2023-07-22 00:48:54
While users demand increasingly efficient, secure and accessible services, the banking sector continues to promote its digital transformation processes.
Foto: Banking Tech.
San Salvador. In an increasingly technology-driven world, the banking industry is in the midst of an unprecedented digital transformation. Technological advances are revolutionizing the way financial institutions operate and provide services to their customers.
Digital transformation in the banking sector involves the integration of advanced technologies and digital solutions to improve operational efficiency, optimize internal processes and offer more personalized services to customers.
According to the report of the “Latin American Study of Digital Banking 2022” carried out by Infocorp in 2022, close to 30% of financial entities experienced an increase of up to 50% in the volume of electronic operations.
In addition, the study revealed that digital transactions had a strong increase: the opening of 45% of bank accounts in the region were managed through the online modality.
In El Salvador, digital channels are also positioned in the preference of users. According to the Salvadoran Banking Association (Abansa), only in 2022 an increase in electronic transfers of +662% was reflected.
In this context in which customer expectations are evolving rapidly, banks are accelerating their technology adoption processes to remain at the forefront in a highly competitive environment.
“In the banking sector, we see how the demands of users are increasingly pressing, as consumers seek more efficient, practical, secure and accessible financial services,” said Carlos Alfaro, Head of Business Development at Koibanx, a leading platform for tokenization and blockchain payments that operates in El Salvador and several Latin American countries.
According to Alfaro, blockchain-based solutions translate into a better experience for customers and even allow meeting market needs with innovative proposals.
An example of this is the case of Serfinsa in El Salvador, which is exploring blockchain technology hand in hand with Koibanx for a very innovative use case, with the launch of the first interoperable digital payment network through codes.
This network allows financial entities of all kinds such as banks, financial cooperatives, digital wallets, fintechs and neo-banks, as well as users and businesses, a much simpler payment experience.
This NFT can be used through a smartphone as a means of payment at more than 25,000 points in the Serfinsa network.
Blockchain technology has emerged as a disruptive force in the banking sector, offering revolutionary potential for digital transformation. Recently, in a report exploring the use of blockchain to finance infrastructure projects, the World Bank stated that there is “growing acceptance of this new asset class” and that “the benefits of this technology are increasingly recognized among financial market participants.”
In conclusion, thanks to the decentralized nature of this technology, its ability to guarantee the transparency and security of transactions, and the possibility of integrating into the banking transactional core, blockchain solutions have the potential to transform the way banks operate and provide services to their customers like never before.
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