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Banking in Chile Consumption Trends Analysis

Behavior Change Signals

1. “Digital-First” Banking Becomes the Norm

• Description – Chilean consumers and businesses now expect to open accounts, request loans, invest and receive support primarily through mobile or web interfaces. Branch visits have become exception‐based (identity verification, complex advice).
• Drivers – Nationwide smartphone penetration > 90 %, improving broadband, pandemic-accelerated habits, strong bank and fintech app quality, lower transaction costs.
• Value-Chain Impact –
– Funding/Resource Gathering – digital onboarding simplifies account opening and deposit flows move via instant transfers.
– Financial Intermediation – end-to-end digital lending requires automated credit scoring and e-signature workflows.
– Product & Service Development & Delivery – “mobile-first” design, embedded analytics, 24/7 availability.
– Relationship Management – shift to chat-bots, video-advisory, omnichannel CRM.
– Risk & Compliance – surge in cyber-attack surface; KYC/KYB done with biometrics and remote ID-verification.

2. Inclusive Finance Imperative

• Description – Lower-income customers, migrants and micro/SMEs demand basic accounts, micro-loans and inexpensive payment instruments that fit irregular cash-flows and scant documentation.
• Drivers – Government inclusion targets, BancoEstado programs (CuentaRUT, Cuenta FAN), fintech micro-lenders, public pressure on big banks, CMF regulatory focus.
• Value-Chain Impact –
– Funding – low-ticket, high-volume deposits; need low-cost acquisition.
– Intermediation – alternative data (utility bills, mobile usage) and AI models to underwrite “thin-file” borrowers.
– Product/Delivery – simplified UX, fee-free basic accounts, agent networks, multilingual apps.
– Relationship – financial-literacy content, community outreach.
– Risk/Compliance – portfolio models for micro-credit, proportional AML/KYC.

3. Fintech-Driven Specialisation & Competition

• Description – Customers readily un-bundle services and choose specialised fintechs for payments, FX, buy-now-pay-later, SME factoring, robo-advice.
• Drivers – Fintech Law (2023), vibrant start-up scene, API-ready core systems, lower switching costs.
• Value-Chain Impact –
– Product/Delivery – banks must partner (BaaS), acquire or replicate fast; new revenue-share contracts.
– Relationship – loyalty threatened; banks cultivate ecosystems/marketplaces.
– Risk/Compliance – third-party risk management and joint consumer-protection obligations.

4. Open Finance & Customer-Controlled Data

• Description – From 2026, customers can mandate banks to share account and transaction data with licensed third parties; PISPs can initiate payments.
• Drivers – Implementing regulation of Fintech Law, CMF technical standards, global precedents.
• Value-Chain Impact –
– Funding – easier account switching raises churn risk; deposit pricing becomes more dynamic.
– Intermediation – richer data improves credit models but erodes incumbents’ informational advantage.
– Product/Delivery – API layers, consent dashboards, data-monetisation strategies.
– Relationship – trust hinges on transparency of data use; need for clear consent journeys.
– Risk/Compliance – stringent cybersecurity, privacy, liability allocation between data sharers and recipients.

5. Real-Time, Low-Friction Payments Expectation

• Description – Consumers want instant, low-cost peer-to-peer, merchant and bill payments; corporates demand real-time treasury sweeps.
• Drivers – Growth of QR payments, contactless, state-run low-value payment system upgrades, fintech wallets.
• Value-Chain Impact –
– Funding – higher intraday volatility in deposits; liquidity management tools needed.
– Product/Delivery – development of instant payment rails, request-to-pay, embedded payments for e-commerce.
– Risk – real-time fraud detection and sanction screening.

6. Alternative Data & AI-Based Credit Assessment

• Description – Borrowers consent to use telecom, e-commerce and social-data footprints; AI/ML algorithms score creditworthiness within seconds.
• Drivers – Inclusion agendas, Open Finance data, cost pressure, fintech pioneers.
• Value-Chain Impact –
– Intermediation – faster loan origination, broader reach, dynamic pricing.
– Risk – model-risk governance, bias mitigation, explainability requirements from CMF.

7. Heightened Security & Privacy Awareness

• Description – Recurrent card-fraud news and massive regional data leaks make users demand multi-factor authentication, tokenisation and clear breach notifications.
• Drivers – Media coverage, CMF tightening of operational-risk rules, global best-practice spill-over.
• Value-Chain Impact –
– All stages – security becomes a core component of value proposition; investments in SOCs, zero-trust architecture, insurance.

8. Demand for Financial Guidance & Flexibility Amid Economic Cycles

• Description – In the face of higher interest-rate volatility and cost-of-living concerns, customers seek proactive advice, flexible repayment, and savings tools.
• Drivers – 2023–24 monetary tightening, inflation episodes, media literacy campaigns.
• Value-Chain Impact –
– Product – variable-rate vs fixed-rate loan options, goal-based savings, portfolio rebalancing tools.
– Relationship – data-driven personalised nudges, hybrid (human + digital) advisory.

Summary Table of Key Findings

# Behavior Change Signal Principal Drivers Most Affected Value-Chain Stages Strategic Implications for Banks & Partners
1 Digital-First Banking Smartphone ubiquity, pandemic habits Product & Service Delivery; Relationship Mgmt; Risk & Compliance Invest in mobile UX, migrate core to cloud, strengthen cyber-security
2 Inclusive Finance Govt policy, fintech micro-lenders Funding; Intermediation; Delivery Launch basic accounts, alt-credit models, literacy programs
3 Fintech Specialisation Fintech Law, API tech Delivery; Relationship; Risk Form BaaS alliances, revamp fee structures, manage 3rd-party risk
4 Open Finance Regulation 2026, customer empowerment Funding; Delivery; Relationship; Compliance Build API gateways, data-monetise, redesign consent UX
5 Real-Time Payments Tech upgrades, QR/pay wallets Funding volatility; Delivery; Risk Develop instant rails, real-time fraud analytics
6 Alternative Credit Data AI/ML progress, inclusion push Intermediation; Risk Deploy ML scoring, ensure fairness, update provisioning models
7 Security & Privacy Focus Rising fraud, CMF rules All Zero-trust security, customer education, cyber-insurance
8 Need for Guidance & Flexibility Economic swings Product; Relationship; Risk Offer flexible terms, predictive advice, stress-test portfolios

References

  1. Acceso a productos y servicios bancarios – Centro Nacional de Estudios Migratorios. https://migraciones.utalca.cl/wp-content/uploads/2023/11/Acceso-productos-servicios-financieros-poblacion-migrante-refugiada-Chile.pdf
  2. Balance económico 2024 y desafíos para 2025 – Escuela de Administración y Negocios. https://administracionynegocios.uai.cl/noticias/balance-economico-2024-y-desafios-para-2025/
  3. Banking in Chile Current Behavior Changes Analysis (internal synthesis).
  4. Banking in Chile Emerging Consumption Needs Analysis (internal synthesis).
  5. CMF issues regulation amending Information Systems Manual Files. https://www.cmfchile.cl/institucional/secciones/sala-de-prensa/novedades/novedades_banca/2024/comunicado_14102024.html
  6. Ley Fintech in Chile: A promising scenario for the industry and growth towards financial inclusion – Dock. https://www.dock.tech/en/blog/ley-fintech-chile/
  7. Política monetaria y financiera en Chile: Desafíos para este 2025 – PwC. https://www.pwc.cl/cl/es/sala-prensa/publicaciones/pwc-en-los-medios/2025/politica-monetaria-financiera-chile-desafios-2025.html
  8. Productos bancarios – CMF Educa. https://cmfeduca.cmfchile.cl/productos-bancarios/
  9. Tipos de Productos Financieros – Scotiabank Chile. https://www.scotiabank.cl/Personas/Productos-financieros
  10. Unlocking the Fintech Law: Open Finance in Chile – Konsentus. https://www.konsentus.com/insights/unlocking-the-fintech-law-open-finance-in-chile/