The current business scenario ended up breaking down several barriers, and now there are more customers who demand the online services of financial institutions, which are challenged to facilitate digital processes and in turn apply strict security standards.
Tuesday, July 21, 2020
In the last four months, in most Central American cities, bank clients have moved away from the bank's service points, because between the home quarantines decreed due to the spread of covid-19 and the preference to avoid attending places where large numbers of people can congregate, consumers are choosing to look for ways to carry out transactions digitally.
According to businesspeople dedicated to the implementation of digital processes for banking entities, it is estimated that in the last four months the proportion of clients who carry out their transactions online went from between 20% and 30% before the start of the pandemic, to 50% or 60% at present.
Ana Inés Echavarren, CEO of Infocorp, a company that develops technological tools for Guatemalan banks, told Elperiodico.com.gt that "... What has become fundamental is to have a platform of digital channels. The user today needs to be able to pay for services, transfer money, check their account or pay someone digitally. Not only the platform but also the digital channels are worth it. In these last months, the digital channel of preference has been WhatsApp. This was the most implementations we did. In the midst of the pandemic we confirmed the priority of chatbots. We were already investing and evolving in this product."
Echavarren added that "... Today there is talk of the possibility of banks conducting transactions with each other and client companies using banks as a platform for transactions that is called: Open Bank, is a trend that was already coming with great strength. That is what we are working on today, in a pilot phase with some clients. And the other thing is retail banking. There is a very large percentage of bank clients who only use their cell phones as a means of communication, so it is necessary to have an intelligent native application that adapts to each user."
In some ways the crisis helped to break down resistance to change, but with banking regulations it is difficult to accurately balance the ease of digital transactions and process security, the directive concluded.
According to studies by CentralAmericaData, nearly 16 million people in Central American markets are looking to purchase financial services online. Of this group of consumers, approximately 11% are exploring options for acquiring a credit card.
In order to face the crisis generated by the covid-19 outbreak, Costa Rica extended until December 31, 2021 the measure that allows clients of financial institutions to benefit from extensions, refinancing and readjustments without the need to carry out debtor stress analysis.
According to Conassif, additionally, banks were asked to reapply their internal policies for measuring the payment capacity of each client as of April 1, 2021.
In the third debate, the National Assembly approved a bill that grants debtors a 90-day extension of time for payment of credits granted by banking, cooperative and financial institutions.
According to the law that must be sanctioned or banned by President Cortizo, once the term of the moratorium set forth in this law has expired, creditors, in common agreement with the debtor, must agree on the conditions for the unpaid debt to be prorated, to be paid within 24 months.
Increased demand for credit and more requests for loan restructuring is part of what the covid-19 crisis has brought to Guatemala's banking sector.
According to representatives of the Guatemalan Banking Association (ABG), the spread of covid-19 and the restrictive measures that have been decreed in the country are affecting the liquidity of companies, many of which have no income and must use credit to pay their bills.
The Óptima financial group bought the shares of Financiera Solidaria S.A., a transaction that amounted to $50 million.
Directors of Óptima reported that Financiera Solidaria S.A. (Finsol) has been in the Honduran market for 21 years and that this acquisition is part of its strategy to regionalize the financial company in the micro and small business segments.
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