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Temenos’ report tags financial inclusion as LatAm bankers’ priority

TemenosTemenos has concluded the LatAm results for its annual retail banking survey, conducted by the Economist Intelligence Unit (EIU). The survey titled ‘A whole new world: How technology is driving the evolution of intelligent banking in Latin America’ stated that 35% of retail bankers prioritize investments in digital technologies along with cost-cutting or margin improvement for furthering their financial inclusion goal.

According to the report, 39% of the targeted bankers aim to migrate client usage from physical to digital channels, 38% aim to enhance and humanize customer experience and 32% want to improve digital marketing and customer engagement by 2020.

Enrique Ramos O’Reilly, Managing Director – Latin America & Caribbean, Temenos, said, “Banks need to digitally transform in order to create innovative ecosystems, move to the cloud to drive down costs and provide more accessible banking services, or offer highly personalized services to consumers. There is a definite need in Latin America for banking services that address consumer demands. That’s why banks like Prestanómico and Banco Azul choose Temenos. We offer the winning combination of the richest packaged banking functionality and the most advanced cloud-native, cloud-agnostic API-first technology delivering tangible business benefits to banks. ”

In a bid to enhance banking services by leveraging cloud-based services, 47%5 LatAm bankers focus their digital investment on cybersecurity whereas 29% focus on cloud technologies. Retail bankers (68%) expect P2P lending to be made available on banking platforms by 2025. The rise in the number of payment players (44%) and collaborations between FinTechs and tech companies (31%) have driven the banks to upgrade their services and offerings.

“With our solutions, Prestanómico enables customers to apply for a loan and receive a response within four minutes – their solution is so efficient that Prestanómico started offering “lending as a service” to process loans that are distributed by other financial institutions in Mexico. Banco Azul, a locally owned startup in El Salvador is one of the fastest-growing banks in the country. We look forward to continuing to partner with banks in the region to expand the reach of financial inclusion and deliver outstanding customer experiences,” O’Reilly added.

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