Latin American banking at a digital crossroads

In The News : May 20, 2015

Banking Technology magazine caught up with German Pugliese Bassi, CMO, co-founder and Alliances at Technisys, on the digital banking outlook in Latin America and the study Technisys and Stanford’s GMix Program carried out together.

The article highlights that banks are facing the prospect of either sticking to their traditional strategies or embracing innovation and rethinking their business as they move forward in an increasingly competitive environment. Those who fail to keep pace with the disrupters may find themselves permanently and fatally left behind.

In an effort to better understand the digital banking outlook in Latin America, where approximately 500 banks operating in a region of 35 countries with 600 million people and a $5.5 trillion GDP, Technisys and GMIx, a Stanford University programme, conducted a study in 11 countries. The findings illustrate a mixed bag, as many banks seemingly understand the need to digitally modernize their operations while many others remain wedded to their more traditional approaches.

The potential ramifications can have a lasting impact on whether the region finally emerges competitively on the global stage or remains a laggard in developing competitive and sustainable economies.

 

Read the full article here