Latin American countries with a higher percentage of unbanked adults tend to demand more financial products than their counterparts in more banked countries.
(Three myths about digital banking that neobanks want to end).
This is one of the conclusions the survey carried out by the digital banking platform Mambu, to 1,250 Latin Americans between 18 and 35 years old.
The results of the study are presented in four reports, among which it is mentioned that in countries with a larger banking population, young people tend to use fewer products and services compared to their counterparts in less banking countries.
In addition, neobanks, which are characterized by not having a physical presence, tend to cross-sell more products than traditional ones.
(Because of their growing role, more attention should be given to neobanks: Felaban).
In Chile, 74% of the population is banked, a high figure compared to the region.
According to the report, 97% of banked respondents in Chile indicated that their main bank was a traditional institution (it has both physical branches and a digital presence), although the country ranked in a comparatively low position in terms of the average number of products used by person, in 2.4.
In Colombia, where about 46% of the population is banked, only 13% said that their main institution is a neobank and people use an average of 2.45 financial products. The financial product with the highest demand in this country are savings accounts that reach 80%.
The debit card was the most demanded product, although factors such as banking penetration rates and the popularity of neobanks at the country level could condition demand. The demand for digital wallets was high in Argentina (35%) and Colombia (31%).
As for financial services, payments remain popular throughout the region, although demand is not uniform. For example, In Colombia, the top three financial services were making payments, paying bills, and receiving payroll.
(Increases competition in digital banking in Colombia).
In Colombia, 47% said they used debit cards, although 80% said they used savings accounts, compared to 39% in Chile.
“The demand for debit cards today may create a demand for other products in the future.Mambu says.
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