The dynamics of the Colombian financial consumer have undergone significant changes as a result of the pandemic and the growing adoption of financial technologies. In the year 2023, the impact of the health crisis has accelerated a transformation that was already in the making, evidencing a transition towards the intensive use of digital financial services.

The Drive for Financial Digitalization

While it is true that the pandemic acted as a catalyst, it is important to note that the adoption of digital channels was already on the rise. According to the EY Future Consumer Index study, 46% of respondents shifted their behavior toward digital, with 59% opting to use online banking services more than physical branches.

This paradigm shift is not simply a temporary response to circumstances, but rather a sustained evolution that is here to stay. The Colombian financial consumer has demonstrated a predisposition to interact with financial institutions digitally, transforming the way they manage their accounts and conduct transactions.

Concerns of the New Financial Consumer

However, this change is not without its challenges and concerns. Information security is at the heart of users’ concerns. Although the adoption of digital channels has increased, full trust has not yet been consolidated, evidencing a forced adoption with a degree of distrust.

Additionally, the relationship between consumers and financial institutions has undergone transformations. The difficulty of accessing branches in person has affected trust, as consumers are forced to use impersonal communication channels, reducing the perceived quality of service.

The Evolution of the Banking Customer Taxonomy

The diversity of Colombian banking customer profiles has evolved. From the conservative who seeks direct contact, to the hyper-digitized who embraces the latest technologies, banking faces the task of satisfying the diverse needs of these segments.

• The Conservative: Patience and a gradual transition are key for these customers. Personalized attention remains critical.
• The Practical: With a minimal focus on banking interactions, this customer values efficiency and product customization.
• Carelessness: Convenience is your priority. Tools that simplify processes and plan expenses are essential.
• The Stressed: Automation and agility are crucial to maintain financial control of these customers.
• The Hyperdigitalized: Constant innovation and continuous updating are essential to meet their demands.

The Key: Customer Experience

Despite the differences between these profiles, they all share the need for a solid and complete platform that offers excellent usability. Customer service, security and personalization emerge as key elements to meet the expectations of the Colombian financial consumer in this new scenario.

Looking ahead to 2024, a scenario is envisioned in which financial institutions must continue to innovate and adapt as consumer expectations and behaviors evolve. Those that manage to provide exceptional experiences and secure solutions will be the leaders in this financial transformation in Colombia.

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Sources: Computing, Repositorio UTB y Sopranodesing.