming from foreign investors.

Among other highlights, Portugal Fintech Report points out the investment of companies interested in innovation. With that in mind, they join fintech to “speed up their digitalization processes.” and Millennium BCP and Millennium BCP are an example of cooperation between fintech and financial institutions.

Banco Millennium BCP already had an internal solution. However, they needed an improved solution to help branch employees give their customers an even better service. 

The solution consisted of a system that would work as a “library” and provide all the necessary information.

The system they once had worked based on keywords, and the employees themselves had to search for the answers. If they couldn’t find it or weren’t willing to explore, they called the internal support department. However, it was an inefficient solution. It would take a long time to obtain information and require many human resources to meet colleagues’ numerous requests.

It was then that Millennium implemented the chat solution with automation and live chat with assistants. Solution offers chat channel automation solutions (that can include voice) and e-mail. In terms of contact with the public, it can integrate with the website, Facebook Messenger, and WhatsApp of companies. Concerning e-mail, it can integrate with any CRM and ERP system, such as Salesforce, Microsoft Dynamics, Go Contact, among others.

In the case of Millennium, the chat solution was implemented within the bank’s internal system. This way, they were able to reduce the response time and optimize employee work.

To access the complete Portugal Fintech Report 2020, click here.