Banks’ digital challenge

In The News : October 22, 2015

The banking industry is facing a great digital challenge and, at the same time, a wave of tech companies that are ready and willing to irrupt in any and every aspect of banking. Additionally, ever-changing customers expect more and more each day. Those banks that fail to keep up with disruptors may find themselves permanently and fatally left behind.

What’s going on with the banking industry in Latin America and the Caribbean? In an effort to better understand the banking landscape in Latin America, Miami-based Technisys and GMIx, a program from Stanford University, carried out a study in 11 Latin American countries.

Data from the investigation suggests there is a certain digital disparity:

  • 80% of banks still thinks branches are one of the most important channels
  • There is a growing trend favoring digital channels, with 67% of banks listing ATMs and 80% naming Internet banking as top channels
  • Only 20% of banks included mobile apps amongst the three main channels