Investing in modern electronic banking has contributed significantly to the success of several South American Banks, notably in Argentina, Belize, Bolivia and Guyana. Developing and implementing modern banking technologies like ATM machines, electronic banking applications and foreign trade services has expanded both their foreign and local customer bases and simplified their transaction process. This has, in turn, opened their countries to more international tourism and improved domestic financial systems.
Technology isn’t the only investment these banks are making in their countries. Understanding the financial responsibility they have to their nation’s future, many South American Banks have taken on the responsibility of investing in local youth development in the form of summer camps, leadership programs and specialty youth savings accounts.
A 2019 article in Global Finance ranking the best banks in Latin American Countries listed Banco Santander Rio in Argentina, Belize Bank in Belize and Banco Mercantil Santa Cruz in Bolivia as the best banks in Continental South America. Their success and growth is directly attributed to their investments in modern banking technology. Additionally, each of these banks has invested heavily in youth programs and camps in an effort to equip the next generation with fundamental skills for financial success. According to the article, “97% of financial-education programs offered by banks surveyed in the region [Latin America] were delivered free of charge to attendees, and self-financed by the various financial institutions,” exhibiting their collective dedication to the cause.
The largest bank in Argentina, Banco Santander Rio has recently opened four digital branches, which are stations where people may utilize in-person assistance to access the bank’s digital services. This has been hugely beneficial in facilitating banking access to their remote population.
Over the past 20 years, Banco Santander Rio has also collaborated with universities and institutions to instill more than 1,200 educational programs, making it one of the most prominent scholarship programs in the world. This is a great example of how modern banks are taking initiatives to promote the future of their country through education.
Belize Bank has become the largest bank in Belize due in no small part to its utilization of data centers like Dun & Bradstreet for sales leads, market intelligence and customer profiles. This is a strategy that has been implemented by modern banks for over a decade and Belize has wasted little time in adjusting to the digital banking landscape. In addition, they are also committed to building a successful foundation for their nation’s youth, providing 120 scholarships annually to Belize High School Graduates.
Bolivia’s most successful bank, Banco Mercantil Santa Cruz has prioritized security in its integration of new technology. In a recent statement to World Finance, The Bolivian bank explains that their “app has become more popular in the past year as more operational improvements have been released, such as facial and fingerprint recognition.” This focus has earned more trust among their customers as well as created more protection for them and their finances.
In the same statement to World Finance, Banco Mercantil Santa Cruz exhibits their dedication to the next generation when they say, “furthermore, we have developed a new brand aimed at younger generations, called Banx. After two years, Banx is very active in high schools and universities as a result of promotions and campaigns.”
The most prominent bank in Guyana, Guyana Bank for Trade and Industry Limited, or GBTI is following the mold of South America’s most successful banks and investing in technology and programs for their local youth. They now offer electronic payments, foreign currency exchanges and other application-based services to their customers in order to promote international tourism as well as expand domestic banking access. GBTI is also instilling domestic financial opportunity by hosting a series of summer camps for the children of their Early Savers Club members.
Each of these South American companies has taken on the responsibility of investing in the youth development of their countries and have become the most successful banks in each due also to their focus on modernizing their banking systems through technology. All of the banks in the aforementioned countries now offer the following services:
- Foreign trade services
- Electronic banking
- Savings & checking
- Personal finance tools
These services are in place to establish relationships with new customers as well as contribute to the increased efficiency of their existing banking processes.
Contemporary investments in banking technology and youth programs have been a growing trend among South American countries and contribute to both the immediate and long-term success of the banks as well as the community. In promoting financial education to new generations, these banks are instilling good financial practices into the future of their countries. Further, by investing in modern technology, they are keeping up with the contemporary banking climate and making the banking process more efficient for their customers.