The Widening Digital Advantage For Latin American Banks

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The Widening Digital Advantage for Latin American Banks Finalta studies shed light on the digital potential in Latin America, and on why some banks are leading and others lagging in taking advantage of online and mobile banking opportunities. Across Latin America, about one-third of personal banking customers are adopting, and using regularly, online banking, and an even newer digital banking channel, mobile banking. The percentage doing so, varies country to country. Yet not every bank is performing equally. Finalta benchmarking studies have set out to uncover how some banks, during the past three years, have managed to increase their digital advantage over the laggards, being left behind. This matters for two reasons. We believe that adoption will happen in the same way consumers have embraced smartphones, mostly since the iPhone was launched. Consumers will eventually turn to their smartphones and tablets to conduct much of their banking activity. And banks that help consumers to do more of this, faster, will reap an advantage in sales, cost savings and revenue. The telecom, banking and regulatory infrastructure varies country to country. Yet none of these important issues seems to be a limiting factor for the banks that are most successful at attracting digital customers and getting them to use these channels. Finalta has run benchmarking studies in the region for the past three years and has identified several trends in Latin American digital banking that this paper
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