GUIDE: Banks Go Hi-Tech

Sep 1, 2010

Banks in LatAm are deploying technological innovations to better serve corporate, government and retail clients. They are also targeting the unbanked.


by Taina Rosa

In M-BRIC countries (Mexico, Brazil, Russia, India and China) mobile financial services, services accessed via a cell phone, are used by 32 million people. This number is expected to surge to 290 million by 2015, according to a research report by consulting firm Arthur D. Little.

By 2015, mobile payment transaction volume is expected to reach $8.7 billion in Brazil and $6.2 billion in Mexico, according to the report. These transactions include merchandise payments, ticketing, remittances and bill payments.

Aware of this growing trend, banks all over Latin America are getting ready to meet increased demand for technological innovations, rolling out new applications to enhance the products they offer and keep up with client demand. Not only are they implementing mobile technology, they are also developing other services not accessed by cell phone.

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