The digital banking market is forecasted to reach
$9 trillion dollars by 2024 and 8% annual growth rate
In 2019, five large global banks plan to spend
$44 billion on digital transformation.
Technology investments in Brazil’s banking sector increased by 48% year-over-year to 8.6bn reais (US$1.6bn). An annual survey consultancy Deloitte is carrying out for local banking association Febraban also shows that in 2019 the total tech budget grew 24% and reached 24.6bn reais, including expenditures like IT maintenance.
Forbes has partnered with market research firm Statista to measure the best banks in nearly two dozen countries. Statista surveyed more than 40,000 customers worldwide to learn their views on their current and past banking relationships.
Latin Americans are buying on digital channels like never before. And this wave of rapid digitization is likely here to stay. Those who had not yet bought online before are being highly encouraged to do so in the current stay-at-home circumstances due to the COVID-19 pandemic.
According to the latest research commissioned by Mastercard and prepared by Americas Market Intelligence, digital banking is here to stay, and today’s current pandemic is accelerating digital transformation in the financial sector. A new study, “Digital Banking in Latin America” unveils the latest trends and best practices that are shaping the financial industry in the region before COVID-19 and well beyond.
Even though COVID-19 has reached Latin America later than other regions of the world, local banks are not immune to the phenomenon. We expect the impact to be in the form of risk aversion to emerging markets and a deteriorating asset quality.
Lindsay Lehr – director of AMI’s payments practice – was joined by Arnold Reyes, VP and Head of Digital Partnerships at Visa, and Alex Moura, VP of Product Management at Mastercard to discuss 6 mega-trends that we believe will impact payments in Latin America in 2020 and beyond.
David Goldschmidt, VP, Head of Push Payments in Latin America at Mastercard USA and Henrique Texeira, Director of Strategic Relationships, Americas at Ripple show us what innovations should be prioritized to ensure that cross-border transactions become faster and simpler while remaining secure. They also answer questions about how financial institutions are responding to customer demands for speed, certainty and traceability.
By 2030, most banks will be made irrelevant, according to Gartner. Within 12 years time, 80% of financial firms will either go out of business or be rendered irrelevant…
Mercator Advisory Group’s most recent consumer survey report, Credit Cards: Still the Card of Choice, reveals that consumer interest in card controls increased to 47%.
As digital payments take hold in the region, they are taking many forms. For example, mobile banks (sometimes called neobanks) offer some traditional banking services—such as money transfers and online payments—but without brick-and-mortar facilities.
The evolution of Fintech in Latin America offers perfect conditions, as these innovations serve to improve public, private and personal activities. Mexico, Brazil, Colombia, Chile, and Argentina are establishing themselves as preferred environments…
Latin America is an especially compelling region for the emergence of super apps, due to its vast population, almost 650 million, distributed in more or less similar countries regarding language, culture and religion.
The Gartner Hype Cycle highlights emerging technologies financial institutions should experiment with over the next year to progress their digital business and business ecosystems.
Banco Galicia is immersed in a technological transformation effort to reshape the institution based on four pillars: diffusion, experimentation and prototyping, open banking and artificial intelligence. In this video presentation, Emiliano Porciani, the bank’s Digital Manager, shares the strategy that has been successfully implemented in recent years. (Spanish)
A new wave of European fintechs are planning a new invasion into the U.S. banking industry, promising to disrupt the incumbent banking industry with nimble, accessible and appealing business models that they hope will steal away millions of young adults who have grown tired of what they perceive as second class treatment by traditional banks.
The promise of digital transformation is that, with the right mix of strategic focus, talent, creativity, and investment funding, the legacy bank, with its branch network, decades-old systems, and diverse customer base, can morph into a high-flying, digital-first bank.
New players are emerging with technologies to address the needs of consumers and businesses alike, including digital challenger banks, payments processing firms, mobile payment apps and point-of-sale technologies that will accelerate commerce where millions of people cross borders every day to find work, take vacations, shop and travel for business.
As predicted, the EMV fraud chargeback liability shift has resulted in a significant drop in counterfeit card present payment transactions. At the same time however, we see a spike in card not present (CNP) fraud. What can institutions do to build customer trust and encourage card usage? One way is to not even get to the point of having to replace cards, by implementing card controls and robust security solutions.
Banco Santander will spend EUR20 billion on digital technology over the next four years as part of an efficiency effort aimed at slashing EUR1.2 billion in annual costs.
If you’re wondering if we’ll see a financial shake-up in 2019, the answer is yes—at least when it comes to digital transformation.
The evolution and progress that has occurred regarding the measurement and analysis and the examination of new dimensions relevant to the ecosystem.
While some banks are pushing the envelope on technology-enhanced customer engagement, many are still catching up to customer demands for self-service features in their digital banking channels.
E-commerce is expected to gather pace in Latin America in the next few years and Brazilian online payments fintech EBANX wants to capitalize on the trend, by bridging the transactional gap between international businesses and consumers in the region.
The credit card market is transitioning to the next phase of competition, one where issuers not only compete to acquire new customers, but one where issuers must compete to acquire every single transaction. This shift will have profound implications for financial institutions, networks, merchants, and all others in the credit card payment ecosystem.
More and more bank owners and managers are aware of the benefits of implementing mobile marketing as part of their business strategy. According to the 2018 Guide To Financial Marketing by Jim Marous, the first of the top 3 strategic priorities for the banking industry is to redesign and enhance the digital experience for consumers
With 85% of banks citing implementation of a digital transformation program as a business priority for 2018, investment in technology to drive efficiency, manage evolving risks, and benefit from growth opportunities will be critical for sustainable success.
Most cardholders have experienced it that feeling of embarrassment and frustration at the POS when a payment card is mistakenly declined due to suspicion of fraud. False declines, which occur when a good transaction by the authorized cardholder is erroneously declined, happen far more often than issuers and merchants would like. False declines not only result in lost revenue opportunities but also create unhappy customers, which is bad business for both the merchant and the card-issuing bank.
Allowing consumers to control their debit card with their smartphone setting spending limits, turning the card on and off and more is leading to higher debit spending, as one payment processor reports.
Making life better for our customers can be as simple as making it easier for them to safeguard and manage their own finances. LockIt gives Regions customers more security, flexibility and convenience to ensure their cards are used how they want, when they want. LockIt was implemented using First Performance Global, an innovative technology platform that captures card transaction data in real time.
~Scott Peters, Head of Regions Consumer Services
This release reaffirms the constant pursuit by Bradesco of digital technologies that add value and facilitate the daily lives of consumers, making the client experience more secure, fast, simple and adapted to the Brazilian consumer needs and habits.
~Alexander Rappaport, CEO of Bradesco Cards
Nexus has always sought to deliver highly valuable and innovative services to our customers and shareholders. We believe this partnership with First Performance continues to demonstrate our strong commitment to excellence and will contribute greatly to improved service between our customers and their cardholders, this agreement is fully consistent within the whole company strategy.
~Gabriel Cifuentes, CEO of Nexus