economy and politics

Cell phone banking applications soar in the first quarter

Banking applications

Banking software applications designed to work on mobile devices, such as cell phones and tabletsexperienced a strong increase in their activity during the first quarter, as the transactions carried out through them grew by 39%.

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This was determined by the report that the Financial Superintendence consolidated, which also shows that total transactions of credit establishments (banks, financial corporations, financing companies and financial cooperatives) as well as companies specialized in deposits and electronic payments (Sedpe) carried out 3,986 million operations of which 2,495 million were monetary, for a total of $ 2,540 billion and 1,491 millions were non-monetary.

Although the number of monetary and non-monetary operations in the first three months of the year was higher than the same period in 2023, the amount traded decreased by 1.12%, since in that period last year the figure reached $2,569 trillion.

The report says that the administrators of low-value payment systems (ASPBV) and the Bank of the Republic carried out 967 million monetary operations for $ 930 billion in the first quarter of 2024.

The largest number of operations continues to be carried out through non-face-to-face channelswith a participation of 79% of the total and 68% of the amount traded.

The highest number of financial operations carried out in face-to-face channels was registered in Bogotá, Antioquia and Valle del Cauca with participations of 30.8%, 23.3% and 11.9%, respectively.
In the first quarter of 2024, the Internet and offices were the channels through which the largest amounts of money were traded with $1,412 billion and $607 billion in each case.

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The largest number of payments addressed professional, scientific and technical activities, with a share of 67.6% of the total, followed by wholesale and retail trade, as well as repair of motor vehicles and motorcycles with 7.8%. Information and communication represented 4.6%.

To carry out non-monetary operations, the most used channels were mobile applications and the Internet. The least used were RAS (Remote Customer Access Systems), IVR (audio response systems) and virtual assistant.

Banking applications


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Monetary transactions through APPs totaled $222 billion in the first quarter of this year and showed robust growth of 39% compared to a year agowhen these had been $160 billion, according to the Superfinanciera.

Monetary operations carried out through the internet in the first quarter of the year totaled $1,412 trillion and registered a decrease of 1.1% compared to the figure reported in the same period of 2023, when they reached $1,439 trillion.

For its part, through office service, monetary transactions between January and March reached $607 billion, which represented a drop of 10% compared to the same period in 2023, when operations worth $674 billion were carried out through that channel.

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