Digital finance leaders point to financial inclusion, personalization, digitalization among top technology priorities fpr financial services in Latin America and the Caribbean
Digital finance leaders point to financial inclusion, personalization, digitalization among top technology priorities
Using technology to improve financial inclusion, better target products and services, and move away from paper-based systems should be priorities for banks and fintech startups, specialists say.
Digital leaders at banks, fintech startups and investment firms surveyed by iupana identified an extensive array of critical next steps for technology financial services in Latin America and the Caribbean.
Carlos López Moctezuma, head of new digital businesses at BBVA Bancomer in Mexico pointed to user experience and personalization as a priority for Mexican banks.
“We need to continue moving away from general offers for all clients, and to increase the personalization of our services,” he said. BBVA Bancomer has been working extensively with artificial intelligence programs to develop chatbots and other tools to improve client interactions.
Financial inclusion offers another important role for technology in financial services, said Jorge Zenteno, acting head of Santander México’s digital factory.
Banks have often been reluctant to roll out services to rural areas because of the cost of physical infrastructure, he noted. “Now, just with internet access, we can bring certain digital services to a countless number of people and communities that previously did not have such possibilities,” he told iupana.
“Reaching all 120 million Mexicans with financial services, securely and at a decent cost, I think is the issue to be addressed,” he said.
In Argentina, the financial system needs to push on with digitalization, in the view of Pablo Sanucci, chief executive of Buenos Aires-based startup InvoiNet.
The new administration in Argentina has made strides in doing away with paper-based systems, but there is more to do, he said.
“The financial sector has to keep taking the steps necessary to allow users to do things digitally,” he said. “We still have paper. We still have notaries in the region who have to check that a person is who they say they are – when we have today biometric technology that makes that no longer necessary.”
Listen to Carlos López Moctezuma, Jorge Zenteno and Pablo Sanucci discussing this story on a preview of the iupana conversa podcast above, in iTunes, or via your favorite podcast player.
Through in-depth conversations with digital leaders at the region’s banks, startups and fintech investors, iupana conversa examines how technology is transforming Latin America’s financial services sector. The series will launch in full on February 12, with Mauricio Minas, CIO at Bradesco, discussing the Brazilian institution’s experience developing and launching “Next”, a digital-only bank.
The vice-president for regulatory policy discusses fintech in Mexico
The risks – or not – of tech innovation in financial services
PODCAST: Launching a fintech startup in a land of high crime, hyperinflation, and brain drain
PODCAST: Sebastián Serrano, CEO of Ripio, on finances of the future
PODCAST: How blockchain could cut the cost of banking and financial compliance
How well do you know the strategies of your competitors when it comes to digital transformation in Latin American banking?
Take our quiz to see!
Can I bring you dinner?
Which bank is tapping its POS network and building APIs to offer a delivery service that it hopes will boost client loyalty?
New challenger bank
A new Brazilian challenger bank called C6 Bank is close to launching. It’s billing itself as the #NextBigFin. The bank is backed by the chairman of which traditional bank?
Mexican banks are starting to use artificial intelligence tools. What’s the main application of the technology currently in Mexican banks?
What’s the biggest digital threat to traditional banks today?
Seems you’re a bit behind on what the rest of the market is doing…
Why not sign up for iupana‘s weekly newsletter to get exclusive news and analysis each Monday on how technology is transforming financial services in Latin America and the Caribbean? (It’s free!)
Not a bad effort…
Want to improve your score for next time? Sign up for iupana‘s weekly newsletter to get exclusive news and analysis each Monday on how technology is transforming financial services in Latin America and the Caribbean. (It’s free!)
Great effort – you’re clearly an expert in technology in financial services in Latin America!
Show your friends and colleagues on social media how well you did with these handy sharing buttons.
- Andrés Vásquez, Bancolombia, on payments, authentication and digital banking in Colombia
- Daniel Cohen, Mastercard, on the future of payments in Latin America & the Caribbean
- Lucas Llach, BCRA, on regulating fintechs
- Carlos Orta, CNBV, on regulating fintech in Mexico
- Aggregators next big fintech threat for banks, says Bradesco CIO
- Sebastián Serrano, Ripio, on the future of blockchain and smart contracts