Latin America is experiencing very interesting times, where the evolution of the financial industry goes hand in hand with the expansion of ecommerce. In 2019, we expect fintechs to make important strides, our region will become the fastest growing ecommerce market in the world, we will witness the arrival of Amazon in several South American countries, and we will be able to enjoy new forms of payment, such as Google Pay and Apple Pay. This reality, added to the slow, but increasing rate of banking of the adult population, will have a positive impact on our societies and economies.
iProspect asked more than 4,000 banking clients in Argentina, Brazil, Chile, Colombia and Mexico what are the benefits, areas of opportunity, and their wishes regarding traditional banking and non-traditional suppliers, such as retailers or tech giants like Amazon and Google.
Their answers shine light on a common factor across the region that affects both banks and their competitors: today, more than ever, brands must design business strategies where consumer expectations and demands are the main focus, and where the right use of data is key to delivering relevant, personalized content and experiences.
We have no doubt that the Latin American consumer is ready to enjoy the benefits of today´s emergent technologies. Some banks in markets including the United States, the United Kingdom and Australia have already begun to successfully offer these services to their users. The question is: Are their peers in Latin America ready to meet the growing expectations of their consumers?