Tuesday, November 29, 2022

ABA: The banking sector is heading towards an increasingly digital and decentralized model

Dominican multiple banking has made notable progress in the last two decades in terms of innovation and technology, through the incorporation of digital tools and the decentralization of its services through alternative channels, thus benefiting its clients and productive sectors, said the president of the Association of Multiple Banks of the Dominican Republic (ABA), Rosanna Ruiz.

During the elDinero Economic Forum, Ruiz stated that this digital transformation has been feasible thanks to the modernization of the payment system in the Dominican Republic, macroeconomic stability and the effective response of multiple banks, via constant financial innovation, to the needs of users during the last 20 years, including the disruptive scenario posed by the pandemic. He explained that this scenario accelerated digitization and with it the prevailing need to invest in cybersecurity.

“In this way, not only efficiency is generated in banking, but costs are also eliminated, face-to-face attendance is reduced, and interaction with the user is facilitated, in an environment with technological, legal, and information security,” said Ruiz, by exposing at the event the advantages of internet banking, mobile applications, banking sub-agents and other innovations implemented by the entities that make up the sector.

He stressed that the union is committed to a digital agenda that motivates the financial inclusion of citizens, households, micro, small and medium-sized companies.

On the other hand, he pondered that more than 14% of the growth in credit granted is focused on continuing to finance the productive sectors demanded by the economy, as part of the efforts of multiple banks to continue playing a leading role in boosting the country’s economy.

Growth of Internet banking users and bank sub-agents

In a press document, the ABA detailed that the banking sector registers a total of 5.1 million internet banking users in 2022, which means an increase of 3.4 million in absolute terms and 302% in relative terms since 2015.

Regarding bank sub-agents, he explained that they account for 57% of the clients who request services in person, which consolidates this figure as the main point of attention in the sector. In the last six years, their share has grown by 18%, he noted.

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