In Bancolombia’s APP, 8 million customers can consolidate accounts

Bancolombia presented Tus Bancos, a new functionality at the service of the financial well-being of its more than 7.8 million active users of the Bancolombia App that
they will be able to use

The largest bank in the country said that this is a key step towards open banking, any user, as the owner of their financial information, will be able to link the information of the accounts and products they have with other entities.

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Bancolombia said that its APP clients will not have to analyze their financial situation bank by bank because in Día a Día, the entity’s financial trainer, they will now be able to have consolidated information on their financial movements regardless of which bank they are made with.

This new functionality is called Your Banks, and will allow people to link to their Bancolombia App the information of the accounts (savings or current) and credit cards of other entities to have a complete vision of their financial situation and greater control of their money.

“With this solution we seek to promote financial education. Understanding Day by Day
As a financial coach par excellence, Tus Bancos is the way to complement the information of the person with the interaction that they have with their banks, so that under this complete panorama they can receive alerts and recommendations that have a positive impact on their well-being”, expresses Cristina Arrastía, Vice President of Business at Bancolombia.

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The directive adds that “The financial consumer, the person, is one, regardless of how many banks they have a relationship with, and therefore it does not make sense that they should analyze their financial context with each entity separately. Tus Bancos unifies that information, those behaviors, each movement, and offers people a recommendation according to their own unique economic reality”.

Monica is a person who likes to use digital channels, including her App
Bancolombia. But, in addition to his account at this bank, he also has products with others: a credit card and a savings account, both with different entities.

Bancolombia says that to manage her financial products, she must enter the portal or digital application of each entity and keep track of expenses and income separately, without having a complete overview of her finances. This often makes it difficult for you to make decisions with your money.

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Additionally, as each product is handled independently, performing a
budgeting has become a complex task.
Using Your Banks, Monica will achieve:
• Have your financial products in a single view from your Bancolombia App.
• Make better financial decisions by having the visual of your products in a single
place. This will make it easier for you to choose which ones to use based on your economic moment.
• From Day to Day of the Bancolombia App, you will be able to automatically know
what are the categories of your transactions (for example, expenses in
food, entertainment, or payments for health or public services, etc.).
• Besides, with the “Budgets” option, you can carry out your financial planning
assigning a percentage of your income to savings, putting limits on your expenses
by category and finding a recommendation from the Bancolombia App itself
based on the knowledge that the bank has of it.

The entity ensures that to protect the data provided by Mónica when linking its banks to this system and guarantee the highest security standards, Bancolombia will not request any authentication factor that is necessary to move your money. Without it, the possibility of making monetary transactions is eliminated, avoiding any vulnerability.

Additionally, the system keeps all the information under encryption, that is, under characters that are not recognizable to the human eyeso it is impossible for the people involved in the technical processes to manipulate them.

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“We have worked keeping within the Colombian regulatory framework and always
acting with high levels of quality and safety to provide our customers with a
frictionless experience. Our ambition is to continue working for the financial well-being of people and contribute to an increasingly integrated bank that places the customer as the protagonist and owner of their information”, adds Arrastía.