From a more open banking focused on the user experience to the use of artificial intelligence, analytical, predictive and metaverse data, these will be the technological advances that the financial sector will have in our country.
Since the pandemic, banks have had to digitize quickly to continue operating and Chileans have made such progress and accustomed to it that, according to studies, 100% of Chileans would like to have all their banks’ products digitally. In addition, 82% have all their services automated and 46% say efforts should be focused on mobile banking. Also, the use of cash has dropped by 77% according to Minsait Payment’s payment methods report and more than 20% of bank branches have closed according to CMF sources due to technological advances in the country.
It is under this reality that a discussion prepared by 2innovate called “Innovation Espresso” was held, where technological trends were explored together with important representatives of the industry such as Cencosud and Modyo. Its panel was moderated by Tomas Ecclefield, CEO & Co-Founder of Digital eXp, who took over the moderation with a dynamic approach facilitating the conversation between the participants. Guest speakers included Ariel Pereyra, CTO Corporate Digital Payments at Cencopay, Mark Bonnell, CEO of Modyo, and Pablo Pereyra Portugal, Chief Revenue Officer at 2innovate. Each brought a unique perspective on how innovation and technology are redefining the financial ecosystem
One of the main conclusions of the conversation on technological trends for banks in 2024 was that banks will need to strengthen cybersecurity, improve the user experience, and foster strategic collaboration between fintechs and traditional banks. In addition, it was assured that for the financial sector to succeed and ensure its sustainability over time, it will be essential to maintain an innovative mindset to adapt to an ever-evolving environment.
Experts also stated that people have changed the way they interact with money and financial services. In this sense, they are looking for a frictionless banking experience that saves them time and is more intuitive, secure and easy to use. In addition, a wide variety of savings and investment options are expected, giving users the ability to customize their financial experience, just like today with streaming or Netflix.
On the other hand, it was assured that open banking will allow a bank’s customers to have access to third-party financial services through an API, which will give them a more seamless experience when interacting with the bank. This will allow banks to offer a greater variety of financial services, such as financial advice and lending, through a single platform
“Cloud infrastructure provides a platform for building modern financial services. This allows banks to offer services in real-time, through mobile apps, which greatly facilitates the user experience. As is the case with 2innovate’s Frame Banking™, it is an end-to-end transaction processing platform that revolutionizes the way businesses and consumers interact with money. With 100% cloud-native digital technology, Frame Banking™ uses a component architecture that offers scalability and flexibility to offer a broad portfolio of services and products across multiple channels of the financial ecosystem,” said Pablo Pereyra Portugal, Chief Revenue Officer.
“Today’s discussions demonstrate that we are moving towards the development of financial services that seamlessly connect with consumers’ daily lives, reflecting their changing dynamics and needs,” said Pablo Pereyra Portugal. “For 2innovate it has been a pleasure to lead these meetings in Mexico, Colombia and Chile, highlighting our commitment to a financial future where solutions are integrated to generate competitive value propositions for users.”
About 2innovate
2innovate is a global SaaS pioneer in creating next-generation payments ecosystems. Our cloud products are designed to revolutionize the customer experience in the financial transactions industry. Founded in 2016, our presence spans 12 countries, supported by an outstanding portfolio of technology partners and strategic consultants. Headquartered in Montevideo, we expanded our footprint with commercial offices in Buenos Aires, Mexico City and Miami. For more information, visit our website www.2innovateit.com or connect with us on LinkedIn.
Original article: https://presslatam.cl/2023/12/tendencias-tecnologicas-de-la-banca-chilena-para-este-2024/