David Velez, a co-founder and chief executive officer of Nu Holdings, presented in an interview with Fortune his vision of the world of digital finance for the coming years.

Nu Holdings digital bank operates in Brazil, Mexico and Colombia and has about 80 million customers.

“I think the future of finance, especially retail finance, is being built today in emerging markets. It’s more Brazil, India, China, than probably very developed economies. Some of the elements that you would see in the future are, first, completely interoperable digital payments that connect 100% of the population and allow 100% of the population to make real-time payments for free, 24/7.

Number two, a very advanced open-finance infrastructure where consumers can connect all of their existing bank accounts into one app, allowing every bank to compete in every single product for the consumers’ business.

I would also expect AI to make a pretty significant dent in that future. If the smartphone was the way to get a banking branch in every single person’s pocket, AI is going to be the way to get a personal banker in every single customer’s pocket,” David Velez said.

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