letter
Dear Reader,
Few developments have disrupted banking as much as technology. The emergence of fintechs in Latin America and the Caribbean a few years ago set off a chain reaction through the industry as traditional banks raced ahead to take on the upstart challengers. Nowadays, apps and chatbots seem as common as ATMs.
In our fourth-quarter issue of LatinFinance, we explore how that technological revolution has turned into an evolution. It’s hard to find any bank in the region that isn’t undergoing a digital transformation. Most have embraced artificial intelligence, machine learning and cloud computing. Many are already hard at work designing the next generation of banking products to populate everyone’s smartphone.
It hasn’t been an easy transition. Many banks are still coping with antiquated back-office computer systems and slow-moving IT organizations, a legacy of what banking used to be. And bankers themselves complain of a culture gap. We chronicle the challenges and how some banks are responding.
This issue also recognizes accomplishments of the winners of the 2019 LatinFinance Bank of the Year awards. We single out the institutions that have demonstrated skill and leadership in areas ranging from digital and investment banking to small business lending and sustainable financing.
Felicitaciones!
Daniel Bases
Managing Editor
