Mobile Apps equal SMS Banking in mobile financial services in Latin America

Bogota, August 14th, 2013. – Mobile Apps and SMS Banking are in a dead heat situation on mobile banking leadership in Latin America, as the overall supply of mobile financial services in the región has grown 70% in the last 4 years. Almost 80% of mobile banks in the top 100 already offer 2.3 mobile services by institution. These findings and more are part of the 5th edition of Mobile Banking in Latin America study conducted by Latinia, as every year offers a detailed analysis of the state of the supply of financial services over the cellphone among the top 100 institutions in the region.

“Today we do not understand our banks without offering its services on the cellphone as we would have not understood a bank for 40 years ago without office, 20 years ago one without telephone banking, or a decade ago one without online banking. It is simply the triumph of normality, “said Daniel Aguilar, commercial director for Latin America of the software vendor.

As the number of banks with mobile financial services has changed little (who at this point does not have a mobile offer will hardly ever) this past year and a half, since the previous report, we have seen a new growth in services about to 18 %; i.e. same number of mobile banks but with more services. For the very first time there are more banks with 2 and 3 technologies into their mobile service offer than those who offer their services on a single technology.

A 300% growth in 30 months will serve Apps to emerge as the undisputed star of mobile banking in Latin America, while still maintaining an intense pulse with SMS Banking, which continues to grow, but without possible comparison with the ‘Tornado App’. “We needed to go to the photo finish to determine a champion, explaining it through a sports analogy,” said Aguilar more graphically.

Regarding countries development there have been some changes since 2012. Brazil maintains its leadership but already with an emerging Mexico, big winner of the study with Venezuela and Chile. Mexico’s 10 organizations multiply their input by almost 70%, absolute co-leading with Brazil mobile banking in the region.

Shall we discuss how we can collaborate together?

We are by your side to contribute more to your business

Get started