Bancolombia President Apologizes for Bank's Digital Failures and Announces New System Outage
Juan Carlos Mora Uribe, president of Bancolombia. Photo: Javier Nieto / PORTAFOLIO
TL;DR
- Bancolombia's president, Juan Carlos Mora, issued an apology for recent failures in the bank's digital services.
- He admitted the bank failed its promise of ensuring money availability when needed.
- The failures were caused by a technological provider error during a planned modernization and system upgrade.
- Mora assured customers that their money and information are secure and that it was not a cyberattack.
- A new scheduled system outage is required for the provider to complete the update process.
- The bank prioritized services like ATM withdrawals, debit/credit card payments, and internal transfers during the contingency.
- Businesses were notably affected, particularly in payroll and obligation payments.
- Bancolombia commits to compensating businesses for losses incurred due to the failures.
- The bank is investing heavily in technology, with 786 billion pesos in 2025 and nearly 1 trillion pesos planned for 2026 to enhance operational continuity and mitigate risks.
- Protocols will be reviewed with technology partners and regulators to prevent future occurrences.