According to the World Bank, more than 50% of people did not have a bank account at the end of 2014 in Latin America.
Certainly the data have improved compared to 2011, when 61% of the people had never entered in a bank.
The geography of the place, transaction costs and the lack of a real training “financial” is still taking too many users away from the banking system.
Withis this scenario, it is clear that the number of mobile banking users, among the account holders, increased from 2011 (blue) to 2014 (yellow).
And the increase in these “on the go” users is also promoting social inclusion in the area.
Important are the reduced costs compared with physical branches, which encourage this kind of “technological” chouce. And also the possibility to overcome the difficulties related to traveling in not “easy” lands.
More and more analysts believe that local governments should make efforts to spread the Mobile Banking with ad hoc laws.
The area appears still fertile and ready to live the “change”. Let’s see some scenario situations…
The technology is certainly not a “taboo” in these countries, where 89% of users have a facebook profile (Brazil is the third country in the world, the third also in the use of WhatsApp).
The internet adoption is a little discouraged by geography (22% of the population lives in rural areas), by 2019 it will be prerogative for of the 60% of the population.
But it is on the front of mobile, as mentioned above, that the scenario changes.
The average Mobile Penetration is 126%, only in Brazil (the country with 200 million inhabitants) there are 240 million active SIMs.
In general, the highest ratio between SIMs and inhabitants of the world. Latin America is a strategic market. Sensitive – in our opinion – both to the good old timeless SMS (not all of the phones are smartphones) and newer technologies.