Chilean banking is the sector that has digitized the fastest since the beginning of the pandemic. Recent studies at the national level, such as Minsait’s Means of Payment, assure that cash in the country decreased by 77%. In addition, sources from the CMF (Commission for the Financial Market) indicate that more than 20% of bank branches have closed due to technological advances in the country. This data reveals that the Chilean population is increasingly inclined towards digital payment methods and online financial services.

Younger generations are looking for a more digital banking experience, with access to a variety of more intuitive, secure, and easy-to-use online tools and services, as well as a variety of savings and investment options, such as retirement savings plans, savings accounts, and investment tools. They prefer a closer relationship with the bank, access to personalized financial advice, and a better customer service experience. “In other words, customers want to have the same experience they have with streaming services like Netflix or the ease of applying for an Uber, in their banking services, from one-click loans to instant transfers,” says Pablo Pereyra Portugal, Chief Revenue Officer of 2innovate.

On the other hand, older adults have been slower to incorporate the use of financial technology and have faced some challenges, as the process can be a little more complicated for this generation, mainly due to unfamiliarity with mobile devices, limited access to the internet and fear of digital fraud. To help seniors overcome their fear of digital transactions, it is critical to provide access to financial education tools. It is crucial that they understand how the digital financial system works and become familiar with the security and convenience offered by new banking technology.

“We believe that in order to integrate older adults into fintech, it is crucial to implement targeted training programs, design user interfaces with simplified functions, and provide personalized assistance in dedicated branches or phone lines. Adapting technology for larger devices, offering continuing education, and ensuring universal accessibility are also key strategies. Targeted awareness campaigns and collaborations with community-based organizations can help overcome barriers and facilitate successful adoption of digital financial services by older adults,” says Pereyra.

Banking Trends 2024

Regarding the trend of banks for 2024, he assures that it will be linked to advances in digitalization and the implementation of technological innovations to offer more efficient and accessible services. In addition, special emphasis is expected to be placed on strengthening cybersecurity measures to further protect information and prevent failures in data storage and transfer processes. Continuous improvement of the user experience will also continue to be a key point to maintain customer loyalty and attract new people who feel more comfortable using graphical interfaces.

One of the technologies or products that will come into force because of this law is “Frame Banking™”, which uses a completely secure and adaptable digital infrastructure to ensure greater speed in meeting business requirements. In addition, it significantly reduces the time lag between the introduction and making available of new financial products. This technology also removes unnecessary friction from the payment process, allowing organizations to transact with unprecedented confidence, security, and efficiency.” Comments Pablo Pereyra Portugal, Chief Revenue Officer of 2innovate. Regarding the future of technology at the national level, they say that, in the field of banking transactions, there is an increase in the use of products such as blockchain technology, chatbots, the public cloud and component architectures. “2innovate’s SaaS (software-as-a-service) solutions are cloud-based and designed to help companies optimize their resources, enabling them to expand, seize new opportunities, and deliver superior results to their customers and employees.

Today, 2innovate provides the digital infrastructure for some of the most important financial companies in Latin America and the world, including banks, fintech companies, payment institutions and lenders™, to address emerging market needs, leaving legacy systems behind and accelerating the digital transformation of financial institutions around the world,” he says.

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