Internet Banking to Grow 65% a Year in Latin America

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    The number of Latin Americans who have access to their bank with mobile divices will grow by 65% annually in the coming years and reach 140 million people by 2015, according to a Deloitte report released by the Latin American Federation of Banks ( Felaban).

    The study indicates that the concept of “mobile money” will transform Latin America in the coming decades and remember that in some rural areas access to traditional banking services is still limited because of the high costs involved. Hence the large increase in users of mobile terminals capable of accessing financial services represents “a great business potential for Latin American banks.”

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    Guillermo Moreano, Vice President of Operations and Technology International Bank of Ecuador, said that contact with prospective clients will become almost entirely virtual in ten years in the region and predicts that within that time the check will be completely obsolete.

    “It will go to pay through the cell… a new generation, will handled very little cash” he said.

    In the United States in 2012 the penetration of mobile banking was 24.3%, the age group between 18 and 39 years more likely to use these services.

    Currently Brazil, with 200 million mobile connections, followed by Mexico and Argentina, with 91 and 52 million, respectively, are the countries with the highest growth potential, according to Deloitte.

    In Argentina, leading even the use of banking services based on text messaging and transactional, partly due to a lack of confidence in the security there.

    The rise of tablets, smart phones and applications will create new opportunities for financial institutions to help improve customer service, reduce costs and create new products and payment services.

    The Costa Rica News (TCRN)
    San Jose Costa Rica

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