The hold traditional banking once exerted over consumer finances has seriously eroded in the Digital Age, with fintech presenting a formidable challenge to banking’s sovereignty. Customers are shrugging off any loyalty they may have had to their main banks and are opting for the providers with the most convenient, efficient, secure and, above all, speedy financial solutions. Can banks survive in the fintech world, and if so, how?
Costa Rica has been one of Central America’s most prosperous and stable countries, providing many opportunities for its financial sector to flourish—despite the government’s recent liquidity crisis. BAC Credomatic Costa Rica, with its emphasis on placing the customer in the centre, has made the best use of the advantages its home country offers. Country Manager Federico Odio González gave us a run-down on BAC’s commitment to streamlining while improving its operations.
Automation saves time, cuts cost and carries out routine tasks with unmatched efficiency, so who wouldn’t welcome it? Possibly the people whose income currently depends on carrying out those tasks. Digitalization is guaranteed to strip out much routine work in banking, but it will not necessary mean fewer bank jobs. Roles will be reinvented so that technology frees human staff to provide customers with excellent advice and service.
Digitalization has become second nature to many banks around the world, but not all. In the Central European country of Hungary, many banks—and their customers, who are relatively uninformed of the ways going digital can enhance their personal financial management—are in the early stages of the digital banking voyage. The time has arrived for Hungarian banks to jump into the present, or remain behind in the past.