More and more companies are turning to predictive analytics to optimize their processes, achieve better business results and increase their market share.
Organizations use internal predictive analytics to forecast trends, understand and predict customer behavior, improve performance and drive strategic decision making.
After multiple consultations, the Superintendency of Banks announced that virtual currencies or assets such as Bitcoin, Ethereum, Ripple and other similar ones, are not legal tender in the country.
The Superintendency of Banks, derived from the different consultations made by economic and financial agents regarding the use of virtual currencies or assets, known as cryptocurrencies, informs the population that in accordance with the Monetary Law, the monetary unit of Guatemala is the Quetzal and only the Bank of Guatemala can issue banknotes and coins within the territory of the Republic, therefore virtual currencies are not legal tender in the country, explains an official statement.
Currently, financial leasing operations in Guatemala amount to $1,290 million, but with the approval of the new legal framework the portfolio could increase in the medium term between $1,677 million and $1,935 million.
With 101 votes in favor, the Plenary of the Congress of the Republic approved Decree 2-2021, Leasing Law, which regulates leasing with purchase option in the Guatemalan legislation.
The Congress approved by articles and final wording the Leasing Law, a legal framework that establishes mechanisms for people to lease with option to purchase.
With 101 votes in favor, the Plenary of the Congress of the Republic approved Decree 2-2021, Leasing Law, which regulates leasing with option to purchase in the Guatemalan legislation, informed the legislative body.
Between July and October 2020, the number of people in El Salvador exploring mortgage options online increased by 18%, and the number of Costa Rican consumers looking to buy credit cards decreased by 60%.
CentralAmericaData's interactive platform Consumer Insights monitors in real time the changes in consumer habits in all markets in the region and in other Latin American countries, with fundamental information to understand their behavior, new trends and anticipate eventual changes in their purchase patterns.
In June 2020, in the context of confinement and the economic crisis, bank credit to the private sector reported an 8% year-on-year increase, but as of July growth began to slow and in September the increase was 5.7%.
According to figures from the Bank of Guatemala, total credit to the private sector began 2020 with a 5.7% year-on-year increase. As of March, when the first cases of covid-19 began to be detected and the government decreed restrictions on mobility, the growth of the credit portfolio accelerated, with a variation of 8% being reported during the third month of the year.
In the last few months, interest in credit cards has been increasing in the digital environment, a rise that is mainly explained by the behavior of consumers in Panama, Honduras, El Salvador and Costa Rica.
Through a system monitoring changes in consumer interests and preferences in Central American countries in real time, developed by CentralAmericaData, it is possible to project short and long term demand trends for the different products, sectors and markets operating in the region.
In the second quarter of the year, interest on vehicle loans fell considerably, but in recent weeks in the region's markets the outlook changed and the number of interactions associated with the issue increased among consumers.
Through a system that monitors changes in consumer interests and preferences in Central American countries in real time, developed by CentralAmericaData, it is possible to project short and long-term demand trends for the different products, sectors and markets that operate in the region.
The Monetary Board approved the changes to the Credit Risk Regulations, which were proposed by the Superintendence of Banks and seek to simplify the requirements for loans not exceeding $160,000.
In this scenario of economic crisis resulting from the outbreak of covid-19, the objective of the endorsed modifications is to favor SMEs and individuals to gain access to credit lines offered by commercial banks.
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.
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.
In the countries of the region, more than 8 million people are looking for credit on the Internet. Of this group of consumers, approximately 9% explore options for taking out a student loan.
The interactive information system developed by CentralAmericaData monitors in real time the changes in consumer habits in all markets of the region, with fundamental information to understand the new commercial environment that has emerged in an accelerated manner.
At a regional level, nearly 16 million people are looking to purchase financial services online. Of this group of consumers, approximately 11% are exploring options for acquiring a credit card.
The interactive information system developed by CentralAmericaData, monitors in real time the changes in consumer habits in all markets of the region, with fundamental information to understand the new commercial environment that has emerged in an accelerated manner.
The coronavirus has left an economic impact in several countries. For this reason, some governments are developing exceptional measures to mitigate its effects. For example, the suspension of tax and mortgage payments to lessen the economic pressure on small businesses and households.
In the United States, interest rates were reduced to almost zero and a US$700 billion stimulus program was launched in a bid to protect its economy, says Mario Miranda, director of finance at MonederoSMART.
Fitch Ratings agreed to change the perspective of the region's banks from stable to negative, arguing that the current health crisis will affect financial institutions in all countries.
Considering the measures that countries have adopted in the last 15 days in economic matters, following the spread of covid-19, Fitch expects that there will be a decrease in the issuance of loans.
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.
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