A new study carried out by the consulting firm Kantar, for the company Veritran, yielded new findings on the behavior of Colombians in the financial system.
Among the main points addressed by the study, it was highlighted that on average in the country the banked population has three financial products: bank accounts (84%), debit or credit cards (81%) and virtual wallets (51%).
Although 94% of users are linked to a traditional bank, the report showed that 75% of the banked population has an account in a fintech. Likewise, 96% of Colombians use bank mobile applications as the main financial channel to carry out their daily operations.
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When disaggregating the information, it was detailed that the main use of the applications by users is to check the balance in the account (92%), followed by low-cost informal transfers (77%) and online purchases ( 77%), in fourth position the payment of services and taxes (67%) and in fifth place payments with QR code (63%).
On the side of virtual wallets, the greatest use was for informal transfers of small amounts (61%), followed by online purchases (56%) and third place for balance inquiries.
Daniel Aguilar Arias, VP of Latam Business Development at Veritran, pointed out that at a general level, one of the main conclusions is that Banked Colombians look to digital channels for a secure experiencebut with enough fluidity and simplicity that it does not slow down the processes.
“Financial users do not want to find themselves with the typical traditional bureaucracy associated with physical bank branches, but rather have a practical, reliable digital channel in which the largest number of operations can be resolved in one place”, highlighted.
Likewise, the executive stressed that digital channels are used, for the most part, “for day-to-day operations.” “The conclusions on the behavior of the financial consumer in Colombia indicate the need for banks to strengthen their commitment to digital channels.”
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Looking at the reasons for the use of mobile banking applications, 89% of users said they find it easy to access the apps, while 74% highlighted easy access to digital wallets and only 67% pointed to home banking. For their part, 16% of the participants specified that physical branches are the best alternative.
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