The Latin American digital banking market is estimated to grow at a significant growth rate of 7.3% over the forecast period. The mobile networks have been the key enabler to bring connectivity to the country through a government program for promoting universalization of the internet in Brazil. The increasing uses of mobile networks are also augmenting the digital banking market. Over the years the mobile networks have been the key factor to bring better digital solutions in the banking sector. This environment is creating a growth opportunity for challenger banks, also known as neobanks, in the region to capture dissatisfied clients with mobile, feeless cards and allow them to access financial services without ever dealing with a bank teller.

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Furthermore, the market is characterized by the presence of several players including ACI Worldwide Inc., Microsoft Corp., Oracle Corp., Fiserv Inc., FIS Global and many others.

Brazil’s neobank, Nubank, is one of the most installed digital banks in the region, valued at $10 billion after successive funding rounds led by China’s Tencent. In addition, Argentina’s neobank Ualá is popular and users have downloaded this app in every province of the country within two weeks of its launch, leading to their $150 million round led by Tencent and Softbank. Mexican neobanks albo and Klar also raised significant Series A rounds $19 million and $57.5 million respectively, from US investors in 2019. Despite banking advancements throughout Latin America, cash remains unequivocally the foremost payment method— especially for low-ticket, everyday transactions.

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The Latin American digital banking market is segmented on the basis of type and solution. Based on type, the market is classified into corporate banking, investment banking, and retail banking. Retail banking held the largest share in 2018 and is expected to maintain its dominance during the forecast period. Retail banking involves a wide range of services, including saving accounts, personal loans, mortgages, certificates of deposit (CDs) and investment and fund management. Rising demand for internet banking among individuals to manage their accounts and conduct financial transactions is primarily contributing to the growth of the segment. Based on solution, the market is classified into processing services, payment solutions, customer and channel management, and risk management.

These players adopt various strategies in order to compete in the global industry. Mergers and acquisitions, product launch, geographical expansion, and partnerships and collaborations are some of the strategies adopted by the players.

Market Segmentation

Latin American Digital Banking Market by Type

• Corporate Banking
• Investment Banking
• Retail Banking

Latin American Digital Banking Market by Solution

• Processing Services
• Payment
• Customer and Channel Management
• Risk Management

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