Financial entities: more capital to artificial intelligence

asobancaria said that the affiliated entities invested $470 billion in innovation, development and digital transformation last yearwhich represents an increase of 31% compared to 2021.

“The digitization of banking has allowed more than 70% of transactions to be carried out through digital channels, which has facilitated the provision of increasingly efficient, agile and secure financial services. In 2022, 73% of affiliated entities implemented new technologies in their operations, with artificial intelligence and big data being the most widely used“, He said President of Asobancaria, Jonathan Malagón.

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The main application of these technologies in financial entities focused on the optimization of processes, which has contributed to improving the efficiency and competitiveness of entities.

Another important fact is that the budget allocated to privacy, data security and cybersecurity in 2022 was $464 billionwith an increase of 25% compared to 2021. 53% of that amount was allocated to technological platforms and media.

The green portfolio of member entities reached $18.7 trillion, 40% higher than in 2021.

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The construction sector registered the highest balance, with a total of $5.09 trillion, followed by the transportation sector, with a total of $5.05 trillion. The balance of the portfolio allocated to products focused on economically vulnerable populations reached $22 trillion in 2022.

$11.6 billion were allocated to rural loans, $6.09 billion to microcredits, and $4.81 billion to products focused on other types of populations.

Malagón said that in 2022 work was done on the construction of a Social Protocol that aims to join forces with the Government to promote diversity, equity and inclusion in all populations where it affects and pointed out five major challenges.

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The first is to get banks to finance people’s dreams. According to Banca de las Oportunidades, only 36% of adults have access to formal creditand financing for MiPymes is 8 points of GDP, below its optimal depth level.

The second is to seek that the sector mobilize capital resources to finance actions to address the climate crisis. Today, for every 1,000 tons of CO2 issued globally, Colombia has four.

The union set the goal of reaching $140 billion in green portfolio by 2030, and thus, finance the projects that Colombia needs to decarbonize its economy. That is, placing an additional $121.3 trillion between now and 2030.

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The third challenge is to make life easier for people. Today, 69% of those living in Colombia prefer to use cash.

For ease of use, security and to improve people’s ability to create a credit history, it is essential to spread digital means of payment through innovation, digital transformation, and the implementation of new technologies such as artificial intelligence and big data.

The fourth challenge is to have citizens increasingly connected with the best practices, who can take advantage of the full potential of the financial sector.

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The fifth challenge is to protect the system and users. Colombian banks receive about 43 cyber attacks per second, about 1.3 billion a year according to the Financial Superintendence. Security leveraged by risk prevention technology allows digital transactions to be secure and prevents financial consumers from being targeted by digital fraud.

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