- Banking preferences in Latin America: Mexico, Brazil, and Colombia lead the adoption of digital services, highlighting preferences for innovative platforms and personalized experiences.
- Comfort, speed, and integration with emerging financial services are key factors for consumers in the region.
The relationship of people with money and financial institutions in Latin America has undergone a profound transformation in the last decade, driven by two main factors: digitization and the democratization of access.
Being able to consult and subscribe to financial services with just a few clicks, receive personalized treatment, and access intuitive products has allowed customers to have greater control over their financial decisions.
In this context, understanding banking preferences in Latin America has become a priority for institutions seeking to meet the needs of increasingly demanding users.
Thus, as these advancements in digitization and financial inclusion consolidate, it is possible to foresee a new phase of change.
This was highlighted in the study A New Relationship with Money conducted by Ipsos in collaboration with Nu.
When thinking and talking about money, people’s focus shifts from solely solving immediate problems, such as payments and credit requests, to also considering financial organization and investments. Although for many, saving and creating an emergency fund remains only a wish, “planning” and “future” are among the growing objectives.
Digitization, financial education, and security: three essential pillars of banking preferences in Latin America
A recent study conducted by Ipsos in Mexico, Brazil, and Colombia highlights a growing interest in financial education, showing that 84% of Brazilians, 90% of Mexicans, and 95% of Colombians seek information on this topic.
This interest underscores how banking preferences in Latin America are evolving towards a more conscious and strategic approach.
Additionally, digitization has radically changed how users interact with financial institutions.
Between 94% and 97% of respondents in the three countries feel secure using digital services, reinforcing trust in tools like mobile apps and online platforms to conduct transactions and manage their finances.
Mexico: financial education and control in the digital era
In Mexico, 75% of respondents believe that simply being able to check balances through the app significantly contributes to their financial control. However, while digital tools have gained ground, traditional methods like cash and envelope systems still persist.
Furthermore, Mexicans show a strong inclination toward financial education. The country leads in participation in courses and workshops on this topic, with a proportion higher than the regional average. This behavior aligns with banking preferences in Latin America, where the demand for accessible and practical tools is constant.
An interesting fact is that 44% of Mexicans use the SPEI system for real-time payments, reflecting a preference for local solutions that combine efficiency and trust.
When analyzing savings goals, emergency funds are a priority for most, and products like Nu’s “Cajitas” have played a key role in fostering this habit.
Brazil: leading financial inclusion
Brazil, a pioneer in digital banking transformation, has an ecosystem where 66% of users seek investment recommendations from their financial institutions. This shows that banking preferences in this country are increasingly oriented towards personalized advice and long-term planning.
Tools like Pix have revolutionized how Brazilians manage their money, greatly reducing cash usage.
Brazil also stands out as the country with the highest credit card adoption, with 65% of users actively using them, and where spending with these cards is primarily in categories such as food and clothing.
The country also excels in financial education: 84% of respondents seek information to improve their financial habits, and a significant number of millennials lead in the adoption of advanced digital tools for budget management.
Colombia: trust in technology and financial advice
In Colombia, 73% of users consider it important to receive investment recommendations from their bank, reinforcing the idea that banking preferences in Latin America value professional guidance in key decisions.
Cash remains one of the most commonly used methods, although Colombians are progressively adopting digital solutions for transfers and payments. This behavior is influenced by growing trust in technology, with over 95% of respondents feeling comfortable with digital transactions.
The study also reveals that Colombians are more likely to seek financial help from professionals or family members compared to their peers in Mexico and Brazil, showing a preference for a collaborative approach to their financial management.
Banking preferences in Latin America: an opportunity for innovation
The research makes it clear that banking preferences in Latin America are marked by a constant search for digital solutions that offer security, simplicity, and personalization. In the three countries, tools like banking apps, financial education workshops, and investment recommendations are helping people take control of their finances.
The challenge for financial institutions is to continue innovating to meet these demands. Whether through intuitive products like the “Cajitas” in Mexico and Brazil or platforms that facilitate financial education, it is clear that digitization is not just a trend, but a strategic necessity to connect with the new generations of users.
In conclusion, Mexico, Brazil, and Colombia represent key markets for understanding banking preferences in Latin America.
Each country, with its own particularities, offers valuable lessons on how digitization and financial inclusion are transforming people’s relationship with their money and financial institutions.
The future of banking in the region will depend on how these institutions respond to the needs of users who seek not only services but also strategic allies to achieve their financial goals.