Digital banking an increasing reality in LatAm, says SAP
Using social media and other digital outlets to perform financial services is becoming more of a reality every day in Latin America, and not just in banking, Mariano Caniglia, business manager for the financial vertical at SAP (NYSE: SAP), told BNamericas.
Spanish bank BBVA (NYSE: BBVA), with presence throughout Latin America,first launched in Chile its BBVA Link application, which provides users with a Facebook (Nasdaq: FB) bank account.
"BBVA started with this, not just with the Facebook deal but also with the purchase of Simple in the US," he said. "This is an indicator of its strategy and where it's going. The trend is to simplify the user experience, make it more intuitive and more related to what clients are used to doing in the other social media areas."
And the phenomenon is not just happening with banks, Caniglia noted.
"The social security institutions are also working strongly on this, and there is a niche market involving social benefits that can take advantage of this type of technology. There's a whole unbanked sector that makes use of these benefits - loans, payment of medical leave, social benefits for families, retirement payments - where currently they have to go to a branch to withdraw the money."
Employing technology to disburse those benefits can significantly reduce traffic at brick and mortar institutions, providing benefits to members which include convenience and swiftness of receiving funds.
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