It is well know that as a region, Latin America is seeing great growth in their markets and with it the broader use of technology is also. The concept of internet banking has boomed within the Latin American region, with over 70 percent of retail banks now offering internet banking to clients.
The financial institutions of Latin America are taking the opportunity to capitalize on the convergence of the Telco and IT industries by developing services for more mobile customers. Is the region capable of making the transition to a mobile focus?
With new forecasts from ABI Research indicating that in 2015 about 244 million people worldwide will carry out financial transactions using their mobile phones, the answer seems to be yes. This, coupled with the Gates foundation announcing a grant of 12.5 million dollars in support of mobile banking initiative in the region, allows for the popularization needed for financial institutions to make the most of this change.
The help of the Gates foundation allows people who previously couldn’t afford to sacrifice potential earnings to visit a branch and open an account the chance to develop savings through mobile accounts.
A hurdle for financial institutions is the need to adapt applications as there is more than one way to develop the right combination. An attendee of the FST LA Summit Rodolfo Gasparri, CIO of Banco Mercantil explains "It's a balance that one must do, what level of security and retrieval of information required, ie, measuring how long until the functionality is guaranteed, usually they are beginning to segment and define critical applications”.
The new information that Intel is acquiring McAfee for $7.68 billion in cash is good news for IT directors and managers at major financial institutions, because smart phones will automatically be installed with security software when coupled with Intel hardware. This leaves consumers feeling safer about sharing personal information and carrying out financial transactions over their mobile devices.
The topics of integrating technology service to ease the transition of mobile banking, as well as enterprise level services, are of major interest to industry leaders like Kelson Corte, CIO of Banco De Brasilia, Mario Gaete, CIO & COO of BCI, Stuart Pallant, CIO of Americas at Standard Bank and Laura Rodriguez, VP of Technology at Banco Meridian SA who are attending the FST Summit from the 1st through the 3rd of December in Mexico.
Mobile banking is not the only place seeing growth. Trading communications are also seeing increased benefits for the financial industry when prioritizing and speeding up market transactions.
The IQ/MAX is known for its ability to provide maximum resiliency and reliability, the turret supports redundant network connections to help increase productivity and provide unparalleled trading support. The system also allows traders to prioritize information in order of importance to enhance speed of transactions, and the benefits have been seen by the likes of Laura Rodriguez of Banco Meridian.
The increase in Latin America’s presence from an economic standpoint is developing niche markets for the implementation of technologies that financial institutions are embracing. The future of this area is bright and with potential still needing to be fulfilled it will be exciting to see the impact technology will have for those outside of Latin America.
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