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HomeENTERTAINMENTDigital banking does not convince Colombians • ENTER.CO

Digital banking does not convince Colombians • ENTER.CO

Six out of 10 Colombians do not use digital banking to carry out financial transactions. This follows from the Financial Inclusion and Digitization Study carried out by the Credicorp Group in Colombia and other countries in the region.

Colombia’s result is slightly below the average for the region. In Peru, Chile, Bolivia, Ecuador, Mexico and Panama, the result showed that 64% of citizens do not use the digital versions for their financial transactions. These “non-digital users” for Colombian banking represent a challenge and challenge. This is because there are still many difficulties in terms of coverage and digital and financial education in the country. However, the figure of 40% of Colombians as “digital users” exceeds the average figures in the region by 4%.

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Another sector where Colombia dominates has to do with the use of mobile wallets in the purchase and payment of products or services, with 16% use among Colombians. This figure doubles the regional average, which is only 7%. Digital wallets have become an ally for financial entities, because they facilitate the inclusion of more Colombians in digital banking. In many cases, this will be the first form of contact for citizens with banks. Regarding socioeconomic strata, the study revealed that 63% of people in low strata do not carry out digital financial transactions, a figure much lower than the 76% that is located in the regional average.

Other results obtained with this study show that digital banking is more advanced among men throughout the region. 23% of them use digital banking. In contrast, only 17% of them use digital banking on a recurring basis. In fact, the percentage of female “non-digital users” is 67%, six points higher than male “non-digital users” which was 61%.

Image: Clay Banks on Unsplash

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