Digital transformation of the banking sector in Latin America

The banking sector in Latin America is in a moment of growth thanks to various political and economic situations that their countries are experiencing. The digital transformation is another of the factors that can help banks to boost this expansion, as the collaboration of viafirma with various banks has demonstrated. At what point are the banks currently? What are the advantages of the digital transformation in the banking sector?

Any economic activity must adapt to the needs of its customers and to the tools at its disposal to improve the service it provides. Companies that take a chance on innovation and change are generally the ones that perform well and become leaders in their sector.

This need for adaptation is translated currently in many cases in the digital transformation, which is the adoption of digital technologies throughout the process of the value chain of any business.

Within the banking sector, two of the main challenges which it has always faced and are pillars of its activity are trust and better customer service. The technology has allowed the creation of intrusion prevention systems in its servers and mobile applications to perform operations where the client wants and when he wants, among other things.

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A slowed growth

In addition, digital transformation is necessary for the banking industry in Latin America to continue growing and to do it in a more solid and pronounced manner. The economic and political situation of some regions of the continent has caused the expansion of the sector to be less than in the last years.

For this year and the next ones it is expected an improvement of this growth thanks to the expectations of improvement of several countries like Brazil and Argentina and the reduction of inflation in some markets that produces a recovery in the credit increase of banks.

Along with these macroeconomic nature considerations, the sector must also apply solutions that belong to this digital transformation process of which we speak that will affect more directly the development of its economic activity and the satisfaction of customers.

Betting on the digital signature in the digital transformation of the banking sector

Viafirma has been collaborating with Latin American banks for many years to reinforce those essential aspects in the development of their activity, such as security and trust in their processes and the improvement of the customer service.

Viafirma has developed the mobile application Token Celular, in collaboration with its partner Isthmian Technologies, for several banks that have required their services, such as Banco Promérica in Guatemala, Canal Bank in Panama and others.

Token Celular is a security device that protects your clients from transactions made over the internet through any device, an essential trust and security for anyone who has activity in the network. It is a very safe application thanks to the dynamic and accessible keys since it does not need an internet connection to use it.

Other bank institutions such as Bancrédito in Costa Rica or Itaú bank in Argentina have opted for the implementation of Viafirma Platform, a solution that simplifies the eSigning of documents, the processing of orders and their incorporation into business processes.

This tool is ideal within the bank sector since it was developed to meet the need to incorporate services that guarantee security, authenticity and integrity in transactions.

This solution offers different modalities of the electronic signature  suited to different times and situation, such as the client, bulk signing or multi-signature.

These types of signatures help expedite procedures while always keeping the security of the processes. The bulk signing works on a list of documents that must be signed with a single signature action, or the multiform allows the same document to be signed by several people.

It is not our only answer to the bank challenges. The Saenz Bank in Argentina, through the partner Group LPA, opted for viafirma documents for the commercialization of its credit card. This solution is in charge for the management of the documents that need to be signed on mobile devices.

The mobility that this solution provides is a real advantage for firms in business trips or specialized fairs. Inside it you can take all the necessary documents to carry out business, which allows a better organization of large amounts of information and a considerable saving of paper and space.

Viafirma has more solutions to contribute to this digital transformation to improve the efficiency of the bank sector in Latin America. Through Viafirma Inbox any person can delegate his/her signature with all the advantages that it implies, and that is to delegate an important part of the day to day of the executives of any company.

The signature delegation allows a greater optimization of resources as valuable as time. Thus, in meetings in which only the signature is required in which everything is already agreed, another person can go in your name thanks to this tool.

Viafirma suite is helping the banking sector achieve this digital transformation. Their high levels of security plus their commitment to offer a good service to their customers make them be a suitable solution for this sector.