Colombia’s financial sector is leading its biggest technological transition in decades, developing an open financial model that will connect different players to shake up its competition. But while banks, fintechs and other institutions seek to enforce clear rules, inspired by the experiences of their neighbors, doubts remain about how the system will work.
The model will directly affect the industry and how it distributes products through its digital channels. Expect an increase in innovative strategies such as personalization of services or alliances with technology companies and retailers to attract and retain users who, as the new owners of their transactional data, may be tempted to switch offers more easily.
Although the main goal of the system encouraged by the authorities is to empower consumers and offer better services, there is still uncertainty about who, how and in what form the information will be shared. This theme was central to the discussions gathered by managers and experts iupana at the Executive Roundtable “Banking Opportunity in the Open Data Era” held in Bogota (Colombia) at the end of May
