KAkao Bank, South Korea’s second purely Internet-operated bank, established in 2016, reached one million customers as of July 31, 2017, with an estimated ¥344 billion ($307 million) in deposits and ¥323 billion ($288 million) in deposits. There were loans. This means that 9,800 accounts are created per hour in the bank.
According to the Banking Competitiveness Report, Bolivia was at the bottom of the regional ranking with 3.3 points, below Nicaragua, which had 3.5 points, and Ecuador, with 3.4 points. At the opposite extreme, Panama and Chile had the highest scores, with 7.2 and 6.9 points, respectively.
Earlier this year, a report from the Central Bank of Bolivia indicated that, in 2021, the volume of use of electronic payment instruments (IEPs) increased by 43% compared to the previous year, and by 22%. The amount transferred through these new mechanisms,
True, it was the Covid-19 pandemic that prompted rapid adoption of new technologies, “deepening the process of digital transformation and financial inclusion, democratizing access to financial services,” says the Financial Stability Report, which Presented by the President. BCB, Edwin Rojas.
A survey report presented in October 2020 on digital banking and innovation in Bolivia highlights that banks have made significant progress in the digital sector in a short period of time, as 75% have digital innovation programs.
Among the hindrances in banks’ journey towards digital innovation, it is pertinent to mention the lack of organizational culture internally and digital education externally.
Less than two months ago, Asoban reported that the country had made great strides in the use of digital banking. Thus, there was a 700% increase in collections and payments through QR codes.
It is known that, as of August of this year, the number of operations with QR reached 18.5 million with a value of $1,357 million. Furthermore, 22% of the total Electronic Fund Transfer Orders (OETF) registered in the payment system are compliant with this modality, thus showing its continued growing relevance.
Asoban President Ronald Gutierrez explained that digital transformation is a process focused on customer needs, because “it is not just about developing an advanced and modern application for a computer or mobile phone; It is a transversal process for many internal activities and should involve all affiliates of the institution, offering products and services that financial users want.
The assets of the national bank are approximately $30,000 million. The restructured current portfolio stood at $5,534 million, a growth of 210.2% (in twelve months), as of March this year, as against deposits of $28,886 million, registering a growth of 7.8% over the previous year.
As a result of the rescheduling and/or refinancing in 2020, the current restructured portfolio balance increased from $1,079 million (December 2020) to $5,563 million (December 2021).
Among some of the banking trends globally, we can mention: the shift towards flexible cloud computing; Banking as a Service (BaaS), enhancing financing for sustainable projects; transition to a network of digital channels; the use of data and artificial intelligence for predictive personalization; Growth of B2B2C Banking; Digital acceleration of banking regulators and increased investment in data privacy and security are all within the framework of the 4.0 economy.