Banking in Colombia Customer Challenges and Pains Analysis¶

Challenges and Pains faced by Customers¶

Based on the analysis of the provided reports, the main challenges and pains faced by customers in the Colombian banking sector during 2024 and 2025 are related to financial burden, limited access to formal financial services, suboptimal customer service, and the impact of prevailing macroeconomic conditions.

A significant pain point for both individual and business customers, particularly SMEs, is the deteriorating credit quality and increased delinquency rates. This indicates that customers are facing difficulties in meeting their debt obligations, leading to financial stress and potential exclusion from future credit access. This challenge is amplified for individuals burdened by debt.

Another crucial pain is the persistent financial inclusion gap. A considerable segment of the Colombian population remains unbanked or underbanked, lacking access to formal financial products and services tailored to their specific needs, especially those operating within the informal economy. This limits their opportunities for saving, accessing credit for productive activities (like microcredit), and utilizing efficient payment systems.

Customer service reengineering being identified as a top challenge for 2025 suggests that customers are experiencing pain points related to their interactions with banks. This could stem from issues with the efficiency, personalization, or seamlessness of service delivery across different channels (physical and digital). Meeting heightened customer expectations for a unified and positive experience remains a challenge for banks.

While primarily an industry challenge, the impact of high interest rates translates into a direct pain for customers. High rates increase the cost of borrowing for individuals seeking retail or mortgage loans and for businesses requiring commercial credit, potentially limiting their access to financing and increasing the burden of existing debt.

Furthermore, while digital banking is expanding rapidly, challenges related to the digital experience and access can still be pain points for some customers. This includes ensuring user-friendly and secure platforms for all users, potentially addressing digital literacy gaps, and ensuring reliable access to the necessary technology and infrastructure, particularly in underserved areas.

Prioritized table of challenges and pains¶

Based on the emphasis in the provided reports regarding their impact on both customers and the banking sector's performance and strategic focus for 2025, the challenges and pains can be prioritized as follows:

Priority	Challenge/Pain	Description	Impact on Customers
1	Deteriorating Credit Quality and Increased Delinquency	Rising number of individuals and businesses (especially SMEs) struggling to repay loans.	Financial stress, difficulty managing debt, potential negative impact on credit history, reduced access to future credit.
2	Financial Inclusion Gap	Significant portion of the population (unbanked/underbanked) lacking access to formal financial services and tailored products.	Limited opportunities for saving, accessing needed credit (e.g., microcredit), participating fully in the formal economy.
3	Suboptimal Customer Service / Need for Service Reengineering	Challenges in meeting customer expectations for efficient, personalized, and omnichannel service.	Frustration with banking interactions, lack of seamless experience across channels, potential impact on trust and loyalty.
4	Impact of High Interest Rates	Increased cost of borrowing due to macroeconomic conditions.	Higher cost for new loans, increased burden of existing debt, potential limitation on access to credit for individuals and businesses.
5	Digital Experience and Access Challenges	Need for continuous improvement in user-friendliness, security, and accessibility of digital banking platforms.	Difficulties for some users in navigating digital platforms, concerns about security, potential exclusion for those with limited digital access.

Correlation with Value Chain¶

These challenges and pains faced by customers are directly correlated with specific steps and segments within the banking value chain in Colombia:

Deteriorating Credit Quality and Increased Delinquency: This pain is most directly correlated with the Colocación (Lending) step of the value chain. Rising delinquency rates impact the Retail Lending (consumer, mortgage) and Commercial Lending (especially SME) segments. This creates a bottleneck in the core lending process for banks, leading to higher provisions and potentially restricting the availability of credit for new borrowers. For customers, it means facing difficulties in the repayment phase of their interaction with the lending segment.
Financial Inclusion Gap: This challenge is primarily correlated with the initial steps of the value chain: Captación (Funding) and Colocación (Lending), specifically the Retail Deposits and Microcredit segments. The pain for unbanked and underbanked individuals lies in their limited or non-existent interaction with these segments, being unable to easily open accounts, save formally, or access small loans for productive purposes. Addressing this requires developing accessible products and channels within these value chain steps.
Suboptimal Customer Service: This pain point affects customer interactions across multiple steps of the value chain, including Captación (account opening, managing deposits), Colocación (loan application and management), and Servicios Financieros Especializados (accessing and using various specialized services). Poor customer service can create friction at any point of contact within the banking value chain, impacting customer satisfaction and retention regardless of the specific product or service being used.
Impact of High Interest Rates: This challenge has a significant correlation with the Colocación (Lending) step, directly impacting the cost of products within the Retail Lending, Commercial Lending, Mortgage Lending, and Microcredit segments. It also indirectly affects the Captación (Funding) step as banks may offer higher deposit rates in a high-interest environment, but the primary customer pain relates to the increased cost of borrowing.
Digital Experience and Access Challenges: These pains are strongly correlated with the increasing importance of Digital Banking/Fintech within the Servicios Financieros Especializados step, but also impact digital interactions within Captación (online account opening, digital deposits) and Colocación (online loan applications). The pain is experienced by customers who find digital platforms difficult to use, lack reliable internet access, or have concerns about online security, hindering their ability to effectively utilize digital channels across various banking activities.

These correlations highlight how customer challenges and pains are not isolated issues but are deeply intertwined with the operational processes and service delivery within the Colombian banking value chain. Addressing these pain points requires targeted efforts within the relevant value chain steps to improve accessibility, affordability, and the quality of customer interactions.

References¶

Asofiduciarias. Negocios Fiduciarios | Asociación de fiduciarias de Colombia. Retrieved from https://asofiduciarias.org.co/negocios-fiduciarios/
Banco de la República. Riesgo de crédito - Informe especial de Estabilidad Financiera - Abril 2025. Retrieved from https://www.banrep.gov.co/es/riesgo-credito-informe-especial-estabilidad-financiera-abril-2025
Foro Económico Mundial. (2024, August 13). La estrategia digital de Colombia contribuye a la inclusión financiera | Foro Económico Mundial. Retrieved from https://es.weforum.org/agenda/2024/08/estrategia-digital-colombia-inclusion-financiera/
Infobae. (2024, May 21). Los colombianos están ahogados en deudas, un informe indicó que aumentaron los morosos. Retrieved from https://www.infobae.com/colombia/2024/05/21/los-colombianos-estan-ahogados-en-deudas-un-informe-indico-que-aumentaron-los-morosos/
Minhacienda. (2024, August 16). Gobierno promoverá colocación de un millón de operaciones de crédito para colombianos que no tienen acceso a financiación formal. Retrieved from https://www.minhacienda.gov.co/webcenter/portal/Prensa/Noticia?id=457
S&P Global. (2025, January 31). Análisis de Riesgos de la Industria Bancaria por País: Colombia - S&P Global. Retrieved from https://www.spglobal.com/ratings/es/research/articles/250131-bank-industry-risk-analysis-colombia-12868310
Superintendencia Financiera de Colombia. Informe Establecimientos de Crédito corte enero 2025. Retrieved from https://www.superfinanciera.gov.co/inicio/analisis-y-estudios/sector-financiero/informe-establecimientos-de-credito-corte-enero-2025-10208323
Latinpyme. (2025, February 4). Reingeniería del Servicio al Cliente: El Reto Top para el Sector Bancario en 2025. Retrieved from https://latipyme.com/reingenieria-del-servicio-al-cliente-el-reto-top-para-el-sector-bancario-en-2025/