What App, Doc? An Evaluation of Mobile Banking at the Top Latin American Banks

by Stephen Greer,  Juan Mazzini,  Luis Chipana, February 27, 2015
Industry Trends
Latin America

Abstract

Celent explores mobile technology and the breakthrough of apps in the retail banking industry in Latin America, focusing on the top 10 institutions.

 

The next logical move is to push the boundaries of services into consumer-related activities tied to financial services products, taking advantage of the huge amount of data banks have and the geolocation capabilities of mobiles.

External pressures from fintech startups and competition from digitally native players such as Google and Apple will definitely reshape consumer expectations of financial services and how they are delivered.

“There are some advantages of using apps for mobile devices for both clients and banks. On one side, banks are able to expand their services through a low-cost channel, but with the advantage of ubiquity,” says Luis Chipana, an analyst with Celent’s Banking practice and coauthor of the report. “Also, clients are able to save time and money by taking control of their transactions and accounts.”

“It may seem as though checking balances and moving money through a mobile phone are recent phenomena within smartphone banking,” says Juan Mazzini, a senior analyst with Celent’s Banking practice and coauthor of the report. “As banks move to make these transactions as streamlined and simple as possible, the meat of a platform will start to revolve around specific interactions driven by high-value data analysis.”

“As banks deploy more functions into the mobile and apps, the playing field gets more competitive, and consumers benefit from this,” says Stephen Greer, an analyst with Celent’s Banking practice and coauthor of the report.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned subsidiary of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary

1

 

Key Research Questions

1

Introduction

3

 

Key Research Questions

3

 

Methodology

5

 

Limitations

6

The Apps of the Top Latin American Banks

7

 

Mobile Penetration in the Region

7

 

Banks in the Research

7

 

Characteristics of Apps

8

 

Bank App Functionality

12

 

Customer Experience

22

 

Breadth of Functionality Rating

24

Looking Forward

26

Leveraging Celent’s Expertise

30

 

Support for Financial Institutions

30

 

Support for Vendors

30

Related Celent Research

31

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