More cell phones, fewer ATMs!
Columnista Portafolio 03.15.2026 16:46 Updated: 03.15.2026 16:46
TL;DR
- Digitalization plays a central role in economic development and has accelerated productivity growth through the adoption of digital technologies.
- The mass adoption of mobile devices and increased global connectivity have been key drivers of digital transformation in banking.
- The COVID-19 pandemic led to a significant increase in internet usage, with millions gaining access for the first time.
- Digital banking solutions allow customers to perform various operations like transfers and bill payments remotely.
- The use of digital channels in Colombian banking has grown substantially, becoming 3.6 times more frequent than in-person channels by 2023.
- Digitalization reduces transaction and operational costs for both users (less travel and waiting time) and banks (automation and lower marginal costs).
- Studies indicate that digitalization can reduce bank cost structures by 40% to 90% in the medium term.
- Accepting cash and checks is more costly for businesses in Colombia than processing digital payments.
- Limited connectivity in certain regions poses a challenge to the full realization of these digital benefits.