A study by Temenos, carried out in late 2020 and early 2021, reveals that more and more people are demanding flexibility from banks.
The clients of banking entities demand, more and more, less formal and more flexible banking, for which the “Tie-less“Or the” Bank without a Tie “, reveals a survey carried out in late 2020 and early 2021 by the firm Temenos a 400 people in Panama, Costa Rica, the Dominican Republic, Ecuador, Argentina, Chile and Mexico.
Enrique Ramos O’Reilly, regional director for Latin America and the Caribbean of Temenos, explained that at least 59.6% of Latin Americans chose, in the last year, digital accessibility and 24/7 attention as the main need for your bank.
In other words, this universe of users would first contact their bank via mobile or the web if they had a question about their account. “There is a shift towards digitally driven services and the expectation of a less formal and more flexible banking style”Said Ramos O’Reilly.
What’s more, four out of five banks in Latin America They seek to differentiate themselves in the customer experience more than in the products. Respondents consider microfinance for entrepreneurs, accounts for the unbanked, and responsible lending to underbanked populations to be the main actions for promote financial inclusion and empowerment.
The study presented by Temenos also reveals that, in many cases, older generations are adapting more quickly than their younger counterparts to this less formal and more flexible style of banking.
According to Temenos spokesperson Enrique Ramos O’Reilly, all countries in the region including Ecuador they are moving at an accelerated pace in terms of digitization.
“Mexico and Brazil, which have adopted Open Banking or Fintech, they have fostered interesting models to be replicated ”, explained the spokesperson, who added that the governments that are interested in reinventing themselves will bet due to the trend of implementing advanced digital technologies to optimize the activities of the financial industry.
Another aspect to consider, and which is revealed in the Temenos study, is the demand for help for small businesses. In this sense, two thirds of the respondents (66%) from Brazil, Chile and Ecuador cite this service as a priority, compared to less than a fifth (14.2%) in Argentina, Costa Rica and Panama. (I)
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