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Banking in Colombia Emerging Consumption Needs Analysis

Impact of Behavior Changes

Based on the analysis of current behavior changes in Colombia during 2024 and 2025, several shifts in customer consumption behavior are significantly influencing the banking value chain and giving rise to new and evolving consumption needs.

A primary driver of change is the accelerated digital adoption. Customers are increasingly moving their financial interactions to digital channels, such as mobile banking apps and online platforms. [Context] This is evident in the widespread adoption of digital wallets like Daviplata, which serves millions of users for deposits and payments. [Context] This shift is not limited to basic transactions; there's a growing expectation for a full range of banking services to be available digitally, including account opening, loan applications, and access to specialized financial products. The upcoming implementation of Bre-B, the interoperable fast payment system, will further solidify the preference for real-time digital transactions. [Context]

Closely linked to digital adoption is the ongoing push for financial inclusion. Digital channels are proving crucial in reaching previously underserved populations, particularly in rural areas and among specific demographic groups. [Context, Context] This behavioral change involves more individuals entering the formal financial system and seeking access to basic financial products and services they previously lacked.

Changes in the economic environment have also impacted consumption behavior, particularly regarding credit. Elevated interest rates and economic uncertainty in 2024 led to a slowdown in credit demand and an increase in loan delinquency rates, influencing borrowing behavior and repayment capacity. [Context, Context] However, projections for 2025 anticipate lower interest rates and economic recovery, potentially leading to a rebound in demand for both consumer and commercial credit. [Context] This suggests a behavior change towards increased borrowing when conditions are perceived as more favorable.

Furthermore, customer expectations are evolving rapidly. Influenced by experiences in other digital sectors, banking customers now demand hyper-personalization, instant service delivery, and seamless transitions between digital and physical channels (omnichannel experience). [Context, Context] There is also a growing need for digital security and trust in online financial interactions.

Finally, payment behavior is gradually shifting away from a heavy reliance on cash towards increased use of digital payment methods like debit cards, credit cards, and mobile wallets, especially for online purchases. [Context]

These behavioral changes collectively point towards a customer base that is becoming more digitally empowered, more financially included, more sensitive to economic conditions in their borrowing decisions, and more demanding in terms of service quality, speed, and personalization.

Emerging Consumption Needs:

As a direct consequence of these behavior changes, several consumption needs are emerging or becoming more prominent within the Colombian banking landscape:

  1. Need for Seamless and Intuitive Digital Platforms: Customers require banking apps and websites that are easy to navigate, reliable, and secure for conducting a wide range of transactions and accessing information without friction.
  2. Demand for Personalized Financial Solutions: Generic products are less appealing. Customers expect tailored offers for loans, credit cards, investment products, and even financial advice based on their individual spending habits, financial goals, and risk profiles.
  3. Requirement for Real-Time Payment Capabilities: The expectation is for instant funds transfers and payments across different banks and platforms, facilitated by systems like Bre-B.
  4. Need for Accessible and Low-Cost Basic Financial Services: For newly included populations, there is a significant need for simple, low-cost accounts and digital payment options that meet their basic transactional and savings needs.
  5. Desire for Flexible and Digitally Accessible Credit: Customers seek credit products that can be easily applied for and managed online, with potentially more flexible terms, especially in the microcredit and consumer segments.
  6. Need for Enhanced Digital Security and Trust: As digital interactions increase, customers need assurance that their data and funds are secure, requiring banks to invest heavily in cybersecurity and transparent communication.
  7. Preference for Omnichannel Service: While digital is preferred for many tasks, customers still value the option of interacting through other channels (phone, branch) for complex issues or personalized support, requiring integrated service models.
  8. Demand for Financial Education and Support: Particularly for newly included or digitally less savvy customers, there is a need for accessible resources and support to help them effectively use digital banking tools and manage their finances.

These emerging needs require banks to adapt their strategies across the value chain, focusing on digital innovation, customer-centricity, risk management in a digital context, and expanding their reach while maintaining security and trust.

Potential Impact of Emerging Consumption Needs on the Value Chain

The identified emerging consumption needs have a significant potential impact on the different steps of the banking value chain in Colombia:

Value Chain Step Potential Impact of Emerging Consumption Needs
Captación (Funding) Increased Digital Deposit Volumes: Seamless digital platforms and accessible low-cost accounts drive higher deposit volumes through digital channels.
Reduced Branch Reliance: Lower demand for traditional branch-based deposit services impacts branch network strategy and costs.
Product Innovation: Need for new digital deposit products with features like instant access or gamified savings.
Colocación (Lending) Growth in Digital Lending: Demand for digital loan applications and management boosts online lending platforms, especially for consumer and microcredit.
Data-Driven Credit Assessment: Need for sophisticated data analytics and AI for personalized offers and improved digital credit scoring models to manage risk.
Flexible Product Development: Creation of credit products with features tailored to digital access and potential demand for flexible repayment options.
Gestión de Tesorería Faster Fund Flows: Real-time payment systems necessitate more dynamic and real-time liquidity management by treasury departments.
New Investment Opportunities/Risks: Management of funds from diverse digital sources and potential investment in technology infrastructure.
Data Utilization: Treasury can leverage data from digital transactions for better forecasting and risk management.
Servicios Financieros Especializados Expansion of Digital Service Offerings: Growth in demand for digital payments, transfers, and other specialized services delivered via apps and online platforms.
Personalization at Scale: Need for AI and machine learning to deliver personalized investment advice, wealth management recommendations, and product offers digitally.
Increased Competition: Fintechs and Open Finance drive the need for continuous innovation and competitive pricing in specialized digital services.
Focus on Cybersecurity Services: Growing importance of offering robust digital security features and education to customers.

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