Increased Use of Online Banking in Guatemala

In recent years, electronic transfers have been growing at a rapid pace.

Wednesday, July 27, 2011

Bank managers agree that the use of electronic banking operations reduces transaction costs, being this the main reason for its growth.

Luis Lara, manager of the Banco Industrial (BI) told Prensalibre.com that the institution expects amount of electronic transactions made by the end of 2011 to exceed those of 2010 when they totaled $1,377 million.

"Another case is that of G & T Continental Bank, which so far in 2011 has made approximately 36,000 transactions, signifying approximately $231.6 million.

According to Frederick Adolph Schutt Davila, the manager of Financial Management Solutions, at the Electronic Banking Division at G & T Continental, 2010’s transactions numbered 50,195, amounting to approximately $425 million

The executive pointed out that the electronic queries and transactions reduce costs by up to approximately 70 percent versus an operation done at a bank counter. "

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More on this topic

Growing Use of Electronic Banking

April 2018

In Costa Rica in the past seven years the number of financial transactions carried out using digital banking almost doubled, going from 64 million in 2010 to 151 million in 2017.

From a statement issued by the Costa Rican Banking Association:

April 2018. The use of different digital banking channels offered by financial entities to Costa Ricans (Internet banking, mobile banking, telephone banking) which allow them to carry out transactions without having to visit the bank's offices, has seen steady growth in recent years. The Statistical Report on the National Payment System 2017, by the Central Bank of Costa Rica (BCCR), confirms that the number of transactions went from 64.2 million in 2010 to 150.8 million in 2017.

Guatemala: Fewer Checks, More Electronic Banking

July 2017

Between 2015 and 2016 issuance of checks in the country fell by 5%, while the use of electronic banking continues to grow.

The former president of the Banking Association of Guatemala (ABG), Luis Lara Grojec, explained to S21.gt that "... electronic banking will continue to grow in the coming years, but more than services through computers, there will be an increase in the use of applications on mobile devices, such as cell phones and tablets.

Guatemala’s Banrural to Operate in Honduras

January 2012

The Rural Development Bank plans to open 21 branches in Honduras, investing $40 million.

Guatemalan banks are expanding into Central America. This time it is the Banrural, which has plans to open 21 branches in Honduras after obtaining permission from the authorities.

"The two largest banks in Guatemala have crossed the border and are competing for the Central American financial market, setting up operations in El Salvador, Honduras, Costa Rica and Panama; now they are being joined by the Rural Development Bank (Banrural) which has decided to enter Honduras and in the long term is also interested in expanding into El Salvador", reports ElPeriodico.com.

Little Use of On-Line Banking in Guatemala

February 2009

Users continue to prefer traditional operations; bankers maintain that in a short time frame, this tendency will revert itself.

Sigloxxi.com publishes an article in its website: "Among the hundred of the most visited places on the internet, and in just half of the count, only three banks are placed: G&T Continental (46), Industrial (51) and Banrural (60).

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