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2025 Perspectives On The Financial Industry

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2025 Perspectives On The Financial Industry

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Patrick Peres

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INFINITE ADAPTATION: THE CODE

2025 Perspectives
on the Financial
Industry
77 banking leaders from LatAm share their insights
on the main challenges and opportunities for
banking in 2025 and beyond.
Ray
Ruga
CEO
Fintech Americas

Introduction
Welcome to Fintech Americas' 2025 Contributors Report, a definitive resource
capturing the pulse of what propelled financial innovation across the Americas in
2024 and a look ahead at the themes poised to reshape our industry in 2025.

Why this report? Simple. With a rapidly evolving landscape, understanding where
we’ve been is as crucial as where we’re headed. In that spirit, we gathered
insights from over 75 industry experts, each bringing a unique vantage point to
the challenges, opportunities, and innovations shaping finance today. These
contributions go beyond trends—they are the building blocks of the Fintech
Americas Miami 2025! conference, guiding our track themes and setting the
stage for essential conversations on the future of finance.

This year’s report isn’t just a snapshot; it’s a deep dive. From AI and digital
payments to lendtech and wealth management, the topics explored reflect the
real issues and innovations that will impact our work, lives, and communities.
The insights provided by our contributors enable us to move beyond
surface-level discussions and offer a nuanced view into how our industry can
navigate the road ahead.

In this Contributors Report, we aim to distill the past year’s pivotal moments and
provide a thoughtful outlook on 2025. It’s a reflection of the collective intelligence
of our community—a look at where the industry is heading and a toolkit for
navigating the next wave of financial transformation.
Joe
Worthington
Director of Programming
Fintech Americas

A small thank you…

As Director of Programming for Fintech Americas, I’m privileged to work
alongside a remarkable board of over 90 contributors who are the beating heart
of our agendas. Each contributor brings invaluable, first-hand insights from
across the Americas, helping me craft content that’s not only relevant but
forward-thinking. From sharing knowledge and emerging trends to shaping new
experiences for our virtual and in-person events, they bring perspectives that
make Fintech Americas a true industry catalyst.

Their expertise and dedication go beyond the call of duty, and together, we’re
driving the fintech industry forward.

Thank you to all our contributors for your endless support and partnership, both
personally and professionally.
Marcelo
Fondacaro
Chief Commercial Officer

What’s Coming for the

Financial Industry in 2025?
In a world that demands rapid, secure, and intelligent innovation, the financial industry faces the
challenge of expanding its impact, particularly in serving businesses. While solutions for end
users have evolved, organizations still encounter significant barriers to the widespread and
efficient adoption of digital banking services.

Key issues include inadequate digital channels, a high dependency on banking executives,
requirements for physical documentation, and frequent visits to branches. This results in a
corporate banking experience that, according to nearly half of SMEs in Latin America and the
Caribbean, lags behind personal banking experiences.

To address this, the transition must focus on a fully digital model, overcoming system
fragmentation by investing in robust, scalable technological platforms designed for operational
optimization.

One of the biggest challenges for businesses is onboarding, which involves multiple layers of
validation and regulatory requirements. The solution lies in automating and digitizing these
processes to reduce friction and response times without compromising security.

Moreover, businesses aren’t seeking generic products but rather tailored financial solutions -
from dynamic credit lines to advanced tools for treasury management, collections, and human
resources, among others.

Given this landscape, a promising way to tackle this transformation is through partnerships
between financial institutions and robust technology companies. These collaborations speed up
the production of digital solutions and make it easier for banks to address this challenge. At the
same time, banks can avoid facing a lack of staff or a shortage of professional skills, particularly
in IT and cybersecurity.
The most visionary minds and industry
leaders from across the region are now right
at your desktop.

At Fintech Americas, we've brought together an outstanding panel of Contributors—experts who

offer unique perspectives on the challenges and opportunities in Latin America’s financial
services sector. These leaders share their insights through articles, whitepapers, live programs,
and in-person events, empowering the entire community to gain a deeper understanding of
trends and prepare for the future.

From the metaverse and cybersecurity to customer experience and tech migration, each
contributor brings a fresh perspective on today’s most relevant topics. Our goal is to collectively
drive a more agile, efficient, and inclusive industry.

In this document, explore their insights and predictions for 2024 and 2025, and discover how the
ideas of these experts can help accelerate digital transformation in the sector, paving the way for
an innovative financial future in Latin America.

We extend a special thanks to our contributors and to the entire community. As we always say, it’s
thanks to people that we create a more united industry.
01 AI, DATA & MACHINE LEARNING 05 THE NEW CONSUMER

Daniela Leon C Graham E. Tercero

Senior Manager de Pricing Banco de Crédito del Perú y Chief Innovation Officer, LAFISE (Nicaragua)
COE Pricing Credicorp, (Perú)
Pedro Moura
Tito Pablo Neira Avila Co-Founder & CEO, Flourish FI (USA)
Chief Data Strategy Officer, ADL Digital Lab (Colombia)

Jose Gleiser
Director Automatización, Scotiabank (Chile)
06 LEADERSHIP
Ruben Dario Vargas Vasquez
Chief Data & Analytics Officer, Nequi (Colombia)
Alejandro Bustillos Meneses
CEO, Banco Ecofuturo S.A. (Bolivia)
Luis Enrique Arias
AVP Strategy & Innovation, Banco Aliado (Panama)
Herbert Hernandez
CEO, Bantrab (Guatemala)

Michel Caputi
02 TECHNOLOGY & INFRASTRUCTURE Strategic Alliances Manager - Team Lead Manager ZIGI,
Banco Industrial - ZIGI (Guatemala)

Javier Hidalgo
VP Regional Tecnologia, Grupo Promerica (Latam)
07 CULTURE, PEOPLE & SKILLS
Eliseo Ramirez
Director Software Solutions & Digital, Scotiabank
(Costa Rica) Alejandro Gómez Fernández
Vicepresidencia de Talento y Cultura, Banco Agricola
Diego H Salama (El Salvador)
CTO, Digital@Femsa (Global)
Monica Tamacas
Ronny Samuel Ramirez VP Human Resources, Banco Atlantida El Salvador
Gerente Infraestructura TI, Banco ADOPEM (El Salvador)
(Republica Dominicana)
Ramiro Gonzalez Forcada
Javier Ramirez Co-Founder & CEO, The Flock (Americas)
Chief Digital Officer, Banrural (Guatemala)

Xavier Alberto Carrera Maquenzie

CISO, Banistmo (Panamá)
03 DIGITAL PAYMENTS

Nano Rodriguez 08 CYBERSECURITY & RISK

Head of Strategic Alliances, Bisto (Americas)

Arnoldo J. Reyes Javier Garcia

General Manager - MoneyGram Business, MoneyGram Gerente Corporativo ROT, Pichincha Corp (Ecuador)
(USA)
Xavier Alberto Carrera Maquenzie
Carlos Brandt CISO, Banistmo (Panamá)
Head of Pix Management & Operation,
Banco Central do Brasil (Brasil)
José Moscoso Naranjo
Jefe de Continuidad del Negocio, Banco del Austro
(Ecuador)

04 LENDTECH Aristides Cavalcante

Head of Strategic Management & Specialized
Supervision Department. Central Bank of Brazil (Brasil)
Claudia Tobar
Co Founder, Chief Impact & Education Officer, Kamina Eddy Fortoul
(Ecuador) CISO, Banco General (Panamá)

Fagner Abreu Manuel Iturrizaga

Credit Risk Officer, Bradesco (Brasil) CISO, Ransa (Perú)

Arturo Flores-Márquez
Head of Strategy, Angel Investor & Fintech Expert
(México)
09 IDENTITY, KYC & FRAUD 13 FINTECH, VC & INVESTMENT

Emerson Chavez Denisse Cuellar

Líder de Ciberseguridad, Banco Ganadero S.A. (Bolivia) Open Innovation Leader, Banco de Crédito del Perú
(Perú)
Elier Alfaro
CISO, Banco BICE (Chile) Cristobal Perdomo
General Partner & Co-Founder, Wollef (México)
Daniel Fonseca Calderón
Head of IT Infrastructure, Grupo Mutual (Costa Rica)

Javier Andres Tepedino 14 WEALTHTECH

CISO, Banco del Sol (Argentina)

Brian Frey Lester Pereira

Head of Product & Innovation, Zenus Bank International Founder & CEO, TraderPal (Latam)
(Americas)

Roxana Corla
Facundo de Pina
SVP - International Wealth Advisor, Merrill Lynch (USA)
CISO, Banco Comafi (Argentina)

Santiago Tamayo Daza

CEO, Santa Maria Investment Group (Colombia)

10 FINANCIAL INCLUSION

Manuel Velarde 15 OPEN BANKING & API ECONOMY

Presidente, Instituto Transformación Digital
para el Desarrollo - TDD (Perú)
Ana María Tobar
Fidel Durán Pitarque Chief Operating Officer, ADL Digital Lab
Gerente General, Banco Solidario (Ecuador) (Colombia)

Diego Fuentes Pedro Zegers

Gerente Nacional de Innovación, Banco Union (Bolivia) Head of Open Banking, BCI (Chile)

David Topete Salmorán Pablo Viguera

Chief for Financial Inclusion, Banco del Bienestar Co-CEO & Co-Founder, Belvo (México)
(México)
Christian Eloysio dos Santos Silva
Product Manager, Raidiam (Brasil)

Gabriel Pereira
11 CORPORATE BANKING Founder, Let’s Media (Brasil)

Nathalie Angulo
Coordinator at Kuara & Senior Vice President,
Global Bank Corp (Panamá) 16 DIGITAL BANKING, NEOBANKS
& CHALLENGER BANKS
Elizabeth Moncada
Head Commercial, Círculo de Crédito (México)
Rafael Bello
Claudia Sotelo Director General de Nuevos Negocios,
Head of Financial Innovation Hub, Grupo Salinas Panamá (Panamá)
Financial Market Commission (Chile)
Carlos Mojica
Vicepresidente Innovacion y Transformacion Digital,
Banco Nacional de Bolivia SA (Bolivia)

12 REGTECH & COMPLIANCE Juan M. Gustale Cardoni

Presidente, ueno bank (Paraguay)

Aldo Ariel Rios

Carlos Vides
Professional Economist & Banker (Panamá)
e-Banking Manager, Banco Industrial (Guatemala)

Erick Rincon Cardenas Carlos Marmolejo Trujillo

Director TICTANK Universidad del Rosario (Colombia) CEO, FINSUS (México)

Thais Garcez Lima de Mendonca

Head of Regulatory - LATAM, Stripe (Brasil)

Gabriel Gomez-Giglio
Chair of the Latin America Banking & Finance
Practice, Baker McKenzie (Latam)
17 WEB3, ROBOTICS & BEYOND 20 RETAIL, ECOMMERCE
& DIGITAL ECOSYSTEMS
Walter Pereira
Founder, W Fintechs (Brasil) Martin Bravo
Director, Deloitte (México)
Santiago Barrera
COO, Aerialoop (Colombia) Fernando Velazquez
CTO Digital Transformation & Innovation Director,
Walmart de México y Centroamérica (México)

18 BLOCKCHAIN & CRYPTOCURRENCY Luis Miguel Zapata Herrera

VP Digital Ecosystems, Bancolombia (Colombia)

Juan Pablo Ramirez Herrera Gudy Steven Toledo Castellanos

Chief Product Officer, Wenia (Colombia) Jefe de Estrategia de Ecosistemas, Bam - Banco
Agromercantil (Guatemala)
Ernesto Alfredo Fasola
Jefe Departamento, Banco de la Nación Argentina Nayura Rojas Herrera
(Argentina) AVP Innovation & Product, AT&T Mexico (México)

Maximillian Jungreis
Head of Crypto & Digital Assets, Plug & Play Ventures
(USA)

Paul Brody
Global Blockchain Leader, EY (USA)

19 INSURTECH

Juan Mazzini
Director, Celent (USA)

Hernán Fernández
Director, 100% Seguro (Argentina)

Ricardo de Almeida
Managing Director - Mercer Marsh Benefícios Latin
America & Caribbean, Marsh McLennan (Americas)

Apply to Become a Contributor

For more information, visit www.fintechamericas.co/en/community
Category
01

AI, DATA
& MACHINE
LEARNING

AI is transforming our world! AI is redefining financial services, unlocking new ways

to enhance agility, efficiency, and personalization. In 2025, we’ll see AI empowering
institutions to streamline processes and meet customer demands with precision.
As an essential tool for modernizing finance, AI will continue driving a more
inclusive and accessible financial landscape that’s responsive to rapid change.
Daniela
01 . ARTIFICIAL INTELLIGENCE

Leon C
Senior Manager de Pricing
Banco de Crédito del Perú
y COE Pricing
Credicorp,(Perú)

QUESTION 1 QUESTION 2
From your perspective, how have developments Based on the 2024 trends, what is your outlook
in AI, Data, and Machine Learning evolved, and for 2025 and what do you think will be the
what impact have they had on the industry in primary challenge or opportunity for the
Latin America? industry in 2025 within AI, Data & Machine
Learning, and how should they prepare for it?
Digital transformation in the financial industry
used to measure progress in years, while AI Today, it’s almost expected that customers
project evolution is now tracked in months. Will want their financial institutions to recognize
we eventually reach a stage where progress is them with personalized communication and
measured in days? In Latin America, Machine offers. However, most companies are still
Learning has been advancing at a rapid pace, focused on product-level execution, with fewer
with notable successes this year in developing adopting a truly customer-centered approach.
advanced risk models using alternative big
data to provide credit access to previously In 2025, we should see major advances in
underserved populations. personalization, using recommendation
systems not only for new product acquisition
The same trend applies to monetization models but also for financial guidance. Achieving this
based on reinforcement learning in will require investment in data and technology,
transactional products like foreign exchange, as the customer base is increasingly digital and
where profitability increases of over 20% have less tolerant.
been recorded. Additionally, fields like computer
vision for secure user authentication and natural The main challenge I foresee for 2025 will be
language processing for customer service cost potential job displacement due to the
reduction—aiming for efficiencies of up to proliferation of operational efficiency and
40%—are now considered essential. automation projects. This may deepen existing
social class disparities in Latin America,
However, significant challenges remain for although it could also open opportunities for
smaller financial institutions with limited new specialized roles. In this context,
budgets to join this wave. Larger companies, organizations play a crucial role in providing
driven by either genuine conviction or FOMO, upskilling mechanisms to keep their employees
have robust AI project pipelines, while others active in the workforce as AI continues to evolve.
continue to encounter barriers to advancing AI
projects, starting with data limitations.
Tito Pablo
01 . ARTIFICIAL INTELLIGENCE

Neira Avila
Chief Data Strategy
Officer,
ADL Digital Lab
(Colombia)

QUESTION 1 QUESTION 2
From your perspective, how have developments Based on the 2024 trends, what is your outlook
in AI, Data, and Machine Learning evolved, and for 2025 and what do you think will be the
what impact have they had on the industry in primary challenge or opportunity for the
Latin America? industry in 2025 within AI, Data & Machine
Learning, and how should they prepare for it?
The evolution of AI, data, and machine learning
has had a profound impact in Latin America, By 2025, the vision for AI, Data, and Machine
especially within the financial industry. In recent Learning in Latin America centers on
years, Artificial Intelligence and machine consolidating data strategies that enable
learning have empowered companies not only informed decision-making and enhance
to analyze vast amounts of data but also to operational efficiency across key sectors,
improve operational efficiency, enable especially finance. With increasingly accessible
real-time decision-making, and drive technologies, companies have the opportunity
innovation in financial products and services. to leverage predictive and machine learning
models to personalize services and create
In Latin America, these advancements are innovative products.
experiencing rapid adoption, particularly in
sectors like banking, where data technology The primary challenge is to integrate and
has become a cornerstone for competing in a manage these technologies effectively within a
highly regulated and digitally transforming highly regulated and complex environment,
landscape. The implementation of effective where a lack of consensus on success metrics
data strategies in the region is driven by the and data strategy definitions still limits AI’s full
need to enhance decision-making, optimize potential. Additionally, the rapid evolution of
operations, and effectively manage regulatory frameworks demands that
risks—especially given the growing volume and companies keep their technology infrastructure
complexity of data. and data practices both compliant and aligned
with these shifts.
However, regulatory frameworks and a lack of
consensus on definitions and success metrics To meet this challenge, organizations need to
for data strategies present challenges, calling invest in robust, adaptable infrastructure, foster
for stronger alignment between technology, a strong data management culture, and ensure
business objectives, and customer experience strategic alignment between technology and
across the region. business objectives. This approach will not only
support effective AI implementation but also
enable a flexible response to regulatory
changes and drive greater value from data.
Jose
01 . ARTIFICIAL INTELLIGENCE

Gleiser
Director
Automatización,
Scotiabank
(Chile)

QUESTION 1 QUESTION 2
From your perspective, how has developments Based on the 2024 trends, what is your outlook
within AI, Data & Machine Learning evolved and for 2025 and what do you think will be the
what has been the impact on the industry in the primary challenge or opportunity for the
Americas? industry in 2025 within AI, Data & Machine
Learning, and how should they prepare for it?
In the Americas, AI, Data, and Machine Learning
have seen significant advancements, with Looking ahead to 2025, the primary challenge
notable successes in the region. However, many will be demystifying AI. The term “AI” is broad
implementations have been more noise than and often misunderstood, leading to misaligned
substance, often costing more than the benefits expectations and implementations. To harness
they deliver. AI’s full potential, we need to clearly define and
communicate what AI is and identify specific
It’s encouraging to see the industry investing in use cases that can benefit from its application.
these technologies, but the challenge remains This clarity will help organizations focus their
to extract real, tangible benefits. In Latin efforts and investments more effectively.
America, the high costs associated with these
technologies can quickly escalate and call kill Additionally, organizations must understand
our business cases due to our unique social and that these technologies won’t solve 100% of
economic realities. Additionally, regulatory tasks. Designing processes that enable proper
differences in each country pose a challenge human and machine interaction is crucial. We
for global organizations. need to bring these concepts closer to business
and operational lines, where people can
Despite these challenges, there have been harness these new capabilities and take pride
successful applications of new trends like in using them, much like we did with computers,
generative AI. However, this technology is more the internet, and smartphones. The industry
dependent on the cloud, which ties back to the must continue to invest in training and
regulatory and cost challenges mentioned development to build a workforce capable of
earlier. The key to future success lies in leveraging these technologies. Regulatory
executives understanding the value of these differences in each country will remain a
technologies and setting clear, achievable challenge, but the opportunity lies in those who
objectives that leverage AI’s potential to can master the capabilities of generative AI and
transform business processes. new AI based technologies to drive innovation
and efficiency, ultimately redefining how
businesses operate in the financial sector.
Ruben Dario
01 . ARTIFICIAL INTELLIGENCE

Vargas Vasquez
Chief Data &
Analytics Officer,
Nequi
(Colombia)

QUESTION 1 and creating value for customers. With the digital

From your perspective, how has developments transformation driven by fintech, personalized
within AI, Data & Machine Learning evolved and service has declined, despite being a highly
what has been the impact on the industry in the valued feature for users. This is where I see the
Americas? potential for AI, particularly generative AI: to serve
as a "personalized banker," providing a closer and
The use of Artificial Intelligence (AI), particularly more valuable experience for our customers.
Machine Learning (ML), is not new in the
financial sector. In fact, this industry has been at QUESTION 2
the forefront of using ML techniques for credit Based on the 2024 trends, what is your outlook
risk estimation. However, the current trend for 2025 and what do you think will be the
seems to be almost entirely focused on primary challenge or opportunity for the
generative AI. While these new technologies are industry in 2025 within AI, Data & Machine
exciting, it’s important to highlight that the value Learning, and how should they prepare for it?
we gain from traditional AI methods, such as
classical ML, is still significantly higher. For those In 2025, I anticipate that AI and ML will be
interested in AI, I encourage you to explore increasingly integrated into organizations’
proven ML techniques applied to payment strategic processes, not only for automation but
capacity estimation, credit risk scoring, fraud also for personalization and delivering unique
detection, as well as segmentation and value to customers. We will take bold steps in
recommendation models. It’s not a matter of automation, as unstructured data—especially
choosing one over the other; both are essential. language—becomes a crucial part of our value
chain in the financial sector. A key trend will be
When it comes to generative AI, we must the convergence of generative AI and traditional
remember that, like other advanced AI systems, ML, where both technologies complement each
it is fundamentally data-driven. Although we are other to provide more comprehensive solutions.
witnessing rapid advancements in developing Additionally, ethics and transparency in AI
increasingly sophisticated models, the real usage will be central themes, influenced by
challenge lies in the quality of the data these stricter regulations and growing user concerns
models utilize. There is still much work to be about privacy and data handling.
done in managing unstructured data and
documenting processes to enable generative AI We will start to see generative AI tools become
to use them effectively. The best AI solutions are part of our daily toolkit, much like spreadsheets.
not necessarily those with the most advanced However, there will also be a "hangover" after
models, but rather those that have the best data the initial excitement of thinking generative AI
in terms of volume, relevance, and quality. was the magic solution to all our problems.
Once this excitement fades, we will begin to
Traditionally, we see AI innovations being applied identify the use cases with the greatest
primarily for cost reduction, often through potential for value generation.
process automation. However, the true
long-term value comes from revenue generation After experiencing tools that have gaps or
01 . ARTIFICIAL INTELLIGENCE

uncertainties related to information security, we

will increasingly find solutions that secure both
our information and that of our customers.

The main challenges will involve finding

applications that deliver the most value to users
while aligning with our organizations’ strategies.

A significant hurdle will be developing a data

strategy that supports these use
cases—organizing, governing, protecting, and
ensuring the quality of this data. The opportunity
lies in leveraging these technologies to offer a
hyper-personalized experience, restoring the
closeness that has been lost with digitalization. I
also expect ML to remain highly relevant, with
significant synergies between ML and
generative AI, particularly in synthetic data,
which will become increasingly important in our
data strategies.

To prepare, organizations should invest in the

quality of their data, the ethics of their practices,
and training their teams to use these tools
responsibly and effectively.
Luis Enrique
01 . ARTIFICIAL INTELLIGENCE

Arias
AVP Strategy
& Innovation,
Banco Aliado
(Panamá)

QUESTION 1 QUESTION 2
From your perspective, how has developments Based on the 2024 trends, what is your outlook
within AI, Data & Machine Learning evolved and for 2025 and what do you think will be the
what has been the impact on the industry in the primary challenge or opportunity for the
Americas? industry in 2025 within AI, Data & Machine
Learning, and how should they prepare for it?
In Latin America, the integration into the new
technological revolution has been varied, with In 2024, the financial services industry in Latin
organizations exhibiting differing degrees of America has gained awareness of the benefits
maturity in their AI adoption. Some are still in the of AI. Moving into 2025, it will be crucial to
exploratory phase, while a smaller group is transition from exploration to full adoption,
leading the way in accelerated adoption. exponentially increasing value in a competitive
Nevertheless, the use of technology is on the landscape populated by digital natives and
rise, accompanied by a growing understanding players from other industries. This shift will
of its value in achieving efficiencies, enhancing necessitate integrating AI into strategic initiatives
capabilities, and facilitating decision-making. as a cornerstone for achieving organizational
goals and purposes.
Organizations have implemented digital
assistants to expand their service capacity. Organizations need to define a clear roadmap
Locally developed chatbots that incorporate and prioritize AI programs to create genuine
machine learning are now as competitive as digital assets, allocating optimal resources to
those found in developed markets. enable an operating model with governance
that manages data, ensures the reliability of
AI is being leveraged to boost productivity and analytical models, protects information, and
perform tasks at scale, employing machine establishes a scalable data architecture that
learning and task automation for data cleaning, meets standards for the reuse of developments.
report preparation, risk analysis, and IT It is essential to assign dedicated talent with a
processes, such as code development, testing focus on continuous learning and adopt
execution, and production deployment, which DataOps practices to enhance AI usage.
accelerates digital transformation.
2025 will be a pivotal year when companies
The most significant applications have emerged establish enduring milestones, positioning AI as
from the combination of big data and AI to drive a valuable resource to improve efficiency,
business initiatives. Organizations are learning increase productivity, facilitate decision-making,
from customer interactions to provide and provide a differentiated experience.
differentiated products through digital channels.
Leaders are adopting hyper-personalization
models to address specific needs with unique
experiences, thereby increasing value generation
for stakeholders.
Category
02

T E C H N O L O G Y
& INFRASTRUCTURE

Transforming financial services relies on robust technology and infrastructure. In

2025, tech-driven transformation will be central to operational efficiency, data
security, and customer trust, enabling institutions across the Americas to serve
more clients and adapt to evolving demands. Accelerating this modernization is
key to building a more competitive, inclusive financial system.
Javier
02 . TECHNOLOGY & INFRASTRUCTURE

Hidalgo
VP Regional
Tecnologia,
Grupo Promerica
(Latam)

At the same time, customers have adopted a More Efficient Platform Management Models: As
new digitalization model. They are increasingly cloud services continue to grow, managing
using mobile platforms to enhance their these platforms effectively will be crucial.
experience and accelerate payment methods Organizations need to focus on trust frameworks,
such as payment links, QR codes, NFC, and proper monitoring, and security measures,
tokenization. especially with the increased use of AI.

These changes have led to better data quality, Security and Misinformation: Trust and ethics in
enabling organizations to adopt data analytics information usage must prioritize reliable
models that focus on meeting customer needs sources. Misinformation and customer attacks
rather than simply pushing what the company will require organizations to invest in education
offers. and build trust in their services, while also
managing reputational risks.
Overall, these trends have driven the rapid
adoption of cloud services, allowing for more As a result of these developments, customers will
efficient service management and a rethinking enjoy better services conveniently accessible at
of infrastructure management compared to their fingertips, thanks to the transformation that
traditional on-premises solutions. has taken place over recent years.

For organizations, having both structured and

unstructured data will enable them to deliver
services at the right time, through the right
channels, and according to customer needs.
Eliseo
02 . TECHNOLOGY & INFRASTRUCTURE

Ramirez
Director Software
Solutions & Digital,
Scotiabank
(Costa Rica)

QUESTION 1 QUESTION 2
From your perspective, how have developments Based on the 2024 trends, what is your outlook for
in Technology and Infrastructure evolved, and 2025 and what do you think will be the primary
what has been their impact on the industry in challenge or opportunity for the industry in 2025
Latin America? within Technology and Infrastructure, and how
should they prepare for it?
5G has transformed Latin America in 2024,
boasting 33 million users. According to the Is it possible for AI to truly generate code
Ericsson Mobility Report 2024, it is projected that autonomously, or does its success depend on
by 2029, 5G will account for 56% of subscriptions the developer's level of knowledge? In 2024,
in the LATAM region. However, few are aware of there is no doubt that AI has emerged as an
the profound impact of this technology. Did you incredible tool for software creation. However, its
know that 5G provides a connection that is 100 effectiveness lies not solely in its ability to
times faster than 4G and can achieve speeds of generate highly accurate code; the real key is
up to 10 Gbps? Imagine the new possibilities this the quality of the instructions it receives, which
opens up for banking and fintech. necessitates a deeper technical understanding
from developers. This paradox suggests that,
First, 5G enables real-time and instantaneous rather than expecting junior developers to
transactions, allowing banking services to transition into senior roles, AI may highlight the
extend to remote and rural areas. Moreover, it gap between junior and senior profiles.
facilitates the integration of features such as
real-time video and augmented reality into a Nevertheless, there is a significant opportunity
super app, offering limitless potential. for academia and the fintech ecosystem to train
developers who can strategically leverage AI. If
Second, 5G fosters a more connected and agile junior developers acquire the skills to effectively
financial ecosystem. AI-driven chatbots and interact with these tools, they can accelerate
banking assistants can deliver instant and precise their professional growth and contribute more
responses for managing complex transactions. swiftly to solution development. The challenge is
not to replace human talent with AI, but to
Finally, 5G supports the complete consolidation integrate it as a complement, fostering more
of DevOps maturity in the cloud. While significant efficient and agile teams.
progress has been made in this area within the
banking sector over the past few years, there I believe the true focus should not be on
remain ample opportunities for true adoption. choosing between senior and junior talent, but
on cultivating a synergy between both. AI has
the potential to democratize access to
knowledge, but its real impact will depend on
how we prepare future developers to lead in this
new era—one that is not only digital but also
driven by Artificial Intelligence.
Diego H
02 . TECHNOLOGY & INFRASTRUCTURE

Salama
CTO,
Digital@Femsa
(Global)

A pivotal transformation has occurred within Cybersecurity will remain one of the primary
organizations, with a growing focus on challenges, along with the ability to scale
integrating software engineering at the heart of infrastructure to support real-time operations
company strategies. The relationship between within a complex regulatory landscape.
technology and business has shifted from a Furthermore, companies will need to continue
client-provider model to a strategic partnership. embracing more collaborative and
The most successful organizations are those cross-functional structures, where technology
that have structured their teams to ensure and business teams operate as partners, rather
technology directly drives business value, than separate entities.
enabling faster decision-making and the
development of products more closely aligned Preparation will require investment in specialized
with market demands. talent, the development of agile organizational
structures, and the cultivation of a culture that
Nevertheless, the challenge of achieving fosters innovation and rapid adaptation.
interoperability and standardization remains Companies that place engineering at the core of
crucial for Latin America to fully evolve as an their strategy will be better positioned to
integrated fintech ecosystem. capitalize on future opportunities.
Ronny Samuel
02 . TECHNOLOGY & INFRASTRUCTURE

Ramirez
Gerente
Infraestructura TI,
Banco ADOPEM
(Republica Dominicana)

QUESTION 1 QUESTION 2
From your perspective, how have developments Based on the 2024 trends, what is your outlook for
in Technology and Infrastructure evolved, and 2025 and what do you think will be the primary
what has been their impact on the industry in challenge or opportunity for the industry in 2025
Latin America? within Technology and Infrastructure, and how
should they prepare for it?
Latin America has experienced one of the most
significant technological transformations in While it is true that 2024 has been a year of
the past 10 years, both in terms of modern data significant development, marking trends in
center infrastructures and the proliferation of technological innovation in areas such as
emerging technologies, which have led to government, regulations, compliance,
economic development and social mobility for cybersecurity, and the adoption of new
its inhabitants. technologies, it is equally true that these
important milestones set a high bar for 2025
It is no secret that the growth of fintechs in Latin and the years to come.
America has been the greatest driver of these
technologies, as it has a significant impact on From my particular perspective, I believe there
the most vulnerable sectors in our countries, are structural issues that must be addressed in
allowing many informal and unbanked order to tackle the challenges that 2025 will
individuals to access online products and bring and to seize many opportunities.
services, something that was once unthinkable.
We must pay special attention to issues related to
The adoption of public cloud infrastructure for cybersecurity, as we have seen that as digital
the development of technological applications transactions increase, so do technological threats.
has played a key role in the industry, particularly
because it fosters healthy competition that Constant innovation in financial products
promotes innovation, resulting in better and adapted to the needs of 21st-century users will
more advanced financial products and services. be an important differentiator in terms of
competitiveness and market share, especially if
All of this is complemented by an ecosystem of these products include components of
connectivity, internet access, electronic sustainability, which is a growing demand from
payment systems, and digital services, which today’s consumers.
has had a significant impact on the decrease in
cash usage, a major challenge in recent years. Ultimately, the fintechs, banks, and financial
Latin America is heading, hand in hand with institutions that effectively address regulatory
generative AI, toward a world of opportunities. issues, strengthen their security posture, and
implement initiatives that include generative AI
will be the ones with the greatest competitive
advantage.
Javier
02 . TECHNOLOGY & INFRASTRUCTURE

Ramirez
Chief Digital Officer,
Banrural
(Guatemala)

QUESTION 1 QUESTION 2
From your perspective, how have developments Based on the 2024 trends, what is your outlook for
in Technology and Infrastructure evolved, and 2025 and what do you think will be the primary
what has been their impact on the industry in challenge or opportunity for the industry in 2025
Latin America? within Technology and Infrastructure, and how
should they prepare for it?
Today, we have many technological
advancements that enable us to provide agile One of the major trends for 2024 is the rise of
solutions to our clients. Just as Moore's Law states generative Artificial Intelligence and embedded
that technology doubles its capacity and reduces finance. I believe that in 2025, we will witness
its cost over time, it also allows us to have better numerous applications of both in the banking
products and services for our clients. Leveraging sector throughout Latin America, given their
technology is vital for a very important purpose: significant potential.
customer satisfaction and loyalty.
A primary challenge in adopting these trends is
There are technologies that have been trending understanding how they can empower
in recent years, such as cloud adoption, organizations to enhance their efficiency,
Blockchain, generative Artificial Intelligence, and particularly with generative Artificial Intelligence.
robotics, among others. However, it is important It is crucial to ensure the responsible use of this
to understand that each technology is only as technology through appropriate guidelines and
robust as its ability to solve real customer governance. Additionally, grasping how Open
problems, tailored to the strategy of each Finance can extend banks' reach to previously
organization. It’s not just about using technology; inaccessible segments and services is essential.
it’s about identifying which customer problem
you want to solve and how technology can The opportunities presented by generative
enable the delivery of satisfaction to customers. Artificial Intelligence are virtually limitless. This
technology will enable organizations to perform
The impact in Latin America is invaluable, as it tasks that would typically require far more
has allowed institutions to provide better service resources, deliver “hyper-personalized” solutions
to their clients through the digitization of to clients swiftly, and serve as a protective and
finances, reaching previously underserved security-enhancing tool in banking.
segments. Furthermore, massive data
processing has enabled us to better understand In terms of Open Finance, opportunities abound
customer needs. in collaborating with third parties, creating new
business models, reaching untapped segments,
and facilitating financial inclusion. These
advancements have the potential to transform
the financial landscape in the region.
Category
03

D I G I T A L
P A Y M E N T $

Digital payments are reshaping finance and commerce by offering fast, secure
access to transactions across borders. In 2025, they will be a cornerstone of an
agile, inclusive financial ecosystem, enabling seamless connections between
consumers and businesses. Digital payments will continue to expand financial
access, driving economic growth and reaching underserved populations across
the Americas.
Nano
03 . DIGITAL PAYMENTS

Rodriguez
Head of Strategic Alliances,
Bisto
(Americas)

QUESTION 1 And we could continue with countless examples

From your perspective, how have developments that reinforce the exponential growth of
in Digital Payments evolved, and what has been stablecoins as a payment tool in 2024 and their
their impact on the industry in Latin America? even greater potential for 2025. This wave of
advancements is no coincidence. The
In an era where every second counts and interoperability of stablecoins with local
distances shrink to a click, universal human payment platforms such as US ACH, PIX, and SPEI
needs have taken on new forms. Immediacy, has drastically improved financial access,
globalization, transparency, and inclusion are no making it as easy to transfer money as it is to
longer distant aspirations; they are now send a message.
demands of a constantly evolving society.
The impact of these currencies has even
In this rapidly changing landscape, where influenced the political landscape in the United
payment needs fluctuate and traditional States, where discussions surrounding crypto,
financial systems remain anchored in outdated stablecoins, and CBDCs (central bank digital
rules, the much-discussed “stablecoins” are currencies) have taken center stage in the
emerging as a viable solution for digital campaigns of both Democrats and Republicans.
payments in Latin America.
And here’s the key point: the future waits for no
• The total market capitalization of one, and stablecoins are already part of the
stablecoins linked to fiat currencies grew by present.
35.4%, reaching $172 billion in October 2024
(Cryptoglobe and CoinGecko).
• In Argentina, 61% of digital asset purchases are QUESTION 2
made using stablecoins, reflecting how users Based on the 2024 trends, what is your outlook
seek to safeguard their value amid economic for 2025 and what do you think will be the
volatility. The 24/7 availability and speed of primary challenge or opportunity for the
stablecoins present an attractive alternative to industry in 2025 within Digital Payments, and
traditional markets, which are still constrained how should they prepare for it?
by outdated financial hours (Bitso).
• Internationally, stablecoins have facilitated Looking ahead to 2025, we face different
cost reductions of up to 70% for international challenges depending on the country. While
payments. In Mexico, companies like Bitso Latin America is primarily an emerging region,
process as much as 10% of total remittances each nation is undergoing a unique process of
from the United States (El Economista). adoption and innovation. For instance, Brazil is
• One of the most significant developments leading in payment rails innovation and
this year was Stripe's acquisition of Bridge for regulation, while regions like Colombia are
$1.1 billion, marking its triumphant return to progressing more slowly due to a highly
the crypto world after pausing operations in monopolized banking system and regulatory
2018 and resuming them in April 2024 hurdles that impede advancement.
(CoinJournal).
03 . DIGITAL PAYMENTS

In general, I believe the primary challenges in the • Innovation in Financial Products:

region concerning digital payments focus on: Stablecoins enable the creation of financial
products that once seemed like science
• Crypto Regulation: The absence of clear and fiction. From microloans to international
harmonized regulations at the regional level payments in milliseconds, the possibilities
remains one of the most significant obstacles. are almost limitless. In 2025, we should
Countries like Brazil have made strides in expect significant advancements in
regulations that encourage adoption, while innovation, with products developed in 2023
others, such as Argentina and Colombia, and 2024 gaining substantial traction.
continue to face ambiguous regulatory
frameworks, creating uncertainty for both Ultimately, it is about more than just money. It’s
users and businesses. The challenge will be about people, dreams, and creating new
finding a balance that fosters innovation opportunities.
without jeopardizing financial stability.
• Massive Integration of Stablecoins into The future is already here, and it is up to us to
Traditional Financial Infrastructure: With a shape it.
market that has already surpassed $172
billion and players like PayPal and Stripe As I mentioned in the Fintech Americas
entering the fray, the efficiency and cost of Whitepaper last year, the future of payments is
transactions will continue to improve. not just technological; it is fundamentally
• Simplification: We are still far from having human. The true revolution will be the one that
user-friendly Crypto Digital Payment democratizes access to financial opportunities.
products with intuitive UX/UI. The sector
remains complex for the average user, so
simplification will be essential.

Regarding opportunities, I would highlight:

• Cost Reduction: It is estimated that

international digital payment costs could
be reduced by up to 90% due to Blockchain
technology (Stablecoins and the New
Payments Landscape).
• IFinancial Inclusion: Stablecoins open
doors for millions of individuals without
access to traditional banking services to
participate in the global economy, allowing
them to send and receive money quickly,
securely, and affordably.
Arnoldo J.
03 . DIGITAL PAYMENTS

Reyes
General Manager -
MoneyGram Business,
MoneyGram
(USA)

QUESTION 1 PREGUNTA 2
From your perspective, how have developments Based on the 2024 trends, what is your outlook
in Digital Payments evolved, and what has been for 2025 and what do you think will be the
their impact on the industry in Latin America? primary challenge or opportunity for the
industry in 2025 within Digital Payments, and
There have been meaningful developments how should they prepare for it?
within Digital Payments over the last few years
which have benefited Latin America in a variety In 2024, a few ‘trending topics’ within the Digital
of ways. The emergence and growth of Payments sector prevailed across public and
non-bank financial services providers (e.g., private companies, the venture community, and
digital wallets, neobanks, alternative lenders) just about every ecosystem stakeholder. These
has driven increased levels of accessibility, included (1) buildout of value-added services to
uplifted digital inclusion rates, with improved supplement (or compliment) core payment
customer experiences. Often, accompanied by processing (2) deconstructing and capturing
more competitive pricing. Payments more diverse cross-border payments flows (3)
acceptance is a particularly exciting sector. continued growth around RTP platform
From mPOS and SoftPOS to QR codes, payment capabilities. Surely, these topics will continue into
links, and RTPs, it’s become incredibly easy for 2025 serving as a preview of what we can expect
millions of SMBs to accept digital payments and to see over the coming years.
participate in the digital economy. This, without
all the complexities and costs associated with My belief is that in 2025 three areas will standout
traditional acceptance providers (i.e., legacy – stablecoins, RTP, and cross-border. On the
acquirers). SMBs using these new solutions can stablecoins, scalable money movement
often access credit, business insights, and other models will begin to take shape – on both ends
value-added services. When SMBs do well, of the transaction. Particularly, across B2B. With
communities and economies do well. RTPs, we should start seeing greater utility
beyond local, low-value transactions. That is,
RTPs have also had a major impact on the region RTP systems expanding in the number of
(mainly in Mexico and Brazil, and soon to be use-cases served and across multiple markets.
Colombia) in that they’ve given hundreds of That is, can it truly solve more domestic and
millions of people and businesses a safe, low-cost, cross-border needs. Lastly, cross-border has
and incredibly easy way to send/receive always been the holy-grail, driven by the variety
payments. Another major development is in of monetization points, margins, and sheer size
digital currency technology, its high adoption of the market. In 2025, I foresee cross-border
rates and number of use-cases it can support. B2B payments being delivered as embedded
Beyond the speculative-only perspective, digital solutions (e.g., treasury/finance management
currencies are democratizing access to safer, platforms), a greater focus on large but outlier
more stable, and globally accepted reserve use-cases (e.g., pre/post export financing,
currencies (e.g., USD, EUR), for example. This has supplier payments, etc.).
enabled millions in high-inflation and volatile
markets like Argentina and Venezuela to
safeguard their assets with this technology.
Carlos
03 . DIGITAL PAYMENTS

Brandt
Head of Pix
Management & Operation,
Banco Central do Brasil
(Brasil)

On the challenge side, there is a need for A2A

A2A instant payments are impacting the
instant payments to have a high-speed antifraud
industry and society in many ways, in various
system, with a robust antifraud framework that
jurisdictions. With an open andlow-cost system
allows fast and previous fraud checks. The Pix
that provides a level playing field, Pix has now
ecosystem has a centralized antifraud database
over 800 participants, which has brought
with information provided by all PSPs, associated
significant competition in the payment
with the alias (Pix key) of each client, which is used
ecosystem, improving quality of service and
to feed the PSPs’ antifraud engines. In the
reducing cost for merchants (Pix has a ‘no-fee
worst-case scenario, if an antifraud engine fails to
policy’ for individuals). Pix has also been a strong
identify a fraud, there is a standardized procedure
driver for financial inclusion and has supported
that allows the victim to claim for a refund. It is
the digital transformation of Brazilian society,
always important to have in mind the need for
therefore acting as an important part of the
strong cooperation in security issues, with all
Brazilian Digital Public Infrastructure.
stakeholders joining forces against a common
enemy – the fraudsters.
Category
04

L E N D T E C H

LendTech is expanding access to credit and modernizing the region’s financial

sector by bridging gaps in financing. In 2025, LendTech will play a central role in
economic development, providing individuals and businesses with agile,
accessible credit solutions. By democratizing capital, LendTech will drive growth,
resilience, and opportunity across the Americas.
Claudia
04 . LENDTECH

Tobar
Co Founder, Chief Impact
& Education Officer,
Kamina
(Ecuador)

QUESTION 1 QUESTION 2
From your perspective, how has developments Based on the 2024 trends, what is your outlook
within LendTech evolved and what has been the for 2025 and what do you think will be the
impact on the industry in the Americas? primary challenge or opportunity for the
industry in 2025 within LendTech, and how
At Kamina, we recognize that many LendTech should they prepare for it?
platforms have focused on expanding credit
access, which is key for financial inclusion. In 2024, the LendTech industry will face the
However, we believe access is just the start. Our challenge of evolving beyond simply providing
approach goes further: we focus on financial credit access. With technologies like Kamina’s,
prevention, helping users prepare before taking the focus must shift to a more holistic credit
on debt and understand how to manage credit management approach, where it's not just
responsibly. Our goal is not only to facilitate about placing credit, but about how users
credit but also to empower users to make navigate and manage it throughout its life cycle.
smarter, preventive decisions, reducing the risk
of delinquency. Our vision is that financial institutions, regulators,
and banks will need to adjust their success
For us, technology and AI must adopt a holistic metrics to measure not only how many people
approach that covers the entire credit life cycle. access credit but also how many use it
Beyond credit scoring, we focus on how successfully without falling into delinquency. This
individuals interact with credit. Users are not just is where Kamina can revolutionize the industry. By
data; they are people with beliefs, financial habits, focusing on prevention, personalized financial
and personality traits that shape their financial education, and continuous support, we create a
behaviors. It’s crucial to measure success after sustainable credit experience that benefits both
access, assessing how many manage credit well, users and institutions.
not just how many gain access. If delinquency
occurs, the process has failed. This will impact how banks provision risks and
how regulators evaluate financial inclusion. It
At Kamina, we design solutions to support users will no longer be enough to grant credit; the
throughout the entire journey, ensuring not only key will be ensuring it's managed successfully.
effective access but also responsible use leading The true challenge and opportunity in 2024 will
to financial success. LendTech is about more than be achieving this shift in focus at a regulatory
just inclusive credit placement; it’s about guiding level, driving more responsible and effective
users toward healthy debt management. financial inclusion.
Fagner
04 . LENDTECH

Abreu
Credit Risk Officer,
Bradesco
(Brasil)

Flores-Márquez
Head of Strategy,
Angel Investor &
Fintech Expert
(México)

QUESTION 1 QUESTION 2
From your perspective, how has developments Based on the 2024 trends, what is your outlook
within LendTech evolved and what has been for 2025 and what do you think will be the
the impact on the industry in the Americas? primary challenge or opportunity for the
industry in 2025 within LendTech, and how
LendTech in the Americas has grown should they prepare for it?
significantly, driven by digital innovation and the
need for financial inclusion. We’ve seen a shift Looking ahead to 2025, LendTech is going to
from traditional credit models to more dynamic, keep growing, with a lot of focus on AI,
data-driven approaches. For example, using embedded finance, and partnerships with other
data from mobile phones or utility bills has platforms. AI will get smarter, helping lenders
made it easier to assess people who don’t have make better decisions and personalize loan
much of a credit history—this has been a products for individual customers, which will
game-changer, especially in countries where continue expanding access to credit. The real
accessing formal credit was previously difficult. game-changer, though, will be embedded
finance—where financial services are offered
Digital lenders have managed to cut down on directly on non-financial platforms like
customer acquisition costs (CAC) and e-commerce sites or gig economy apps. Think
operational costs, which is impressive, but there about getting an instant loan at checkout on an
are still hurdles. The biggest challenge is how to online store or financing a vehicle directly
scale alternative data models across regions through a ride-hailing app. This will open up new
where data availability and quality can vary a ways for LendTech to grow.
lot. Plus, many of these LendTech companies still
face high funding costs compared to big banks, But, like with any opportunity, there are
which have access to cheaper deposits. challenges. First, data privacy and how
companies share data will be crucial. As more
Overall, LendTech has shaken up the industry. alternative data gets used, making sure that
It’s pushed traditional financial institutions to data is handled securely and transparently will
modernize, and it’s brought credit to a lot of be key to keeping customer trust. Second,
people who didn’t have access before. That scaling those alternative data models across
said, there’s still a long way to go. A big chunk of different markets won’t be easy—data quality
the population, especially in rural and and availability aren’t the same everywhere.
low-income areas, remains underserved. To tap And then there’s the issue of funding: many
into the full potential of this market, LendTech LendTechs still face higher costs of capital than
companies need to figure out how to scale traditional banks.
efficiently, manage risk better, and bring down
their funding costs. To succeed, LendTech companies will need to
double down on improving data security,
refining their models for diverse markets, and
finding creative ways to lower funding
costs—whether through partnerships or new
funding sources.
Category
05

THE NEW

C O N S U M E R

With a smartphone in nearly every pocket, financial consumers today expect

digital, personalized experiences. In 2025, financial institutions that adapt to these
expectations will build trust and loyalty while staying competitive. Understanding
the New Consumer’s needs will be essential for creating a customer-focused
industry that fosters long-term relationships across the Americas.
Graham E.
05 . THE NEW CONSUMIER

Tercero
Chief Innovation
Officer,
LAFISE
(Nicaragua)

QUESTION 1 QUESTION 2
From your perspective, how have developments Based on the 2024 trends, what is your outlook for
regarding The New Consumer evolved, and 2025 and what do you think will be the primary
what impact have they had on the industry in challenge or opportunity for the industry in 2025
Latin America? within The New Consumer, and how should they
prepare for it?
Over the past year, consumers in Latin America
have increasingly preferred digital and In 2025, the emphasis on Artificial Intelligence (AI)
personalized banking experiences. The demand and advanced automation will persist, enabling
for immediacy, convenience, and transparency banks to further personalize the customer
has led to a significant rise in the adoption of experience and improve operational efficiency.
online services, largely driven by the However, the primary challenge will be effectively
widespread use of mobile devices, now present applying these technologies to address real
in 92% of households in the region. problems and meet specific needs without
compromising customer privacy and security.
This shift towards digital interactions, coupled
with a growing demand for sustainable and On a macroeconomic level, the anticipated
ethical practices, is transforming how banks reduction in interest rates offers an opportunity
approach service delivery and communication to enhance financial inclusion by making credit
with customers. According to Euromonitor, 30% more accessible, particularly for underserved
of consumers in Latin America prefer brands sectors in Latin America. Amid intense
that align with their values on social and competition, banks must invest in secure digital
political issues, reflecting an expectation of infrastructures and cultivate a culture of
social responsibility within financial services. continuous innovation.

These trends have collectively accelerated Furthermore, banks must adapt their strategies
digitalization in the banking sector, encouraging to align with consumers' expectations for
banks to implement advanced technologies and transparency and social commitment, as there is
enhance digital platforms to remain competitive a growing emphasis on sustainability and social
and relevant in the market. responsibility in their financial decision-making.
Pedro
05 . THE NEW CONSUMIER

Moura
Co-Founder & CEO,
Flourish FI
(USA)

There is an urgent need to emphasize solutions Despite the obstacles posed by legacy
that promote the financial health and infrastructures, the institutions best positioned
well-being of the population. Collaboration for success will be those that can leverage data
among fintechs, banks, and regulators will be and Artificial Intelligence to deliver personalized
essential in developing innovative solutions that experiences that generate value and foster
help consumers manage their finances customer engagement. The key will be striking a
effectively and avoid falling into cycles of debt. balance between what benefits the customer
While progress is being made, we still lag in and what positively impacts the institution's
critical areas, and only through enhanced financial results. Companies that recognize that
cooperation can we create new solutions that promoting the financial health of their clients is
genuinely improve the financial quality of life for a long-term business strategy will gain a
people in Latin America. competitive advantage, especially if they
collaborate with the right partners to reduce
their time to market and enhance their
responsiveness to consumer expectations.

The winners will be those who successfully

balance personalization with privacy, building
trust while delivering high-value services that
meet the growing expectations of consumers.
Category
06

L E A D E R S H I P

Strong leadership is vital for navigating the complexities of a rapidly changing

financial landscape. By 2025, financial leaders will need to be adaptable and
visionary, fostering cultures that support inclusivity, agility, and growth. Effective
leadership will be key to guiding a resilient, forward-thinking financial services
industry in the Americas.
Alejandro
06 . LEADERSHIP

Bustillos Meneses
CEO,
Banco Ecofuturo S.A.
(Bolivia)

QUESTION 1 QUESTION 2
From your perspective, how have developments Based on the 2024 trends, what is your outlook
within Leadership evolved, and what has been for 2025 and what do you think will be the
the impact on the industry in Latin America? primary challenge or opportunity for the
industry in 2025 within Leadership, and how
LATAM is in a constant state of technological should they prepare for it?
and financial evolution, marked by leadership
focused on agility and product personalization. In 2025, the industry will face a landscape
This promotes a culture of innovation and marked by the acceleration in the adoption of
continuous learning that allows for quick Artificial Intelligence and Blockchain as
responses to the new needs of customers. alternatives to maintain leadership that
contributes to internal efficiency and improves
There has been a prioritization of collaboration the customer experience.
and continuous learning between fintechs and
banks, which helps attract and retain talent. At the same time, navigating constantly
Diversity and inclusion have also gained changing regulatory environments will be a
relevance, resulting in more creative teams that challenge, making it important to establish
better understand the needs of a diverse clientele good communication with regulators to
with increasingly demanding requirements. anticipate changes and proactively adapt.
Additionally, ensuring cybersecurity will be a
The focus on customer experience has led to a challenge in 2025, given the increasing
pursuit of hyper-personalization of products sophistication of cyberattacks worldwide.
and services, as well as more effective
customer support, increasing user loyalty. Simultaneously, there is a significant opportunity
Additionally, ethics and responsibility in to innovate in financial inclusion, especially in
financial business practices are becoming underserved markets. Fintechs can develop
more valued, improving consumer trust and products with greater agility that address the
relationships with regulators. needs of neglected communities, thereby
fostering economic equity.
Finally, the adoption of technologies such as
Artificial Intelligence and Blockchain has Finally, it is crucial to invest in financial education
enabled the development of more efficient to create more informed and empowered
solutions, positioning fintechs as fundamental customers who can effectively utilize the digital
players in financial inclusion and the economic products available to them. It is also important to
growth of the region. promote soft skills training for teams, based on
empathy and multidisciplinary collaboration.
Herbert
06 . LEADERSHIP

Hernandez
CEO,
Bantrab
(Guatemala)

QUESTION 1 QUESTION 2
From your perspective, how have developments Based on the 2024 trends, what is your outlook
within Leadership evolved, and what has been for 2025 and what do you think will be the
the impact on the industry in Latin America? primary challenge or opportunity for the
industry in 2025 within Leadership, and how
There are significant challenges for leaders should they prepare for it?
across different industries, but I believe there are
several challenges that all industries have in Among the key trends, it is clear that the
common. The first is to stay focused on people, evolution of Artificial Intelligence will impact
as technology advances at a rapid pace and every industry worldwide, and the financial
must be operated by individuals. It is essential to sector cannot remain unaffected by this
foster a culture of constant change, but not only transformation. Another critical issue is
that; we must also emphasize continuous cybersecurity, which, in my view, poses the
preparation. This has become one of the main greatest risk that all industries face today.
themes that have evolved across all companies.
To tackle these challenges and trends, it is
Organizations are realizing that the adoption of essential to have trained personnel and the
technology, regardless of the industry, must be right tools to mitigate both the evolution and
a priority for every business. In Latin America, adoption of Artificial Intelligence, while also
there is a growing awareness that people need adhering to the necessary standards in each
to prepare for these changes, and significant industry to address cybersecurity effectively. A
steps have been taken in this regard. For compelling argument we’ve encountered in
example, fintechs and regulated financial Guatemala is the importance of collaborating
institutions, such as banks, are finally with government authorities, the banking
understanding that they must work hand in association, and regulatory bodies to raise
hand. Even regulatory bodies are aware that public awareness that cybersecurity risks are a
there is a different pace in the market. shared responsibility.

The pandemic has exponentially accelerated Undoubtedly, Artificial Intelligence is reshaping

the adoption of technology, and I believe that in industries, and we must capitalize on this wave
Latin America, opportunities have been seized of technology adoption that, when harnessed
across various industries. effectively, can significantly boost productivity
across all businesses.
Michel
06 . LEADERSHIP

Caputi
Strategic Alliances Manager -
Team Lead Manager ZIGI,
Banco Industrial - ZIGI
(Guatemala)

QUESTION 1 Opportunities:
From your perspective, how have developments
within Leadership evolved, and what has been • Emerging technology adoption: Blockchain
the impact on the industry in Latin America? and Artificial Intelligence will continue to
drive the development of more secure and
Leadership within organizations has evolved into personalized solutions.
a more collaborative and innovation-driven • Hyper-personalization: Utilizing data
model. We have prioritized horizontal structures analytics to provide financial services
that enhance agile decision-making and tailored to the unique needs of each
empower team autonomy. At ZIGI, we have customer.
embraced this approach to cultivate a culture of • Financial inclusion: Addressing underserved
"distributed leadership," where each team segments and expanding access to banking
member plays an active role in services.
customer-focused innovation. This strategy has
enabled organizations in LATAM to respond Riesgos:
more swiftly and effectively to market changes,
thereby accelerating financial inclusion and • Cybersecurity: As digital expansion
enhancing the user experience. The results have increases, so do the threats of cyberattacks,
been significant, leading to increased capacity necessitating significant investments in
to scale new products and services and security measures.
fostering the development of more flexible and • Regulatory compliance: Stricter
resilient business models that can withstand regulations demand rapid adaptation and
market uncertainties. compliance efforts.
• Talent retention: The high demand for
technology and data experts poses
QUESTION 2 challenges in attracting and retaining key
Based on the 2024 trends, what is your outlook personnel.
for 2025 and what do you think will be the
primary challenge or opportunity for the To successfully navigate the landscape of 2025,
industry in 2025 within Leadership, and how we must reinforce our cybersecurity protocols,
should they prepare for it? adjust operational models to comply with new
regulations, and foster ongoing talent
By 2025, leadership in financial development. This proactive approach will
organizations—both traditional and allow us to leverage opportunities while
fintech—must concentrate on anticipating and effectively mitigating risks in a competitive and
adapting to the following: ever-evolving environment.
Category
07

U RE,
T
L
CU

PE
OP
S

L
L

L E
I SK &

A skilled, adaptable workforce is essential to modernize finance in the Americas.

Building a culture that prioritizes learning, inclusion, and resilience will be critical
for innovation and sustainable growth in 2025. Empowering talent with relevant
skills will ensure that financial institutions are agile and well-positioned to meet
evolving industry demands.
Alejandro
07 . CULTURE, PEOPLE & SKILLS

Gómez Fernández
Vicepresidencia de
Talento y Cultura,
Banco Agricola
(El Salvador)

QUESTION 1 2025 and what do you think will be the primary

From your perspective, how have developments challenge or opportunity for the industry in 2025
within Culture, People & Skills evolved, and what has within Culture, People & Skills, and how should
been the impact on the industry in Latin America? they prepare for it?

Organizational Culture: A robust organizational Culture: A strong sense of identity, purpose, and a
culture centered on a clear purpose and values that well-established culture must differentiate
transcend mere statements on paper—manifesting organizations by unifying talent around a greater
in daily behaviors and skills—has significantly mission. Without this, employees will lack a sense
propelled digital transformation and development of belonging and easily disengage. It is essential to
in businesses. This cultural foundation is return to the basics and execute them well,
undoubtedly a crucial competitive advantage starting with the WHY, as Simon Sinek emphasizes.
when managed with intention.
People: I would refer to this aspect as "people and
Strategic Skills and Knowledge: While we have their expectations," which ties back to the previous
seen progress in our educational systems and point. If jobs become commoditized or lack a clear
basic science education at a regional level, there value proposition for both the organization and its
is an urgent need to bolster STEAM careers and employees, genuine connections will be difficult to
increase the inclusion of women in these fields. It forge.
is essential to develop skills that enable
individuals to navigate uncertainty and leverage The Productivity Paradox: As we embrace a
technologies amidst rapid change and digital world and the possibilities of Artificial
heightened expectations. This requires a culture Intelligence, we must not measure individuals
of ongoing self-education, curiosity, continuous using outdated productivity models from the
learning, and experimentation to create new industrial age. It is time to transcend this
opportunities within organizations. dialogue and develop frameworks that propose
superior productivity outcomes while enhancing
World-Class Leadership: With a strong future leadership and facilitating transformation.
foundation in AI and cutting-edge technologies,
effective leadership is increasingly important in Skills: We face significant gaps in essential areas
our region to guide teams through these related to digital technology and data,
dynamic environments. Although leadership necessitating collaborative efforts among the
has evolved, we must strive to "bring out the private sector, universities, and governments to
best in our talent," trust in their capabilities, and strengthen educational offerings in these fields.
demand world-class results. While we have Furthermore, enhancing skills in data science,
made strides in this area, it is crucial to move machine learning, and deep learning is crucial
past outdated command-and-control models for developing advanced AI models. Additionally,
and instead cultivate more sustainable a deep understanding of behavioral sciences will
development approaches that yield enable us to create innovative customer
competitive outcomes on a global scale. experiences by integrating technology and
analytics with insights into human behavior,
QUESTION 2 alongside the behavioral nudges that facilitate
Based on the 2024 trends, what is your outlook for the implementation of cutting-edge solutions.
Monica
07 . CULTURE, PEOPLE & SKILLS

Tamacas
VP Human Resources,
Banco Atlantida El Salvador
(El Salvador)

QUESTION 1 QUESTION 2
From your perspective, how have developments Based on the 2024 trends, what is your outlook for
within Culture, People & Skills evolved, and what 2025 and what do you think will be the primary
has been the impact on the industry in Latin challenge or opportunity for the industry in 2025
America? within Culture, People & Skills, and how should
they prepare for it?
Over the past year, organizational culture within
our industry has significantly evolved in terms of In the upcoming year, it will be increasingly vital
integrating major technological advancements, to establish a genuine connection between the
such as generative Artificial Intelligence, vision and mindset of senior executives and the
alongside the new needs and expectations of rest of the organization. Employees need to hear
employees. Most organizations that prioritize an inspiring leadership voice that clarifies the
their culture and workforce are expected to have organization's direction and the strategies to
moved beyond the adaptation phase. We now reach its goals.
enjoy a more flexible, collaborative work style,
supported by advanced technological tools that Additionally, a significant challenge will arise in
foster greater disruption. retaining and attracting specialized talent with
strong digital and technological skills. Therefore,
Our industry is marked by constant change and making substantial investments in updating
a high demand for work, which means that and acquiring these necessary skills will be
successful leaders have recognized the essential, keeping in mind that there are certain
importance of navigating these substantial tasks that only humans can accomplish.
challenges and technological advancements
with empathy. The skills required today have We must also prioritize the mental health of our
shifted, making it crucial to provide ongoing workforce and foster a culture of empathy at all
and dynamic training for employees, marking levels. This focus will help mitigate risks
significant progress in development and associated with chronic stress and emotional
innovation. challenges, enabling us to cultivate motivated,
proactive teams with a strong sense of identity
Now, more than ever, we have a tremendous and commitment to the organization.
opportunity to lead the way while maximizing our
time and enhancing our skills within a work
environment that celebrates team achievements
and upholds ethics as a core pillar.
Ramiro
07 . CULTURE, PEOPLE & SKILLS

Gonzalez Forcada
Co-Founder & CEO,
The Flock
(Americas)

QUESTION 1 QUESTION 2
From your perspective, how have developments Based on the 2024 trends, what is your outlook for
within Culture, People & Skills evolved, and what 2025 and what do you think will be the primary
has been the impact on the industry in Latin challenge or opportunity for the industry in 2025
America? within Culture, People & Skills, and how should
they prepare for it?
The evolution of culture, people, and skills in Latin
America has significantly accelerated with the rise Looking toward 2025, I believe Latin America is
of remote work. During the pandemic, companies uniquely poised, presenting a wealth of
that were well-prepared for this transition gained opportunities and challenges in the
a competitive edge, experiencing less revenue technological sector. Although this year has
loss in quarterly earnings compared to their seen massive layoffs in companies such as
less-adapted counterparts. This shift has Microsoft, Intuit, and Dell, affecting over 100,000
transformed how organizations manage their workers, the reality is that the demand for tech
teams and operations, highlighting the critical talent remains robust and is growing at an
importance of flexibility. unprecedented rate. Projections indicate that
the tech workforce in the U.S. will expand at
In the technological landscape, skills are double the rate of the total workforce,
undergoing constant disruption. A study by potentially reaching 7.1 million jobs by 2034.
Harvard Business Review revealed that the
"shelf life" of certain competencies is a mere 2.5 This environment poses a significant challenge:
years, a cycle that Artificial Intelligence is how can companies in our region adapt and
further compressing. Both businesses and thrive amid continuous evolution and a
professionals must continuously reinvent landscape filled with uncertainties? It is
themselves to stay competitive. imperative to cultivate a culture of learning and
adaptation, prioritizing the continuous
Remote work has proven that talent knows no development of skills. While we may have
borders. In Latin America, this has enabled thought that remote work had become the
highly skilled technology professionals, norm, some companies have demonstrated
particularly in emerging fields like Artificial otherwise. Nonetheless, I believe this model
Intelligence, to drive regional growth. As the should continue to dominate, allowing us to
global demand for tech talent continues to rise, harness global talent and access a diverse,
companies that embrace flexible work models highly skilled talent pool.
will be better positioned to thrive in the future.
Xavier Alberto
07 . CULTURE, PEOPLE & SKILLS

Carrera Maquenzie
CISO,
Banistmo
(Panamá)

QUESTION 1 QUESTION 2
From your perspective, how have developments Based on the 2024 trends, what is your outlook for
within Culture, People & Skills evolved, and what 2025 and what do you think will be the primary
has been the impact on the industry in Latin challenge or opportunity for the industry in 2025
America? within Culture, People & Skills, and how should
they prepare for it?
In 2024, over 70% of companies implemented
cybersecurity awareness programs, achieving Looking ahead to 2025, I foresee cybersecurity
significant progress in raising awareness becoming more deeply integrated into
around cybersecurity. Organizations are organizational culture, emphasizing collaboration
increasingly investing in these initiatives to and shared responsibility. Companies will
cultivate a culture of security where everyone increasingly regard cybersecurity as a vital
shares responsibility. component of daily operations, continuing the
momentum of training and awareness initiatives.
Organizations have ramped up their investment
to ensure employees are informed about the The primary challenges will remain focused on the
latest threats and security technologies. This talent gap, as the demand for cybersecurity
strategy is crucial for attracting and retaining professionals will continue to exceed supply,
specialized talent, particularly given the shortage prompting organizations to invest more heavily in
of professionals in this field, which stands at internal training and development. Additionally,
approximately 600,000 in Latin America. Skill the swift adoption of new technologies such as AI
development is focused on advancements in AI, and quantum computing presents a challenge; it
data analysis, and incident response, while also is essential for cybersecurity professionals to
incorporating essential soft skills such as remain up to date and effectively counter any
communication and risk management. misuse of these tools.

In summary, this evolution has positively Agile methodologies will need to evolve,
impacted the cybersecurity landscape in Latin replacing the concept of MVP (minimum viable
America, enhancing resilience against product) with MSVP (minimum secure viable
cyberattacks. About 85% of organizations report product), to ensure cybersecurity practices are
being better equipped to comply with integrated at every level and department—from
cybersecurity regulations, thereby reducing the initial definition through to solution development.
risk of penalties and boosting customer trust. This shift will require a concerted effort and time
This shift has led to an estimated $15 billion to implement effectively.
investment in cybersecurity, driving innovation
with new solutions and emerging technologies In conclusion, to navigate these challenges,
that offer improved data and system protection. organizations must continue investing in ongoing
training, promote a culture of security, and
expedite the adoption of technologies that
enhance both security and operational efficiency.
Category
08

C Y B E R
S E C U R ! T Y
&
R I S K

The more we live our lives digitally, the more existential cybersecurity becomes
for the financial industry! Cybersecurity and risk management are crucial for a
secure, trusted financial system. In 2025, the industry must prioritize strong,
adaptive security practices to protect assets, data, and customer trust. A focus
on cybersecurity will ensure resilient financial services that can safely expand
access across the Americas.
Javier
08 . CYBERSECURITY & RISKY

Garcia
Gerente Corporativo ROT,
Pichincha Corp
(Ecuador)

QUESTION 1 QUESTION 2
From your perspective, how have developments Based on the 2024 trends, what is your outlook
within Cybersecurity & Risk evolved, and what for 2025 and what do you think will be the
has been the impact on the industry in Latin primary challenge or opportunity for the
America? industry in 2025 within Cybersecurity & Risk,
and how should they prepare for it?
In Latin America, the digital banking market has
experienced substantial growth in recent years, Looking ahead to 2025, I anticipate that the
fueled by widespread adoption of mobile digital banking evolution in Latin America will
technologies and an urgent need to enhance continue to surge, with an increased focus on
financial inclusion. Over 50% of financial integrating technologies such as Artificial
institutions in the region now offer advanced Intelligence and automation into financial
digital services, with a strong focus on services. Financial institutions are likely to
improving customer experience and optimizing prioritize modernizing their technological
operational efficiency. platforms and expanding Open Banking
initiatives in response to the growing demand
However, alongside this growth, there has been for personalized and secure services.
a notable increase in cyberattacks across the
region. A recent study revealed that financial The most significant challenge will be the
institutions face an average of 1.5 cyber shortage of specialized talent in key areas such
incidents per year, leading to a 25% rise in as cybersecurity, software development, and
investment in cybersecurity and the data analysis. Presently, over 40% of companies
development of specialized teams over the report struggling to find candidates with the
past three years. Furthermore, 72% of banks requisite skills. Overcoming this hurdle
plan to integrate Artificial Intelligence into their necessitates ongoing investment in training
customer service operations to enhance and certification for employees, as well as
security and improve user experiences. collaboration with educational institutions to
develop targeted programs in these critical
Digital transformation must be accompanied competencies. Therefore, addressing this talent
by a proactive approach to managing digital gap must be regarded as a strategic priority for
and cybersecurity risks from the outset. the region.
Adopting frameworks for cyber risk
management and embedding cybersecurity A robust culture and preparation in digital
practices within organizations is essential. Now, education will not only enhance competitiveness
more than ever, collaboration between private but will also empower institutions to better
and public sectors is critical in tackling these anticipate and manage digital risks, including
shared challenges. the escalating threat of cyberattacks.
Xavier Alberto
08 . CYBERSECURITY & RISKY

Carrera Maquenzie
CISO,
Banistmo
(Panamá)

QUESTION 1 for 2025 and what do you think will be the

From your perspective, how have developments primary challenge or opportunity for the
within Cybersecurity & Risk evolved, and what industry in 2025 within Cybersecurity & Risk,
has been the impact on the industry in Latin and how should they prepare for it?
America?
Looking ahead to 2025, the cybersecurity
According to a recent study by ESET, cybersecurity landscape will present both significant challenges
in Latin America continued to evolve in 2024, and opportunities. AI will be critical, as
facing new challenges and adopting advanced cybercriminals increasingly leverage it to refine
technologies to mitigate risks. Artificial their tactics, while defenders enhance their
Intelligence (AI) has played a pivotal role in threat capabilities for threat detection and response.
detection and response, with 92% of companies in
the region recognizing the critical importance of The integration of AI, automation, and advanced
AI-based security solutions. cryptography will be vital for strengthening
cyber defenses. Embracing these technologies
The rise of cybercrime has seen messaging will become imperative as the use of hybrid
applications like Telegram being exploited for clouds necessitates integrated security
malicious activities, impacting companies of solutions. Additionally, adopting a Zero Trust
all sizes. This has particularly manifested model will be crucial, operating under the
through supply chain attacks, alongside the assumption that any user or device may be
persistent threat of banking trojans, which are compromised. Ransomware and supply chain
now employing increasingly sophisticated attacks will continue to pose significant risks.
evasion techniques.
One of the foremost challenges will be the
The World Economic Forum reports that this ongoing shortage of cybersecurity professionals,
growing threat landscape has led to an uptick where demand will far exceed supply. This
in cybersecurity investments, prompting situation underscores the need for substantial
companies to increase their budgets. However, investment in training and development.
62% of organizations still view their investment
as inadequate and are actively working on To prepare for these challenges, organizations in
awareness initiatives. Alarmingly, only 30% of both the public and private sectors must foster
employees receive regular training on security greater collaboration, even at a national level, to
topics, even as tools advance towards a more facilitate the sharing of information and defense
autonomous level of analytics and response. strategies. Furthermore, they should prioritize
investment in training programs and the
These trends indicate a dynamic and continued implementation of AI-based security
challenging environment where adaptation solutions, while also managing third-party risks
and innovation are essential for countering and developing robust incident response
emerging threats. strategies to bolster resilience.

Gartner predicts that by 2025, 60% of companies

QUESTION 2 will regard cybersecurity risk as a crucial factor
Based on the 2024 trends, what is your outlook influencing their business transactions.
José
08 . CYBERSECURITY & RISKY

Moscoso Naranjo
Jefe de Continuidad
del Negocio,
Banco del Austro
(Ecuador)

QUESTION 1 QUESTION 2
From your perspective, how have developments Based on the 2024 trends, what is your outlook
within Cybersecurity & Risk evolved, and what for 2025 and what do you think will be the
has been the impact on the industry in Latin primary challenge or opportunity for the
America? industry in 2025 within Cybersecurity & Risk,
and how should they prepare for it?
The evolution of cybersecurity in Latin America
has been marked by an accelerated response to The trends we saw in 2023, such as increased
the growing number of threats, which are digital interconnection and the advancement of
becoming increasingly sophisticated. In 2024, we technologies like cloud adoption and artificial
have seen the consolidation of cyber risk intelligence, set the stage for a new era in
management frameworks, driven by regional cybersecurity in 2024. Regional entities, such as
entities such as the Organization of American the Economic Commission for Latin America
States (OAS) and the Pacific Alliance. These and the Caribbean (ECLAC) and the
organizations have fostered cooperation among Inter-American Development Bank (IDB), have
countries to share cyber threat intelligence and emphasized the need for resilient infrastructure
enhance the resilience of critical sectors. and cross-border collaborations, which are now
crucial for the region.
An innovative theme is the rise of public and
private initiatives that combine cybersecurity I believe that in 2024, the greatest challenge will
with digital sustainability, an approach that seeks be the increasing sophistication of cyberattacks
to mitigate the risks associated with the growing targeting critical sectors, particularly the
use of emerging technologies such as artificial financial sector, which is offering more digital
intelligence and hybrid cloud, while promoting value than ever before. However, the key
responsible infrastructure growth. In this regard, opportunity lies in the consolidation of
the financial industry has been a pioneer in cybersecurity as an enabler of innovation.
adopting new technologies to strengthen Companies that invest in cyber resilience and
security and implementing more rigorous cyber manage their risks from an integrated approach
defense measures in an increasingly regulated will be able to compete more effectively in an
and exposed environment. increasingly digital market.

The result has been greater stability in the To address this scenario, the development of
region, although the challenge of adapting to proactive cyber defense strategies should be
new regulations and maintaining specialized prioritized, as well as fostering greater
talent remains one of the main obstacles. cooperation between sectors and countries.
This approach will not only mitigate risks but
also take advantage of the emerging
opportunities in the digital economy.
Aristides
08 . CYBERSECURITY & RISKY

Cavalcante
Head of Strategic Management &
Specialized Supervision Department,
Central Bank of Brazil
(Brasil)

QUESTION 1 safeguarding against potential threats, ensuring

From your perspective, how have developments a more secure and resilient financial ecosystem
within Cybersecurity & Risk evolved, and what in the Americas.
has been the impact on the industry in Latin
America? QUESTION 2
Based on the 2024 trends, what is your outlook
In recent years, developments in cybersecurity for 2025 and what do you think will be the
and risk management have significantly primary challenge or opportunity for the
evolved, driven by rapid digital transformation industry in 2025 within Cybersecurity & Risk,
and increasing interconnectivity. The financial and how should they prepare for it?
sector, particularly in the Americas, has seen a
substantial rise in both internal and external Based on the 2024 trends, the outlook for 2025 in
technological risks. Cybersecurity threats from cybersecurity and risk management within the
malicious external agents and internal process Americas is poised for significant
deficiencies have become more prevalent, advancements and challenges. The primary
necessitating robust governance and challenge will likely be managing the increasing
integrated risk management strategies. complexity and interconnectivity of digital
ecosystems. As financial institutions continue to
The industry's response has included enhanced adopt innovative technologies like cloud
measures for cyber resilience, such as regular computing, AI, banking-as-a-service, and
incident response testing, improved data digital payment systems, the risk landscape will
governance, and comprehensive risk evolve, presenting new vulnerabilities.
assessments. The adoption of cloud computing
and digital payment systems like PIX and Open A key opportunity lies in enhancing cyber
Finance in Brazil exemplifies the shift towards resilience through improved governance and
innovative yet secure financial services. integrated risk management strategies. The
However, challenges remain, particularly in adoption of advanced technologies must be
managing third-party risks and ensuring the accompanied by stringent security measures
resilience of outdated technologies. and continuous monitoring to mitigate potential
threats.
The impact on the industry has been profound,
with institutions increasingly prioritizing To prepare for these challenges, financial
cybersecurity to protect sensitive data and institutions should prioritize the following:
maintain operational continuity. Regulatory
bodies, like Central Bank of Brazil, play a crucial 1 . Strengthening Third-Party Risk
role in setting standards and promoting best Management: Ensuring that all third-party
practices. Overall, the advancements in service providers adhere to high security
cybersecurity and risk management have standards and are regularly assessed for
bolstered the industry's ability to innovate while vulnerabilities.
08 . CYBERSECURITY & RISKY

2 . Enhancing Data Governance:

Implementing robust data management
practices to ensure data integrity,
availability, quality and security.
3 . Continuous Innovation and Training:
Investing in the latest cybersecurity
technologies and training staff to stay
ahead of emerging threats.
4 . Regulatory Compliance: Adhering to
evolving regulations and standards set by
regulatory bodies to maintain a secure
and resilient financial ecosystem.

By addressing these areas, the industry can turn

potential challenges into opportunities for
growth and innovation in 2025.
Eddy
08 . CYBERSECURITY & RISKY

Fortoul
CISO,
Banco General
(Panamá)

QUESTION 1 QUESTION 2
From your perspective, how have developments Based on the 2024 trends, what is your outlook
within Cybersecurity & Risk evolved, and what for 2025 and what do you think will be the
has been the impact on the industry in Latin primary challenge or opportunity for the
America? industry in 2025 within Cybersecurity & Risk,
and how should they prepare for it?
Today, cybersecurity has emerged as one of the
foremost risks to be managed by both Looking ahead to 2024, the primary challenges
companies and individuals. The surge in regarding cyber risks will undoubtedly relate to
digitalization has transformed us into online our capacity to respond to new threats and
entities across many facets of our personal and align our defenses with emerging technologies
professional lives. As a result, threats to our such as Artificial Intelligence and quantum
digital assets are growing increasingly computing. While these technologies offer
sophisticated, necessitating equally effective excellent use cases that enhance efficiency and
prevention and protection strategies. In Latin drive business evolution, they also present
America, this reality mirrors that of first-world serious challenges when exploited by
countries, where traditional businesses are cybercriminals for malicious purposes.
increasingly transitioning to electronic
operations, alongside those that were originally Addressing cyber resilience must be done with
established as 100% digital. utmost seriousness and discipline, as businesses'
reliance on their digital operations will continue
A significant challenge facing Latin America will to grow steadily in the coming years. This will, in
be the development of specialized human turn, lead to an escalation of cyber risks
capital in cybersecurity to meet the sector's associated with online activities. Ensuring
soaring demand. The current supply of business continuity will no longer solely rely on
academic programs remains limited and in its traditional operational risks, for which established
infancy. Thus, it is crucial to accelerate and mitigation measures exist. New cyber threats
expand these programs in the near future to emerge daily and become increasingly difficult
begin closing the existing skills gaps. to predict, contain, and address. Consequently,
organizations must continue to invest not only in
prevention but also in recovery strategies,
preparing for the eventual—and nearly
inevitable—occurrence of a cyberattack.
Manuel
08 . CYBERSECURITY & RISKY

Iturrizaga
CISO,
Ransa
(Perú)

QUESTION 1 QUESTION 2
From your perspective, how have developments Based on the 2024 trends, what is your outlook
within Cybersecurity & Risk evolved, and what for 2025 and what do you think will be the
has been the impact on the industry in Latin primary challenge or opportunity for the
America? industry in 2025 within Cybersecurity & Risk,
and how should they prepare for it?
In recent years, cybersecurity and risk
management developments in Latin America Looking ahead to 2024, cybersecurity continues
have experienced exponential growth. The to be a strategic priority for achieving objectives
rising digitalization of businesses and across all businesses. We observe an uptick in
increasing reliance on information technologies targeted attacks leveraging Artificial Intelligence
have established cybersecurity as a strategic and a growing complexity in protecting hybrid
priority for both private and public enterprises, work environments.
as well as governments.
As we move into 2025, the primary challenge will
Initially, the focus was on safeguarding critical be mitigating the risks associated with Artificial
infrastructures and sensitive data within Intelligence. While this technology provides
specific sectors, such as finance and substantial benefits, it also introduces a broader
government. However, the landscape has and more agile attack surface.
undergone a dramatic transformation. Today,
every industry—ranging from agriculture to To tackle this challenge, organizations must
healthcare—faces a diverse array of cyber embrace a proactive and holistic approach.
threats. Governments across the region are This involves dedicating time, effort, and
enacting stricter regulations to protect the data resources to cultivating a security culture that
of citizens and businesses alike. is attuned to Artificial Intelligence, enabling
them to detect emerging threats effectively.
This landscape has evolved due to constant Strengthening the training of security teams
innovation in areas like Artificial Intelligence and implementing robust data governance
and Blockchain, necessitating a more policies will also be crucial. Moreover,
personalized approach to enhance threat collaboration between the public and private
detection and response. sectors will be vital for sharing threat
intelligence and developing cohesive best
In summary, the evolution of cybersecurity in practices.
Latin America is characterized by an increasing
awareness of risks, heightened investment in
solutions, and continuous adaptation to a
dynamic threat environment.
Category
09

I D E N T I T Y
KYC & FRAUD

In a digital-first financial environment, verifying identity and preventing fraud are

more critical than ever. As we approach 2025, advancements in KYC and fraud
detection leveraging advanced technologies will be essential for protecting
institutions and clients alike. Strengthening these systems will support a secure,
inclusive financial sector across the Americas, building trust in every transaction.
Emerson
09 . IDENTITY, KYC & FRAUD

Chavez
Líder de Ciberseguridad,
Banco Ganadero S.A.
(Bolivia)

QUESTION 1 primary challenge or opportunity for the

From your perspective, how have developments industry in 2025 within Identity, KYC & Fraud,
within Cybersecurity & Risk evolved, and what and how should they prepare for it?
has been the impact on the industry in Latin
America? Looking ahead to 2025, I foresee a more profound
transformation in identity verification, KYC, and
Recent advancements in Latin America fraud management. This trend is largely fueled
concerning identity verification, KYC (Know Your by technological advancements and the rising
Customer), and fraud management have complexity and volume of cybersecurity and
significantly reshaped the financial industry. fraud incidents.
Currently, the levels of efficiency and
effectiveness attained would not be feasible I anticipate that the primary challenge will be
without these technological solutions. The main keeping up with the evolution of threats; fraud
driver of this evolution is the urgent need for techniques are becoming increasingly
efficient, automated, and user-friendly tools for sophisticated, and current tools show
processing and analyzing information, which vulnerabilities in adapting to dynamic attack
are essential for ensuring the security and vectors. Other significant challenges will involve
digitalization of transactions and services enhancing personal data protection, striking a
offered to financial users. balance between security and usability, and
developing clearer regulatory frameworks.
The impact on the region's industry has been
notably positive. The deployment of Regarding opportunities, the key will be the ability
technological validators has led to more to innovate and create tailored solutions.
efficient identity verification processes. Technologies that can detect and contain
Additionally, the optimized processing of large emerging fraud while preserving privacy and
data volumes through Artificial Intelligence providing secure customer experiences will be
enhances the accuracy of KYC outcomes. highly regarded.
Furthermore, advanced analysis and event
correlation facilitate timely fraud management, My recommendation for the industry is to
adopting a more preventive approach. continue leveraging generative Artificial
Collectively, these advancements foster greater Intelligence and allocate resources toward
customer trust in the various processes and enhancing machine learning capabilities.
services at their disposal. Notable benefits for Additionally, fostering a culture of cybersecurity
the financial sector include increased financial risk awareness is crucial; organizations should
inclusion, reduced costs, innovation, improved implement preventive measures grounded in
cybersecurity, enhanced user experience, and continuous monitoring of cybersecurity and
compliance with regulatory standards. fraud trends to identify new threats. Lastly,
research into innovative authentication methods
QUESTION 2 and the adoption of advanced encryption
Based on the 2024 trends, what is your outlook technologies should remain a priority.
for 2025 and what do you think will be the
Elier
09 . IDENTITY, KYC & FRAUD

Alfaro
CISO,
Banco BICE
(Chile)

In response, robust solutions leveraging emerging In this scenario, the significant challenge will be
technologies such as biometrics and Artificial to provide solutions that are both extremely
Intelligence have been developed to significantly secure and frictionless for users. Achieving this
enhance remote onboarding processes, identity will require seamless collaboration among User
verification, and fraud prevention. Experience, Security, and Fraud Prevention
teams, ensuring that security is integrated from
These technologies enable the detection of the design phase. This teamwork will not only
fraud patterns and help ascertain whether a strengthen defenses against fraud but also
financial transaction is being executed by guarantee a smooth and trustworthy
legitimate customers or by impersonators or experience for customers, thereby fostering
malware controlling the customer's device. their confidence in the financial system.

Financial organizations have embraced these Ultimately, customer trust will be crucial for
solutions to meet customer demands, merging success in this increasingly intricate digital
high security standards with minimal friction. environment.
This approach not only enhances user
experience but also bolsters trust in the
financial system.
Daniel
09 . IDENTITY, KYC & FRAUD

Fonseca Calderón
Head of IT
Infrastructure,
Grupo Mutual
(Costa Rica)

QUESTION 1 QUESTION 2
From your perspective, how have developments Based on the 2024 trends, what is your outlook
within Cybersecurity & Risk evolved, and what for 2025 and what do you think will be the
has been the impact on the industry in Latin primary challenge or opportunity for the
America? industry in 2025 within Identity, KYC & Fraud,
and how should they prepare for it?
Currently, we are experiencing an impressive
transformation in various sectors, especially in The main challenge is to comply with privacy and
finance. The need for security in this digital age data security regulations in different regions. As
has led companies to adopt new technologies, these regulations become stricter, more robust
such as facial recognition and biometrics. processes must be implemented to identify,
These tools not only help protect our monitor, and address suspicious activities.
information but also provide the necessary Additionally, we face significant daily increases in
confidence for users, which is essential when it the sophistication of cyber attacks, which must
comes to handling money online. be countered with advanced detection
capabilities and ongoing employee training.
Moreover, artificial intelligence has had a
significant impact on customer experience by Considering the above, it is essential to
offering various solutions that enable better implement action plans that contain a solid
interaction. These solutions, based on data governance framework to ensure compliance
analysis, allow companies to better understand with current regulations, integrating robust KYC
what customers truly want, enabling them to processes. This will allow for better control to
adapt to their profiles in order to make daily use proactively respond to potential attacks. This
of the platforms easier and safer in an approach will not only strengthen security for
ever-changing technological world. both the company and its customers but also
foster a culture of responsibility at all levels.
Javier Andres
09 . IDENTITY, KYC & FRAUD

Tepedino
CISO,
Banco del Sol
(Argentina)

The incorporation of Artificial Intelligence, A primary challenge will be adapting to an

behavioral analysis, and machine learning has ever-changing regulatory landscape, as
allowed for more precise detection of fraud governments enact new laws to protect
patterns, mitigating risks and enhancing user consumer information. Companies must remain
experience. These innovations have made the vigilant and proactive in adopting technologies
KYC process more agile, enabling firms to that comply with these evolving regulations.
comply with regulations without sacrificing
customer satisfaction. Nevertheless, this scenario also offers
significant opportunities. Organizations that
Furthermore, the pandemic has accelerated invest in robust anti-fraud solutions and
digital transformation, compelling many biometric authentication technologies will be
institutions to implement remote identity well-positioned to attract and retain
verification processes. This shift, however, has customers by delivering safer and more
also resulted in a surge of digital fraud, requiring efficient experiences.
continual adjustments to security strategies.
To prepare for this future, companies should
In conclusion, we can see that advancements in embrace a comprehensive strategy that
these areas have made Latin American merges advanced technologies with ongoing
companies more competitive and efficient staff training in compliance and security.
while simultaneously introducing new Furthermore, forming strategic partnerships
challenges in the ongoing battle against fraud. with technology providers will grant access to
innovations that enhance their identity and
fraud management systems.
Brian
09 . IDENTITY, KYC & FRAUD

Frey
Head of Product &
Innovation,
Zenus Bank International
(Americas)

This evolution has resulted in efficient and fluid The primary challenge for 2025 will be managing
customer onboarding experiences while ensuring the trade-off between user convenience and the
strict compliance with regulatory requirements, need for rigorous security measures. Fraudsters
reducing friction, and improving trust. The ability to have become more sophisticated, leveraging AI
connect and unify these previously siloed systems and automation to exploit vulnerabilities in
ensures proactive fraud detection by identifying identity verification systems. Organizations must
patterns across KYC and AML databases. evolve their fraud prevention procedures to stay
ahead of these developments.
Fraud prevention has seen remarkable progress,
with real-time analytics and machine-learning To address these challenges, businesses should
models which detect inconsistencies in transaction focus on adopting advanced, AI-powered
patterns and identifying fraudulent behavior. identity verification tools and machine learning
Adopting multi-factor authentication, behavioral that can detect subtle patterns indicative of
biometrics, and enhanced digital identity fraud. Investment in real-time analytics and
frameworks, financial institutions have hardened behavioral biometrics will be crucial in spotting
security, mitigating risks like identity theft and anomalies early. Additionally, fostering stronger
account takeovers. Keeping pace with regulatory collaboration with regulators and peers will
changes and emerging cyber threats like synthetic assist in sharing intelligence and developing
identity fraud remains an ongoing challenge. The more robust industry-wide standards, ensuring
continuous evolution of these integrated systems is that companies remain resilient against
vital to maintaining a secure and compliant emerging threats.
financial ecosystem in the Americas.
Facundo
09 . IDENTITY, KYC & FRAUD

de Pina
CISO,
Banco Comafi
(Argentina)

QUESTION 1 new variants and sophisticated technology,

From your perspective, how have developments impacting Latin America by targeting client
within Cybersecurity & Risk evolved, and what devices, which are seen as the weakest link.
has been the impact on the industry in Latin Trojans, disseminated through phishing and
America? social engineering techniques, aim to trick
victims into installing malicious code on their
Remaining agnostic toward different devices. This allows cybercriminals to establish
technologies, the evolution of identity remote connections, disable antivirus
management has been steady, innovative, and programs, intercept credentials, launch fake
effective, yet primarily applicable to specific use websites, capture screens, and log keystrokes.
cases and/or TTP (Tactics, Techniques, and Following infection, they may disable the screen
Procedures) employed by cybercriminals and execute financial transactions to various
across various sectors. Notable advancements wallets, primarily in cryptocurrencies,
have been made in addressing digital identity particularly within the financial sector.
challenges for initiating customer onboarding
processes, including facial biometrics with Is there currently a comprehensive solution that
synthetic life tests, document validation, mitigates these risks and offers 360-degree
authentication factors, and mechanisms for observability regarding risks affecting our clients?
device authorization, as well as behavioral
analytics and algorithms designed to detect QUESTION 2
anomalies during transactions. Based on the 2024 trends, what is your outlook
for 2025 and what do you think will be the
How do cybercriminals obtain their raw material? primary challenge or opportunity for the
industry in 2025 within Identity, KYC & Fraud,
• Phishing: 74% of incidents arise from email, and how should they prepare for it?
SMS, QRishing, and similar channels.
• Unauthorized brand use: 17% through To effectively combat cybercrime,
typosquatting, fraudulent ads, affiliate organizations today require two or more
fraud, and brand impersonation on social integrated solutions to mitigate risks and their
media and mobile applications. impact on clients. It is essential to undertake
• Information disclosure: 9% various internal developments to achieve
• Traditional awareness methods that are comprehensive 360-degree (omnichannel)
often monotonous and inefficient, observability concerning client risks.
leveraging the same communication
channels where cybercrimes are initiated. The key challenge will be developing holistic
solutions (All-in-One) that encompass not only
Other methods include: AI, authentication factors, channel
orchestration, and behavioral and
• Trojans and Malware as a Service (MaaS) transactional analysis, but also innovative
• Remote device control (laptops, PCs, awareness modules equipped with indicators
mobiles, etc.) for unified risk management. These modules
• Infostealer should enable organizations to run simulations
In summary, older TTPs have reemerged with (notably, there was an 81% increase in phishing
09 . IDENTITY, KYC & FRAUD

incidents from 2022 to 2023), compliant with

regional regulations, to deliver targeted
educational content to clients based on
simulation outcomes.
Additionally, these modules should facilitate
communication with clients regarding any
suspicious activities.

Moreover, organizations must possess the

capability to automatically detect and respond
(similar to SOAR) to unauthorized brand use
incidents across all variations (with a reported
51% increase from 2022 to 2023), analyzing
diverse information sources for potential
information disclosure (which surged by 322%
between 2022 and 2023) that corresponds with
the legitimate data of the organization using
the solution (e.g., credit and debit card
information, compromised credentials,
confidential data, infostealers).

Finally, seamless and rapid integration (through

native connectors) with various CRM (Customer
Relationship Management) and security
solutions (Firewalls, WAFs, etc.) is crucial for
correlating information and compliance
reporting tailored to each region.
Category
10

I N A
F I N

C I A L
N C LU

SI
ON

Financial inclusion is at the heart of an equitable, thriving economy and one of

Fintech Americas major reasons for existing. In 2025, the continued expansion of
access to banking and financial services will drive empowerment, economic
resilience, and opportunity across the region. Financial inclusion strengthens our
ecosystem, creating growth pathways for individuals and communities in every
corner of the Americas.
Manuel
10 . FINANCIAL INCLUSION

Velarde
Presidente, Instituto
Transformación Digital
para el Desarrollo,
TDD (Perú)

QUESTION 1 QUESTION 2
From your perspective, how has developments Based on the 2024 trends, what is your outlook
within Financial Inclusion evolved and what has for 2025 and what do you think will be the
been the impact on the industry in the primary challenge or opportunity for the
Americas? industry in 2025 within Financial Inclusion, and
how should they prepare for it?
We can highlight significant advancements
primarily due to the emergence of new I am convinced that the most substantial
institutions (fintechs), which capitalize on an opportunities in countries like ours lie within the
environment that is less appealing to large, microfinance sector, which requires the
traditional financial entities. In countries like knowledge and experience that has been
Peru, the structure and prevalence of small and cultivated in Peru through municipal and rural
medium-sized enterprises (SMEs) indicate that savings banks. The availability of emerging
the market remains underserved, revealing technologies, including Artificial Intelligence,
opportunities that necessitate taking risks and machine learning, Blockchain, and data
making bold decisions to challenge existing analytics, enables us to devise innovative and
paradigms. disruptive solutions by integrating "microfinance
methodology" with these technologies.
Currently, financial inclusion has surpassed 55%, a
notable increase from 40% prior to the pandemic. Moreover, I see an exciting competitive
However, several characteristics present opportunity as tech startups explore new credit
considerable challenges worth examining: assessment models using Artificial Intelligence,
innovative authentication methods via
• 99% of economic activity is driven by SMEs, decentralized biometrics, and effectively
most of which are individual or leveraging valuable tools like digital wallets.
family-owned businesses.
• 72.6% of the economically active Additionally, some businesses are beginning to
population (EAP) operates informally. recognize opportunities with "Open Finance"
• By the end of 2023, 49% of Peruvians had and digital currencies such as Central Bank
accessed informal credit outside the Digital Currencies (CBDCs), with central banks
traditional financial system. in Peru already piloting these initiatives. These
could act as "game changers" that warrant
This scenario presents a range of opportunities careful analysis and preparation, allowing us to
for financial institutions, yet many still hesitate harness these developments and avoid falling
to take risks. Additionally, existing legislation behind in the evolving financial landscape that
poses challenges, particularly concerning we must navigate.
controls and limits on interest rates.

I believe this environment offers incredible

opportunities.
Fidel
10 . FINANCIAL INCLUSION

Durán Pitarque
Gerente General,
Banco Solidario
(Ecuador)

QUESTION 1 The impact has been significant, especially in

From your perspective, how has developments rural populations and vulnerable sectors. One of
within Financial Inclusion evolved and what has the groups that has benefited the most is
been the impact on the industry in the women. Through digital platforms and
Americas? microfinance, more women are accessing
financial services, enabling them to save, invest,
Financial inclusion has evolved significantly in and grow their businesses.
Latin America, driven by specialized
microfinance institutions, digitalization, mobile Approximately 79% of the population has
access, technological innovation, the expansion access to basic financial services, such as
of fintech, and the recognition of its importance accounts. However, only 58% have access to
for economic development. credit cards, and less than 30% have access to
loans, insurance, or investments—key
Microfinance institutions continue to play a components of financial inclusion (Mastercard
prominent role in including micro and small Study, June 2023). In fact, a substantial number
businesses, as well as informal workers and of individuals still rely on informal lenders,
low-income employees. Organizations such as significantly impacting their financial stability.
Bancosol, Mibanco, and Banco Solidario are
examples of entities that have leveraged Challenges persist, such as the gender gap, lack
technology to expand access to credit in of financial education, and limited access in rural
vulnerable sectors. Nubank, the largest digital areas and indigenous communities. Nevertheless,
bank in the region, has enabled millions of the region is progressing towards greater
people to access financial services without the accessibility and diversity in financial services.
barriers imposed by traditional banking. The
proliferation of digital wallets has facilitated
payments, savings, and money transfers for QUESTION 2
millions of people without access to traditional Based on the 2024 trends, what is your outlook
banking. Interoperable payment systems, such for 2025 and what do you think will be the
as Brazil's PIX, have accelerated digitalization primary challenge or opportunity for the
and promoted greater inclusion. Fintechs have industry in 2025 within Financial Inclusion, and
played a fundamental role in financial inclusion how should they prepare for it?
by offering innovative products such as digital
accounts, mobile payments, and accessible By 2025, financial inclusion in Latin America and
loans, which have helped democratize access the world is likely to be further driven by
to credit through digital lending platforms that digitalization, the expansion of fintech, and the
utilize data analytics and algorithms to assess increasing use of technologies such as Artificial
risks. Additionally, microinsurance has started Intelligence (AI) and Blockchain.
to gain popularity, providing low-income
individuals with access to basic coverage, such It is expected that there will be more
as life and health insurance. collaboration between traditional banks and
10 . FINANCIAL INCLUSION

fintechs. Fintechs will continue to lead through digital channels, cybersecurity will
innovation with products designed for become a critical issue. The industry must
unbanked consumers, while traditional banks prepare to face cyberattacks, data theft, and
will adapt and further digitalize their services. fraud, ensuring system security and building
We will see a greater focus on personalized user trust. Furthermore, improving users' digital
services through the use of AI and data analytics, and financial literacy will be necessary so they
enabling the delivery of financial solutions can use these tools safely and effectively.
tailored to the specific needs of each user. The Additionally, motivated by political interests,
development of interoperable payment systems some governments believe that the way to
will be key; Brazil's PIX has demonstrated how promote inclusion is by lowering the cost of
efficient infrastructure can accelerate financial money, which achieves the opposite effect.
inclusion. Other Latin American countries are Collaborating with authorities and citizens to
likely to develop similar systems. demonstrate the impact of poorly designed
regulations is one of the greatest challenges we
One of the biggest challenges will be to create face in Latin America. It is urgent to enhance the
regulations that balance innovation with technical aspects of supervision and the
consumer protection. The rapid expansion of methods of conducting financial policy and
fintechs and cryptocurrencies could pose risks, regulation in the region.
such as fraud or losses due to a lack of
oversight. Governments will need to adopt In 2025, the opportunities for financial inclusion
regulatory frameworks that protect users will be vast, but they will require adequate
without stifling innovation. It will also be crucial preparation from financial institutions, regulators,
to ensure that regulations are inclusive and and society to face emerging challenges and
accessible for the most vulnerable sectors. As ensure that benefits reach everyone.
more people gain access to financial services
Diego
10 . FINANCIAL INCLUSION

Fuentes
Gerente Nacional
de Innovación,
Banco Union
(Bolivia)

QUESTION 1 QUESTION 2
From your perspective, how has developments Based on the 2024 trends, what is your outlook
within Financial Inclusion evolved and what has for 2025 and what do you think will be the
been the impact on the industry in the primary challenge or opportunity for the
Americas? industry in 2025 within Financial Inclusion, and
how should they prepare for it?
Financial inclusion has gained significant
prominence in the region in recent years. In The year 2024 was characterized by the rise of
many countries, it has become an integral part Artificial Intelligence and the increasing
of banks' strategic missions, leading to prominence of digital currencies—tools that
substantial investments in this area. A clear must be made accessible to financial
example of this trend is the widespread consumers. This trend is driving enhancements
adoption of mobile wallets, which provide in customer service and self-service options
users with free connectivity services, through chatbots, enabling direct and effective
substantial benefits, and even compensation interactions with banks that not only provide
for using the service. The establishment of information and support but also facilitate
extensive ecosystems offers considerable authenticated transactions via biometrics.
savings for banks by shifting transactions from
physical to digital channels, while also Digital assets have emerged as a valuable
generating revenue from fees associated with opportunity for countries facing liquidity
digital collections. challenges in traditional currencies, offering
alternatives for preserving the value of savings.
However, the challenge of financial education The main challenge for the industry in 2025, in
remains prevalent. It is crucial to develop my view, will be the integration and deepening
strategies that instill security, trust, and of this technology across all operational areas
certainty in unbanked segments, particularly of financial institutions, with a keen focus on
among older populations that tend to adhere customer experience to enhance lives and
to traditional practices. Ultimately, these create opportunities in the face of adversity.
efforts contribute to improving people's lives,
expanding opportunities, and digitizing Additionally, it is important to recognize that the
financial transactions, which is yielding a databases of these institutions are becoming
remarkably positive impact. increasingly robust, presenting an opportunity
to be leveraged for developing financial
products and services that effectively meet the
real needs of individuals.
David
10 . FINANCIAL INCLUSION

Topete Salmorán
Chief for
Financial Inclusion,
Banco del Bienestar
(México)

QUESTION 1 QUESTION 2
From your perspective, how has developments Based on the 2024 trends, what is your outlook
within Financial Inclusion evolved and what has for 2025 and what do you think will be the
been the impact on the industry in the primary challenge or opportunity for the
Americas? industry in 2025 within Financial Inclusion, and
how should they prepare for it?
Financial inclusion has evolved significantly
since the term was first introduced. Initially, our I believe that numerous opportunities will
focus was on ensuring that individuals had continue to emerge in three key areas: banking
access to bank accounts. This was followed by must advance in digitalization, financial
efforts to provide debit and credit cards, and product innovation, and financial education. We
subsequently, to ensure the orderly inclusion of should develop educational programs that
the most vulnerable populations within the align with new products, including courses that
financial system. Today, we are not only incorporate behavioral sciences to facilitate
pursuing financial well-being but also striving sound decision-making, enabling individuals to
for the financial health of the entire population. achieve financial well-being and health. Given
the generational shifts, it is crucial that we
To achieve this, we now employ a combination prioritize digitalization at all times.
of econometric tools and advanced technolo-
gies, such as Artificial Intelligence and behavio- Fintech companies, for their part, must also
ral sciences, to assess the financial stress levels emphasize financial education, utilizing digital
experienced by the population. Our goal is to tools to help clients effectively manage their
ensure that individuals not only utilize the finan- portfolios of products and services, as well as
cial instruments at their disposal but do so in a their personal finances. Additionally, educating
manner that is both correct and efficient. customers on cybersecurity is essential for
building trust between clients and fintechs. One
Despite these theoretical advancements, the promising approach to foster greater trust could
practical application within the industry in Latin be the development of a comprehensive
America has not kept pace. While competition crowdfunding scheme, where portfolios of
from traditional banks has intensified, and the micro-entrepreneurs within the same
number of fintech companies has grown expo- production chain are financed—similar to group
nentially, alongside easier and faster access to lending—to promote cohesion and commitment.
credit markets, it is essential that we protect our
customers from falling into a negative spiral Finally, I believe that collaboration between
that could formally exclude them from the traditional banks and fintechs must continue to
financial sector and its benefits. flourish, fostering strategic alliances and
facilitating appropriate technological integration,
including the use of Artificial Intelligence.
Category
11

CORPORATE
B A N K I N G

Digital transformation has arrived for Corporate banking, which is evolving to

adapt to the needs of a fast-paced business environment. In 2025, innovations
that enhance operational efficiency and deepen relationships with corporate
clients will be central to growth. As businesses seek agile financial solutions,
corporate banking must adapt to support economic development and foster
partnerships across the Americas.
Nathalie
11 . CORPORATE BANKING

Angulo
Coordinator at Kuara &
Senior Vice President,
Global Bank Corp
(Panamá)

QUESTION 1 QUESTION 2
From your perspective, how has developments Based on the 2024 trends, what is your outlook
within Corporate Banking evolved and what for 2025 and what do you think will be the
has been the impact on the industry in the primary challenge or opportunity for the
Americas? industry in 2025 within Corporate Banking,
and how should they prepare for it?
For Global Bank in Panama, there are two major
developments as part of our way of doing Based on current trends, the outlook for
business with corporate clients that has evolved Panama´s corporate banking in 2025 will
over time. One is our digital transformation continue to focus on digital transformation. With
strategy that extends not only to upgraded the introduction of Artificial Intelligence as an
digital platforms; but also, to a complete change advanced tool integrated to day-to-day
in mindset as part of our organizational culture activities; as well as the introduction of data
on how to do things. This includes placing our analytics as part of a data driven decision
clients’ needs and expectations as part of our making, these provides enormous opportunities
decision-making process for new products or to be more efficient in day-to-day processes.
procedures. Finding efficient ways of doing Maing challenge will continue to be increase
things with automation, provide clients with a regulatory oversight, particularly with the
quick turnaround time and overall cost savings introduction of new technologies, which will
across our organization. certainly demand adjustments to existing rules
and new regulation for a fast changing and
The second major development is our evolving industry. Data privacy will also
emphasis on sustainability and ESG. We have continue to be a focus point, as all these new
integrated as part of our lending guidelines, technologies co exists and protecting client’s
ESG standards with the support of key information is vital. One of the opportunities that
stakeholders. These have resulted in sound we see as direct foreign investment increases
policies and a new platform for innovative and both in Panama and the Central American
green product development. Having Region, is the development of new renewable
sustainability in our top of mind, has opened energy projects (primarily solar), which perfectly
an opportunity for new tailormade products, aligns with our sustainability strategy and
that when combined with the high demand for lending criteria. Companies transitioning to
sustainable financing, places us in a good sustainable practices and updating equipment
position to gain market share to this segment. or new environmentally friendly processes, could
also be an interesting opportunity.
Elizabeth
11 . CORPORATE BANKING

Moncada
Head Commercial,
Círculo de Crédito
(México)

QUESTION 1 In 2024, corporate banking will be characterized

From your perspective, how has developments by a strong focus on digitalization, sustainability,
within Corporate Banking evolved and what and the personalization of services. The
has been the impact on the industry in the integration of alternative data, such as Artificial
Americas? Intelligence and Blockchain, will enable banks to
offer more efficient and secure solutions.
Corporate Banking in Latin America has evolved
significantly, driven by digitalization, product The main challenge will be combating fraud, as
innovation, and regulatory changes. well as further digitalizing processes. Banks will
Furthermore, the competitive landscape with need to invest in robust data protection systems
digital financial services has led banks to focus and provide continuous training for their staff.
on process automation and the adoption of
digital platforms. The key to success is placing Among the opportunities, offering personalized
the customer at the center and addressing their services and the growing demand for
needs in the most efficient and proactive way, sustainable financing and ESG-aligned
facilitating access to financial services. products will be major milestones. Companies
are increasingly seeking financial partners that
Banks have developed more sophisticated not only provide capital but also align with their
financial solutions, particularly focusing on sustainability goals and requirements.
financing for small and medium-sized businesses,
which are critical to the economy. Additionally, the To address these challenges and seize
implementation of stricter regulations has opportunities, banks should:
improved control systems and encouraged
greater transparency, increasing investor and 1 . Invest in Technology: Enhance
customer trust. Sustainability has also gained technological infrastructure and adopt
relevance, with the growing incorporation of advanced cybersecurity solutions.
environmental, social, and governance (ESG) 2 . Develop and Train Talent: Provide
criteria in financing decisions, responding to the training for staff on cybersecurity and
demand for responsible practices. sustainability.
3 .Innovate in Products: Create offerings
Finally, improving services through better that integrate ESG criteria and respond to
customer knowledge and offering personalized changing customer needs.
services will enhance customer experience and 4 . Collaborate: Establish strategic
build brand loyalty. partnerships with fintechs and other
players in the financial ecosystem to
diversify offerings and improve
QUESTION 2 competitiveness.
Based on the 2024 trends, what is your outlook
for 2025 and what do you think will be the
primary challenge or opportunity for the
industry in 2025 within Corporate Banking, and
how should they prepare for it?
Claudia
11 . CORPORATE BANKING

Sotelo
Head of Financial
Innovation Hub,
Financial Market Commission
(Chile)

QUESTION 1 QUESTION 2
From your perspective, how has developments Based on the 2024 trends, what is your outlook
within Corporate Banking evolved and what for 2025 and what do you think will be the
has been the impact on the industry in the primary challenge or opportunity for the
Americas? industry in 2025 within Corporate Banking, and
how should they prepare for it?
Corporate Banking has evolved significantly as a
result of digitalization and the integration of new The year 2024 has highlighted that to face new
technologies into financial services, as well as in market, regulatory, and technological trends,
back-office and compliance processes. This has financial sector participants must develop new
allowed it to adapt to new user preferences, capabilities and adopt a different mindset.
behaviors, competition, and regulatory Collaboration, agility, and the adaptation of
challenges, with technology serving as a key technologies and business models will be crucial
enabler of this adaptation. to addressing these challenges, which affect not
only corporate banking.
The personalization of products and services to
enhance customer experience and increasingly In Chile, one of the great opportunities for 2025
agile and digital service processes has been and the coming years is the implementation of
boosted by the application of Artificial open finance. The exchange of customer financial
Intelligence. The intense development of big data information between financial institutions, with
analytics tools, fraud detection, and back-office prior consent, brings benefits in terms of
process optimization has leveraged technologies competition, market development, and financial
like AI, Blockchain, and the cloud, improving inclusion. However, the success of this ecosystem
structures and generating cost efficiencies. depends on multiple factors: from investments by
institutions in process development, API
Other factors driving the evolution of corporate construction, and cybersecurity, to financial
banking include the transformation of education for users, so they understand the
competition, where banks no longer compete benefits of open finance.
solely with traditional rivals but also with new
financial sector players, and the integration with This change represents a cultural transformation,
tech-driven companies, such as fintechs. altering the way actors interact with one another.
Preparing for this transition involves collaborating
The combination of these factors has and drawing up a roadmap in advance with the
transformed corporate banking business models, key steps to develop capabilities, so that
not only in Latin America, demonstrating the institutions are ready to move forward together
ability to adapt to market demands. and at the pace demanded by technological
changes, which wait for no one.
Category
12

R E G T E C H

RegTech is transforming compliance by making regulatory processes more

efficient and adaptive. In 2025, RegTech solutions will be crucial for financial
institutions to navigate evolving regulations with agility, ensuring transparency
and reducing risk. As the industry modernizes, RegTech will empower a more
compliant, resilient financial ecosystem throughout the Americas.
Aldo Ariel
12 . REGTECH

Rios
Professional
Economist & Banker
(Panamá)

QUESTION 1 QUESTION 2
From your perspective, how has developments Based on the 2024 trends, what is your outlook
within RegTech and Compliance evolved and for 2025 and what do you think will be the
what has been the impact on the industry in primary challenge or opportunity for the
the Americas? industry in 2025 within RegTech and
Compliance, and how should they prepare for it?
In Latin America, RegTech (Regulatory
Technology) has evolved as a key component For 2025, we envision the RegTech industry
in addressing regulatory challenges, enabling becoming a central standard of compliance,
improvements in compliance while adapting reaching an advanced stage of maturity in our
quickly and efficiently to both local and region, with solutions integrated into financial
international regulations. It has strengthened institutions' compliance operations. The
consumer financial protection and biggest challenge will be keeping up with the
safeguarded financial systems against the fast-changing regulations and technologies,
threats posed by organized crime. Technologies which will force financial institutions to develop
like Artificial Intelligence (AI), Blockchain, and dynamic strategies that allow them to stay
Robotic Process Automation (RPA) have up-to-date on regulatory matters. A key
enabled financial institutions to automate key element will be the establishment of a robust
compliance processes, such as Know Your data governance framework, while the biggest
Customer (KYC) verification, Anti-Money opportunity will be the implementation of
Laundering (AML) transaction monitoring, and predictive technologies and advanced
risk assessment. Developments in digital analytics to make compliance more efficient
identity (biometrics), advanced analytics and proactive.
solutions, machine learning, and predictive
models have enhanced the ability of financial Regulated financial institutions will need to
companies to detect and prevent fraud, ensure that their staff is trained to use RegTech
ensuring compliance with regulations in a more solutions effectively. Moreover, it will be
reliable and tamper-proof way. essential to invest in flexible technology,
working closely with regulators, while prioritizing
The evolution of RegTech is a transformative and strengthening cybersecurity to address the
shift that financial institutions have adopted to future of regulatory compliance. Additionally,
better tackle regulatory challenges. At the same RegTech solutions must be scalable across
time, it has created new opportunities to different markets and compliant with various
improve operational efficiency and reduce the regulations globally. This adoption of platforms
costs associated with regulatory compliance. should allow for interoperability across
jurisdictions, which will be crucial for institutions
operating on a transnational level.
Erick Rincon
12 . REGTECH

Cardenas
Director,
TICTANK Universidad
del Rosario
(Colombia)

QUESTION 1 QUESTION 2
From your perspective, how has developments Based on the 2024 trends, what is your outlook
within RegTech and Compliance evolved and for 2025 and what do you think will be the
what has been the impact on the industry in primary challenge or opportunity for the
the Americas? industry in 2025 within RegTech and
Compliance, and how should they prepare for it?
From my perspective, developments within
RegTech in Latin America have shown Looking ahead to 2025, my vision is that RegTech
significant growth, particularly in response to will become a key component in the digital
the growing demand for automation in transformation of the financial sector in Latin
regulatory compliance. Technologies like America. The trends we saw in 2024, such as the
Artificial Intelligence, Blockchain, and Big Data intensive use of AI and machine learning for
analytics systems have enabled the creation regulatory compliance, will deepen. This will allow
of more efficient and transparent solutions for institutions to proactively detect risks and
the financial sector. These tools have manage compliance much more efficiently,
facilitated the automation of complex adapting to increasingly stringent regulatory
processes, such as real-time detection of frameworks, especially in anti-money laundering
suspicious transactions (in compliance with and data protection.
AML regulations), and have improved the
management of regulatory reporting. The main challenge for 2025 will be the need to
adapt to an increasingly dynamic and
The impact on the industry has been disruptive: regionally fragmented regulatory environment,
companies have been able to enhance their which will require flexible RegTech solutions that
compliance capabilities, reducing operational can meet multiple regulations across different
costs and response times to audits. However, jurisdictions. The key opportunity will be the
the challenge has been that regulations are still creation of collaborative regulatory
not uniform at the regional level, making it ecosystems, where companies can directly
difficult for RegTech solutions to interoperate interact with regulators through shared
across different countries. In this regard, Mexico, technological platforms. To prepare,
Brazil, and Colombia have been pioneers, but companies will need to invest in adopting more
there is still much work to be done to achieve a advanced compliance technologies and
more holistic integration aligned with develop ongoing dialogue with regulators to
international standards. ensure that the solutions implemented comply
with the new regulatory standards.
Thais Garcez
12 . REGTECH

Lima de Mendonca
Head of
Regulatory - LATAM,
Stripe
(Brasil)

As regulated institutions face mounting pressure Conversely, this shift presents a unique
from regulators to enhance transparency and opportunity for RegTech firms to innovate
accountability, RegTech has emerged as a solutions that simplify cross-border
critical tool. For example, real-time monitoring compliance, making it easier for institutions to
systems enable firms to detect anomalies and manage multifaceted regulatory environments.
address compliance issues proactively.
Moreover, automated reporting reduces the To prepare for these changes, organizations
burden of manual processes, improving should invest in scalable technology
accuracy and minimizing human error. infrastructures that can accommodate
evolving regulatory frameworks while ensuring
The impact has been profound. Companies can data security and governance. Collaborating
navigate complex regulatory landscapes more with RegTech providers to leverage their
efficiently, leading to reduced costs and expertise can also help institutions stay ahead
enhanced competitiveness. Additionally, of compliance demands.
RegTech fosters greater collaboration between
regulators and regulated institutions,
promoting a more transparent ecosystem.
Overall, the evolution of RegTech not only
streamlines compliance but also facilitates
innovation, positioning firms to adapt to a
rapidly changing regulatory environment.
Gabriel
12 . REGTECH

Gomez-Giglio
Chair of the Latin America
Banking & Finance Practice,
Baker McKenzie
(Latam)

QUESTION 1 QUESTION 2
From your perspective, how has developments Based on the 2024 trends, what is your outlook
within RegTech and Compliance evolved and for 2025 and what do you think will be the
what has been the impact on the industry in primary challenge or opportunity for the
the Americas? industry in 2025 within RegTech and
Compliance, and how should they prepare for it?
In Latin America, the RegTech sector has been
steadily growing, following a global trend. Data With shifting regulatory guidelines, more
shows that the RegTech market in the region in complex reporting requirements, and a
2024 was of USD 1,25 Billion and is expected to constantly evolving risk environment, I believe
achieve a size of USD 2,99 Billion by 2029. the outlook for RegTech in Latin America in 2025
is one of growth, maturity and development,
This has been driven by a rapidly growing and with increasing opportunities for expansion.
evolving regulatory framework in Latin America,
in terms of volume of regulations, regulatory In 2025, I believe the core areas of Regtech will
bodies issuing them, covered areas, and keep attracting interest, such as anti-fraud,
complexity of requirements. That said, staying customer identity management and
up to date and compliant with all the rules anti-money laundering. However, advances in
became progressively harder for companies. regional regulations in several areas such as
Tax, Generative-AI, ESG, data privacy and
Also, companies' business increasingly involves financial services will create opportunities for
processes and areas touched by regulations. powered solutions and market expansion. The
From ESG to data privacy and Gen-AI, they deal use of Generative-AI by Regtechs will enhance
with more technological automated processes their service value, especially regarding
and integrated systems, and manage a greater compliance monitoring; regulatory mapping
number of sensitive data, having to also protect and interpreting; develop metrics for risk
from data breaches, frauds, cybercriminals assessment and KYC.
attacks, operational disruptions, among others.
That said, Regtechs have a fruitful landscape for However, some challenges will have to be
further growth and attract more players, tackled. The primary one would be that Latin
investors and clients. America's regulatory landscape remains very
fragmented, with countries having varying levels
In Latin America, we have seen Regtechs of regulatory maturity, different legal systems
innovating, expanding their portfolios and and quickly evolving local regulations. This
adjusting products and services to fit the fragmentation make it more complex to offer
regional market reality and needs. By doing standardized solutions across borders and will
strategic partnerships and using GenAI and require Regtechs to customize locally. Thus,
AI-powered solutions, sector is becoming more adjusting their business and developing modular
efficient and attractive. platforms that can be tailored to specific country
regulations and updated as quickly as
regulations change. Also, to better manage, they
should establish strategic partnerships with
regulatory bodies, local regulatory experts
and/or law firms, to ensure timely updates.
Category
13

F I N T E C H
VC & INVESTMENT

Fintech and venture capital are propelling innovation and accessibility across the
financial sector. In 2025, strategic investments will continue shaping
transformative financial solutions, fostering a competitive, inclusive ecosystem.
As fintech evolves, partnerships between startups and investors will drive
breakthroughs that empower individuals and businesses across the Americas.
Denisse
13 . FINTECH VC & INVESIMENT

Cuellar
Open Innovation Leader,
Banco de Crédito del Perú
(Perú)

QUESTION 1 QUESTION 2
From your perspective, how has developments Based on the 2024 trends, what is your outlook
within Fintech, VC & Investment evolved and for 2025 and what do you think will be the
what has been the impact on the industry in primary challenge or opportunity for the
the Americas? industry in 2025 within Fintech, VC & Investment,
and how should they prepare for it?
The development of the Fintech sector has been
a major catalyst for innovation, financial Considering the trends of 2024, what is your
inclusion, and growth in the region. Corporates vision for 2025, and what do you consider will be
continue to invest in and partner with Fintechs the main challenge or opportunity for the
because they bring efficiency and speed. industry in 2025 within Fintech, VC, and
Fintechs have become an integral part of daily Investments, and how should they prepare for it?
life for Latin American consumers, especially
with the disruption in payments, benefiting not Fintechs will also ride the wave of generative AI,
only customers but also small entrepreneurs either as part of their internal processes to bring
who have been able to grow their businesses. more productivity or as part of their business
Much of the development in financial inclusion model. The challenge for Fintechs will be
is due to the growth of Fintechs (according to evaluating how much to invest in this new
the Credicorp Financial Inclusion Index: on a functionality: whether to own the models or use
scale from 0 to 100, where a higher score providers. Some Fintechs that focused their
indicates a better level of financial inclusion, business models on chatbots or AI automations
Latin America increased from 38 in 2021 to 47.6 are now, with the boom of "generative AI for all,"
points in 2024). On the other hand, we are finally forced to reinvent themselves in order to survive.
seeing that the Fintech ecosystem is as Investments in Fintechs have not yet returned to
dynamic in smaller countries as it is in larger pre-pandemic levels, and next year looks
ones, democratizing tech and financial culture complicated, as VCs are prioritizing startups
across Latin America. focused on pure AI. We will continue with a
natural selection process, where the "camel"
Regulators in the region are advancing with Fintechs—those that are self-sustaining—will
Open Banking and digital currency, which lead the way.
allows for the creation of new business models
where Fintechs are the primary beneficiaries. But let’s not be too negative. Thanks to Open
Their ongoing discussions with regulators have Banking, the innovation ecosystem in Latam will
finally borne fruit. become experts in open APIs, and new business
models like Banking as a Service will emerge, as
Fintechs in Latam have changed our society, well as new products created with new data. We
and there's no turning back. will also see advancements in digital currency,
with Drex in Brazil, for example, and with that, the
wave of cryptocurrencies and Blockchain will
resurge. Next year, the regulator will play a key
role alongside technological evolution to either
push or halt innovation in the region.
Cristobal
13 . FINTECH VC & INVESIMENT

Perdomo
General Partner &
Co-Founder,
Wollef
(México)

QUESTION 1 QUESTION 2
From your perspective, how has developments Based on the 2024 trends, what is your outlook
within Fintech, VC & Investment evolved and for 2025 and what do you think will be the
what has been the impact on the industry in primary challenge or opportunity for the
the Americas? industry in 2025 within Fintech, VC & Investment,
and how should they prepare for it?
At first, the only thing in Fintech was related to
payments or credit models, as were our first With the decline in investment starting in 2022,
investments in Conekta and Konfio. The 2023 was a year when capital-intensive
payments sector has lost strength as large business models, like many in Fintech, became
players, such as banks and international less attractive. In 2024, we are seeing a
companies, have become more involved in the recovery in investment pace and more
area, making it very difficult to compete with openness to these models that require a lot of
them. As a result, the focus has shifted more capital. A big challenge is that the most
toward enabling payments, as seen with Toku. important Fintech companies in the region
Meanwhile, credit models have shifted toward remain privately held and have not had any
more specific verticals, with companies like significant liquidity events, except for Nubank’s
Solvento focusing on the logistics chain or Nexu IPO. It will be important for several of these
focusing on the automotive sector. On the unicorns to have an exit that validates investor
investment side, Fintech is by far the sector that confidence and allows for recycling the capital
attracts the most attention from foreign invested in them. This would be an excellent
investors in the region, with several funds that signal that would enable the virtuous circle of
only invest in Latin America’s Fintech sector. Still, more investment and more entrepreneurs.
it is a sector that has so much more room to Another challenge I see is greater interaction
grow due to the lag when looking at the and cooperation between large financial
proportion of credit relative to the GDP of the institutions and startups. While progress has
region. For this reason, it is the sector that excites been made on this front, there is still some
us the most moving forward. reluctance from big banks to incorporate
startup services and work with them. We view
very positively how some banks, such as BBVA
with its Spark initiative, have become very
important enablers of financial innovation.
Category
14

W E A L T H
T E C H

Change is coming for private banking and wealth management. WealthTech is

democratizing wealth management by providing accessible, digital solutions for a
new generation of investors. By 2025, WealthTech innovations will empower
individuals to take control of their finances and create a more inclusive financial
environment. This transformation will help bridge financial gaps, fostering resilience
and growth across the Americas.
Lester
14 . WEALTHTECH

Pereira
Founder & CEO,
TraderPal
(Latam)

QUESTION 1 people adopted digital platforms for their

From your perspective, how has developments financial activities, WealthTech greatly
within WealthTech evolved and what has been benefited, driving its growth.
the impact on the industry in the Americas?

• WealthTech solutions have significantly QUESTION 2

transformed the financial industry in recent Based on the 2024 trends, what is your outlook
years. Their evolution has been driven by for 2025 and what do you think will be the
digitalization, automation, and personalization, primary challenge or opportunity for the
and Latin America has been part of this industry in 2025 within WealthTech, and how
transformation, though with unique should they prepare for it?
characteristics due to market specifics.
• The adoption of WealthTech in Latin By 2025, trends in WealthTech will continue to be
America has been increasing, although it driven by technological innovation, with an
faces challenges related to banking, increasing focus on personalization, advanced
regulation, and financial education. The automation, and sustainability. The Latin
impact is most notable in the following areas: American region presents a unique
• Democratization of Investment environment where platforms will need to
Management and Financial Inclusion: One adapt to structural challenges while seizing
of the main impacts has been the significant growth opportunities.
democratization of access to wealth
management tools. Platforms like TraderPal In the WealthTech vertical, I believe we will face
have allowed small and medium-sized two main challenges:
investors to access financial products that
were previously reserved for • Regulation and Compliance: As
high-net-worth individuals. WealthTech develops, regulation will be a
• New Regulations and Challenges: As critical challenge. In Latin America,
WealthTech grows in the region, local platforms will need to navigate local
regulators have started to pay more regulations, which vary greatly between
attention to these developments. Countries countries. Authorities are, in many cases,
like Mexico, with its Fintech Law, have led the still catching up with these innovations.
way in regulation to create a safer and more Platforms will need to proactively
reliable environment for investors and users. collaborate with regulators to ensure their
• Financial Education: Platforms like products comply with new regulations.
TraderPal have incorporated financial • Financial and Digital Education: Despite
education elements into their interfaces, the growth of WealthTech, there is still a
helping users better understand their considerable gap in financial education in
investment decisions and manage their the region. Platforms will need to focus not
finances more effectively. only on attracting customers but also on
• Post-Pandemic Acceleration: The educating them about how to use their tools
COVID-19 pandemic was a major catalyst effectively to achieve their financial goals.
for digitalization in the region. As more
14 . WEALTHTECH

Regarding opportunities, in 2025, Artificial WealthTech companies must anticipate

Intelligence will be crucial in offering more regulatory changes by adopting technologies
personalized services in WealthTech, adjusting that facilitate regulatory compliance to gain
wealth management to users’ changing goals competitive advantages. It is crucial to invest in
and circumstances in real-time. The financial education and digital training for both
tokenization of traditional assets will allow for users and advisors, as well as regulatory bodies,
greater accessibility and diversity in to drive sustainable growth. Additionally,
investments, while multiservice platforms will cybersecurity must be strengthened, and how
integrate financial tools for a unified experience. user privacy and data protection are ensured
Additionally, sustainable investments under ESG should be clearly communicated.
criteria will gain prominence, with technology
helping to measure the impact of portfolios and
encouraging adoption.
Roxana
14 . WEALTHTECH

Corla
SVP - International
Wealth Advisor,
Merrill Lynch
(USA)

QUESTION 1 QUESTION 2
From your perspective, how has developments Based on the 2024 trends, what is your outlook
within WealthTech evolved and what has been for 2025 and what do you think will be the
the impact on the industry in the Americas? primary challenge or opportunity for the
industry in 2025 within WealthTech, and how
WealthTech, the fusion of wealth management should they prepare for it?
and technology, has evolved significantly over
the past decade. Long gone are the days of my Looking ahead to 2025, the WealthTech
early career, when Financial Advisors relied landscape will likely continue to evolve, driven
heavily on manual, time-consuming processes. by continued innovation.
We barely used email, internet was in its infancy, I believe one of the major challenges is for
and we still stamped papers with wet ink. existing Advisors to adapt to the new era of
WealthTech. However, for those who adapt, I
New technologies, like AI-driven analytics, see significant opportunity augmenting the
have transformed how my team works with our much-needed human aspects of wealth
clients for the better. For example, at Merrill, management – empathy, understanding, and
“Client Insights,” an AI-enabled data analytics emotional connection – with technological
tool, helps Advisors like us identify, manage advancements to enhance both the client and
and act on changes in client circumstances, Advisor experience.
such as family events, harvesting
opportunities, retirement planning and student Another opportunity is to hyper-personalize
banking among many others. “askMerrill” helps advice efficiently based on client needs. For
my team find quick answers to questions, example, Merrill knows taxes continue to be a
locate documents and forms, as well links to focus among clients. With Advisor & Client
relevant internal applications. “Erica,” Bank of Insights, Advisors can now identify tax efficiency
America’s virtual financial assistant, is opportunities based on realized and unrealized
available to help clients 24/7. gains in clients’ portfolios, spurring important
conversations around tax efficient management.
The impact of WealthTech on the industry and Merrill recently announced a new reporting
on our day-to-day has been profound. For feature for its Tax Efficient Management (TEM)
clients, it can reduce barriers to entry and Overlay Services. Now, with TEM Potential Tax
increase accessibility to financial planning and Savings Report, clients and advisors can see
wealth management. For Advisors, it has actual short-term and long-term losses that
completely reshaped the way we connect with have been harvested in real-time. It’s an example
and guide clients to pursue their goals. of innovation brought to life based on what the
field needs to support clients.

Looking ahead, the next chapter of wealth

management will be defined by the delicate
balance of advanced technology combined
with the human touch of wealth advice.
Santiago
14 . WEALTHTECH

Tamayo Daza
CEO,
Santa Maria
Investment Group
(Colombia)

QUESTION 1 QUESTION 2
From your perspective, how has developments Based on the 2024 trends, what is your outlook
within WealthTech evolved and what has been for 2025 and what do you think will be the
the impact on the industry in the Americas? primary challenge or opportunity for the
industry in 2025 within WealthTech, and how
The main difference between the development should they prepare for it?
of WealthTech and traditional wealth
management is accessibility. Access to In 2024, the focus was on the application of AI
investment tools has become more inclusive, across all tech industries, and WealthTech was
with applications and bot services allowing no exception. Another trend we observed was
small investors to access opportunities that the growing demand from consumers for highly
were once only available to high-net-worth customizable products, as well as the return of
individuals. Examples of these applications certain Web 3 assets that had been sidelined
include Trii in Colombia, Fintual in Chile, and due to the crisis in that sector.
Fluigoo in Brazil.
For 2025, we foresee continued prominence and
Moreover, technology has enabled investors to importance of AI in the industry, with the most
access better educational resources and tools innovative and successful startups using or
for making informed decisions, something that developing this technology to enhance their
WealthTech platforms have leveraged by products. That said, we also anticipate a
offering user-friendly interfaces. In the region, gradual increase in industry regulation and
financial education—ranging from YouTubers to possibly some fraud cases, driving greater
AI-powered advisors—has proven to be an integration of public policies.
important factor in driving this space forward.
Additionally, there is expected to be a rise in the
Finally, there has been significant progress in the adoption of the mentioned tools. Platforms will
development of solutions derived from the use need to continue developing business models
of Blockchain and the tokenization of various that combine automated and personalized
assets, which had not been available to the services for clients from different economic
general public. This represents an alternative to levels, making more sophisticated investment
economic volatility and inflation, especially in strategies accessible to a wider audience. How
countries like Argentina and Venezuela, where can this trend be leveraged? WealthTech
WealthTech has been key in connecting companies offering interactive learning
investors to these types of assets. In particular, resources, webinars, and investment simulations
platforms like Bitso and Buda.com have played will be able to attract new users interested in
an important role in this development. managing their own wealth but lacking the basic
knowledge to do so. Evangelizing and educating
will be the best strategy to foster the adoption of
these technologies.
Category
15

O P E N
B A N K I N G
& API ECONOMY

Open banking and the API economy are enabling greater interoperability and
customer-centricity in finance. By 2025, open banking will drive collaboration and
innovation, creating a more responsive financial sector. As institutions adopt these
technologies, consumers across the Americas will gain better access to customized
financial services that meet their unique needs.
Ana María
15 . OPEN BANKING & API ECONOMY

Tobar
Chief Operating Officer
ADL Digital Lab
(Colombia)

QUESTION 1 defined deadlines for 2025 in payment-related

From your perspective, how has developments topics, aligned with successful regional
within Open Banking & API Economy evolved initiatives, are already visible. It is likely that
and what has been the impact on the industry other countries will follow market best practices
in the Americas? to capitalize on learnings and continue
advancing in offering value-added products
We have been talking about APIs for years, and and services to our clients.
it is increasingly clear that they have become
the common language for interoperability.
Despite the different standards, effective data QUESTION 2
exchange has been achieved, supporting Based on the 2024 trends, what is your outlook
various business models, while API for 2025 and what do you think will be the
marketplaces have evolved to become a primary challenge or opportunity for the
mature and robust technology. industry in 2025 within Open Banking & API
Economy, and how should they prepare for it?
Open banking regulations have spread across
the globe, but when API creation is limited to Definitely, when talking about trends, we
merely complying with regulations, it can lead cannot overlook Artificial Intelligence.
to low adoption and limited commercial value. Organizations face the challenge of constantly
It is essential to develop products with innovating to meet market challenges. As new
differentiating APIs that go beyond regulatory technologies emerge, many opportunities,
compliance, as they enable the creation of challenges, and ethical considerations arise,
additional value and direct or indirect and AI is a clear example of this.
monetization within an API marketplace model.
Within the advances driven by AI, trends in
On the other hand, challenges in API human-AI relationships and the synergy
monetization have also evolved. Monetized APIs between man and machine are gaining
do not achieve significant adoption when their significant relevance. This is due to next-level
pricing models are not aligned with usage interactions between physical and virtual
patterns and the perceived value by the experiences, which generate a significant
customer. To successfully implement these impact in sectors like Open Banking, Open
pricing models, it is crucial to manage SLAs, Finance, and open data, transforming how
billing, and customer service effectively. people interact with data and financial services.

In Latin America, the results of open banking This is reflected in real-time personalization,
have been more successful in countries with where users receive offers and
stricter regulatory policies. Some countries with recommendations based on precise data from
rigorous regulations have achieved high their behavior; in virtual assistants that analyze
usability of their financial services, while in spending or recommend financial products on
others, with more lenient regulations, advances Open Banking platforms; in predictive analytics
in standardization and financial inclusion are for fraud prevention; in optimizing user
less significant. In Colombia, commitments with experience, which learns and improves from
15 . OPEN BANKING & API ECONOMY

interaction; in more inclusive access to financial

services; and in empowering the customer by
allowing them to access their financial data in a
comprehensible and actionable way.

In conclusion, Open Banking and Open Finance

platforms will be deeply influenced by the major
changes brought by Artificial Intelligence,
presenting both opportunities and challenges.
As industry leaders, we are called to make the
most of these opportunities, helping customers
better understand their financial situation and
make informed decisions, thanks to the
transparency and control offered by the open
movement and the transformation in
interactions facilitated by AI.
Pedro
15 . OPEN BANKING & API ECONOMY

Zegers
Head of Open Banking,
BCI
(Chile)

QUESTION 1 QUESTION 2
From your perspective, how has developments Based on the 2024 trends, what is your outlook
within Open Banking & API Economy evolved for 2025 and what do you think will be the
and what has been the impact on the industry primary challenge or opportunity for the
in the Americas? industry in 2025 within Open Banking & API
Economy, and how should they prepare for it?
Since last year, we have seen how the API
Economy has continued to evolve in LATAM. We In the coming years, Embedded Finance, Open
have moved from initial solutions, such as Finance, and Banking as a Service will be
financial data consolidation, to much more present in users' daily lives in many of their
complex products like payment initiation, digital interactions, not only in financial ones.
automatic bank reconciliation, and the use of However, the main challenge for financial
alternative non-traditional data for credit risk institutions will be their ability and speed to
models. This shift towards Open Banking is efficiently integrate these different systems,
transforming financial institutions into platforms thus ensuring they are present in their
that are more open to various ecosystems and customers' everyday lives. APIs will continue to
more flexible in integrating new services and be the fundamental pillar for facilitating these
exposing banking products to third parties. connections between ecosystems, enabling
companies to offer more integrated and
The positive impact has been evident, not only seamless experiences.
in the improvement of the range and diversity of
products and services but also in a more As for opportunities, the greatest potential will
dynamic and collaborative environment. lie in the mass customization of financial
Furthermore, with the growing proliferation of services, which can be offered in real-time and
new technologies like Artificial Intelligence, tailored to the specific circumstances of each
open banking has the potential to further user. I believe the new paradigm is no longer
sophisticate its value propositions. Ultimately, just about facilitating a transaction for the user,
the future seems increasingly oriented towards but about anticipating their needs and being in
the personalized use of data to enhance user the right place at the right time (ubiquity).
experiences and offer more suitable solutions Institutions that manage to provide this type of
for their daily needs. experience, while ensuring data security and
privacy, will be the leaders in this new era of
digital business in the region.
Pablo
15 . OPEN BANKING & API ECONOMY

Viguera
Co-CEO & Co-Founder,
Belvo
(México)

QUESTION 1 • Facilitates recurring payments: Through

From your perspective, how has developments account-to-account payments, the
within Open Banking & API Economy evolved management of recurring payments for
and what has been the impact on the industry credits, subscriptions, and other monthly
in the Americas? payments is being boosted.

Open Finance has rapidly evolved in Latin

America, driven in some regions by regulatory QUESTION 2
initiatives and in others by private initiatives, Based on the 2024 trends, what is your outlook
such as those from Belvo. for 2025 and what do you think will be the
primary challenge or opportunity for the
For example, in Brazil, the Central Bank has industry in 2025 within Open Banking & API
regulated Open Finance to encourage the Economy, and how should they prepare for it?
widespread exchange of data between banks
and financial services, including payments From our experience, we see two clear trends for
through Pix. In contrast, in Mexico, the regulation 2025 in Open Finance.
has been paused since the publication of the
Fintech Law in 2018, and it is private initiatives • AI and Open Finance: While the financial
that maintain the momentum and promote sector has used AI for a long time, the true
more inclusive financial products. potential lies in automating the generation
of these models, especially as the amount
Belvo has adapted to comply with emerging of data increases.
Open Finance regulations, enabling businesses to Financial data is inherently structured, but
access financial data and fostering the challenge lies in the growing complexity
account-to-account payments in sectors such of this data. Historically, financial
as credit, telecommunications, ERPs, and services. institutions have relied on well-defined
models that have worked effectively, but as
Here are some specific cases of its impact: the data landscape evolves, there is an
increasing need for more adaptable and
• Greater financial inclusion: Thanks to sophisticated AI solutions. This leads to the
access to alternative financial data by need for predictive models based on AI and
financial institutions, they are able to offer Open Finance data, enabling more
better services and credit offers to a accurate decisions and the development of
segment of the population that has personalized financial products.
previously remained invisible. • Account-to-account (A2A) payments, or
• Time and cost optimization: Thanks to "pay by bank," will become more common,
Open Finance APIs, many processes have offering faster, cheaper, and more secure
been automated and simplified, leading to transactions. A2A payments will be more
cost reductions for businesses. For seamlessly integrated into apps and
example, in reconciliation processes and services, increasing their adoption by
accounting automation for the ERP industry. consumers.
Christian Eloysio
15 . OPEN BANKING & API ECONOMY

dos Santos Silva

Product Manager,
Raidiam
(Brasil)

QUESTION 1 QUESTION 2
From your perspective, how has developments Based on the 2024 trends, what is your outlook
within Open Banking & API Economy evolved for 2025 and what do you think will be the
and what has been the impact on the industry primary challenge or opportunity for the
in the Americas? industry in 2025 within Open Banking & API
Economy, and how should they prepare for it?
The evolution of Open Banking and the API
Economy in Latin America has been relentless, What has been proven in more developed
just as it has been in the rest of the world. Not ecosystems is that once the infrastructure is in
only have we seen expansion in countries that place, value is not generated instantly. Just like a
already had regulation and a ready ecosystem, city's infrastructure requires homes connected to
like Brazil, which experienced significant growth electricity and water to be useful, Open Finance
in data APIs, payment initiation, and insurance. can only generate value when institutions create
Many other countries have also made progress products that genuinely benefit the customer. In
in regulation for the development of these this regard, the trend for 2025 will be to improve
ecosystems, such as the regulation of the Open the integration of Open Finance into financial
Finance System under the Fintech Law (N° products and optimize the user experience in
21.521) by the Chilean Commission for the data-sharing and service initiation flows.
Financial Market (CMF), and the publication of
Circular 004 of 2024 by the Superintendencia In Brazil, banks that are required to participate in
Financiera de Colombia (SFC). Pix, the instant payment system, must also
participate in Open Finance, reflecting a mix of
The impact of this is clear: just like the financial infrastructures. For the user, it doesn’t
development of physical infrastructure, building matter if they are using Pix or Open Finance; what
digital infrastructure requires investment and matters is that the experience is smooth and
time. However, once implemented, the marginal satisfactory. Therefore, the main challenge and
cost of operating it is low. This means that opportunity for 2025 will be for institutions not
technological innovations driven by Open only to have their APIs ready but also to invest in
Finance will not only accelerate but will rapidly perfecting customer journeys, creating
transform the financial landscape. Those who are experiences that deliver real value for them.
not prepared for this change will inevitably fall
behind, while the pioneers will reap the benefits of
having invested early in this digital revolution.
Gabriel
15 . OPEN BANKING & API ECONOMY

Pereira
Founder,
Let’s Media
(Brasil)

A key achievement has been the reduction in In the Brazilian context, the data infrastructure
traditional banking concentration, continues to strengthen, and a qualitative leap
democratizing access to financial services and in payment systems is expected. The
fostering healthier competition. This openness combination of these enhanced capabilities
has catalyzed innovation, allowing new with the integration of generative AI opens
players, especially fintechs, to enter the market unprecedented possibilities for innovation in
with innovative solutions. The result has been a financial services. Financial institutions must
more inclusive, efficient, and user-centered prepare for this future by developing agile
financial ecosystem. strategies that allow them to remain
competitive in an increasingly dynamic and
technologically advanced environment.
Category
16

D I G I T A L
B A N K
NEOBANKS &
CHALLENGER BANKS

Digital and challenger banks are redefining traditional banking, providing agile,
personalized services to meet the needs of today’s consumers. In 2025, these
banks will play a key role in expanding financial accessibility, offering simpler and
more competitive services. This evolution is critical to creating a
customer-centered, inclusive financial sector across the Americas.
Rafael
16 . DIGITAL BANK, NEOBANCKS Y CHALLENGER BANKS

Bello
Director General de
Nuevos Negocios,
Grupo Salinas Panamá
(Panamá)

QUESTION 1 By 2025, the adoption of digital banking,

From your perspective, how has developments neobanks, and challenger banks in Latin
within Digital Banking, Neobanks & Challenger America will continue to rise, even in middle-
Banks evolved and what has been the impact and high-income sectors typically served by
on the industry in the Americas? traditional banking, given the sophistication
they require. We expect these new business
The evolution of digital banking, neobanks, and models to be more integrated into users’ daily
challenger banks has profoundly transformed lives, consolidating their role as key providers of
the financial industry in Latin America. In recent financial services.
years, we have witnessed a clear transition from
traditional models to comprehensive The trend toward hyperpersonalization, driven
digitalization, driven by the increasing demand by Artificial Intelligence and advanced data
for fast, accessible, and personalized solutions analytics, will be a fundamental pillar for
from an increasingly tech-savvy clientele. offering financial experiences tailored to
individual customer needs, and it will continue
Neobanks have capitalized on this trend, to be a key element in 2025. Additionally,
offering user-centered experiences, eliminating collaboration between fintechs, neobanks, and
traditional barriers, and providing financial traditional banks will become increasingly
access to historically underserved segments. common, fostering a more collaborative and
The ability to operate nimbly and 100% digitally integrated financial ecosystem. This should
(both customer-facing and in middle and motivate regulators to create a regulatory
back-office processes) has allowed them to framework that fosters such collaboration.
optimize costs, speed up decision-making, and
launch innovative products in record time. The main challenge for 2025 will be achieving a
balance between scalability and sustainability in
However, the impact goes beyond technology; an increasingly demanding regulatory
it's about building trust, and that is where the environment. Neobanks must prepare to comply
great challenge for these new business models with stricter regulations on data protection,
lies. Are our region’s customers ready to make privacy, and cybersecurity, all while continuing to
the leap to a 100% digital model? The results offer innovative and agile solutions.
indicate a clear trend toward adoption, but
many still prefer to maintain their relationships The key opportunity will lie in expanding access
with traditional institutions. The positive aspect to financial services through technologies like
is that competition has intensified, leading to Open Banking, system interoperability,
significant improvements in services, benefiting cross-border transactions, and the interaction
all users of the financial system. between crypto and FIAT, among others.
Companies that manage to build greater trust
QUESTION 2 with customers, stay agile, and create strategic
Based on the 2024 trends, what is your outlook partnerships will be the ones to dominate this
for 2025 and what do you think will be the competitive landscape and truly transform the
primary challenge or opportunity for the financial system in the region.
industry in 2025 within Digital Banking,
Neobanks & Challenger Banks, and how should
they prepare for it?
Carlos
16 . DIGITAL BANK, NEOBANCKS Y CHALLENGER BANKS

Mojica
Vicepresidente Innovacion
y Transformacion Digital,
Banco Nacional de Bolivia SA
(Bolivia)

QUESTION 1 Neobanks & Challenger Banks, and how should

From your perspective, how has developments they prepare for it?
within Digital Banking, Neobanks & Challenger
Banks evolved and what has been the impact By 2025, the trends in digital banking, neobanks,
on the industry in the Americas? and challenger banks are expected to continue
accelerating, with an annual growth rate
In the past five years, digital banking, neobanks, projected at 30% in Latin America, according to
and challenger banks have grown exponentially reports from McKinsey & Company. A key
in Latin America. According to McKinsey & component will be the expansion of Open
Company, between 2018 and 2023, the number Banking, which will allow users to securely share
of neobanks in the region increased by 200%, their financial data with third parties, fostering a
reflecting the growing demand for digital more collaborative and competitive ecosystem.
financial services. In Brazil and Mexico, for This approach could increase the
example, neobanks have captured up to 10% of personalization of financial services and
the market, driving financial inclusion for millions significantly improve the customer experience.
of people without access to traditional banking.
The Banking as a Service (BaaS) model will also
McKinsey & Company also estimates that grow, as banks offer modular platforms for
challenger banks have reduced their technology companies and fintechs. McKinsey &
operational costs by over 30% compared to Company highlights that the effective
traditional banks, thanks to the use of Artificial implementation of BaaS could result in a 15-20%
Intelligence, automation, and cloud platforms. increase in financial institutions' revenues.
Additionally, these banks have achieved an Additionally, the use of Artificial Intelligence in
annual customer growth rate of 20%, reflecting financial services could increase operational
their ability to attract and retain users efficiency by 40% and reduce costs by 25%,
dissatisfied with conventional services. allowing banks to offer more competitive
services. However, one of the biggest challenges
The impact has been significant: 40% of will be cybersecurity, as attacks on digital
traditional banks in the region have accelerated banking have increased by 150% in recent years.
their digital transformation. Furthermore, access Protecting data and maintaining customer trust
to financial services has grown by 20%, boosting will be essential for sustaining growth.
financial inclusion and energizing the financial
ecosystem in Latin America, according to data To prepare, banks will need to adopt advanced
from McKinsey & Company. cybersecurity technologies, strengthen their
data analytics capabilities, and ensure that their
Open Banking platforms comply with strict
QUESTION 2 privacy regulations. Additionally, investing in
Based on the 2024 trends, what is your outlook service personalization will be critical to
for 2025 and what do you think will be the retaining customers in a more competitive,
primary challenge or opportunity for the customer-centric environment.
industry in 2025 within Digital Banking,
Juan M.
16 . DIGITAL BANK, NEOBANCKS Y CHALLENGER BANKS

Gustale Cardoni
Presidente,
ueno bank
(Paraguay)

QUESTION 1 raised customer expectations, as clients now

From your perspective, how has developments demand faster, more personalized, and
within Digital Banking, Neobanks & Challenger omnichannel banking experiences.
Banks evolved and what has been the impact
on the industry in the Americas? The pressure on traditional banking has been
evident, forcing larger institutions to adapt
In recent years, the evolution of digital banking quickly to avoid falling behind. Today, customers
in Latin America has advanced at a rapid pace, expect a seamless experience, where they can
driven by the increasing digitalization of society conduct all transactions from their phone, no
and the widespread adoption of smartphones. matter where they are, notes the president of
Developments in digital banking have ueno bank. This evolution has created a more
profoundly impacted the region's financial dynamic, customer-centered financial
industry, particularly by democratizing access ecosystem, leveling the playing field for new
to essential services. Technology integration players and small fintechs that now compete
has enabled previously excluded segments of more effectively with large traditional banks.
the population, such as those in rural or
unbanked areas, to access basic financial QUESTION 2
products like credit, savings, and electronic Based on the 2024 trends, what is your
payments, all from a mobile device. In outlook for 2025 and what do you think will be
Paraguay, for example, we have banked over the primary challenge or opportunity for the
700,000 people—10% of the country’s total industry in 2025 within Digital Banking,
population—in less than a year. Additionally, we Neobanks & Challenger Banks, and how
issued over 400,000 credit cards in a single day. should they prepare for it?
To put this into perspective, the entire history of
the country's financial market includes around Looking ahead, I foresee a consolidation of the
1.2 million cards in circulation, meaning ueno digital ecosystem, driven by the implementation
bank has issued over a quarter of the total of disruptive technologies like Artificial Intelligence
cards ever released. This exemplifies our (AI) and Blockchain. These technologies will
ongoing commitment to technological enable even more personalized and secure
innovation and financial inclusion. financial products tailored to the specific needs of
each local market.
This phenomenon has radically transformed
the financial landscape, opening up new However, I believe that cybersecurity will be the
opportunities for inclusive economic growth. biggest challenge. With the increase in digital
Fintech companies have played a crucial role in interactions, risks also rise, requiring financial
this transition, removing bureaucratic barriers institutions to implement robust security policies
and reducing operational costs, enabling them and advanced technologies to protect customers'
to offer more accessible solutions tailored to sensitive information. The growth of digital
local needs. These innovations have not only banking necessitates massive investment in
promoted financial inclusion but have also technological infrastructure, not only to enhance
16 . DIGITAL BANK, NEOBANCKS Y CHALLENGER BANKS

the customer experience but also to ensure To prepare for these challenges and capitalize on
protection in an environment increasingly opportunities, I believe it is crucial to emphasize
vulnerable to cyberattacks. the importance of strategic partnerships, both
with other fintech companies and with major tech
Despite these challenges, I see tremendous players, allowing banks to expand their reach
opportunities on the horizon. Expansion into more sustainably. Investing in ongoing staff training and
rural markets represents a significant growth a robust technological infrastructure will be key to
opportunity. With financial products designed remaining competitive and, most importantly,
specifically for these communities, we can ensuring we can offer solutions tailored to our
contribute to the economic development of customers' evolving needs.
regions historically underserved by the traditional
banking system. This approach will not only allow
financial institutions to expand their customer
base but also strengthen their role as agents of
social change.
Carlos
16 . DIGITAL BANK, NEOBANCKS Y CHALLENGER BANKS

Vides
e-Banking Manager,
Banco Industrial
(Guatemala)

QUESTION 1 QUESTION 2
From your perspective, how has developments Based on the 2024 trends, what is your outlook
within Digital Banking, Neobanks & Challenger for 2025 and what do you think will be the
Banks evolved and what has been the impact primary challenge or opportunity for the
on the industry in the Americas? industry in 2025 within Digital Banking,
Neobanks & Challenger Banks, and how should
Banking has been a pioneer in adopting they prepare for it?
technologies, democratizing access to tools that
streamline processes and improve the quality of We are at a turning point in humanity, driven by
life for the people they serve. The arrival of the rapid evolution of generative Artificial
technologies such as microservices, the cloud, Intelligence. This historical moment presents a
and generative Artificial Intelligence, along with unique opportunity for banks, both traditional
sociological factors and behavioral changes and challenger, that must identify use cases
driven by the new generation and the that maximize this technology. The key will be to
environment, has forced traditional banks to adapt quickly to offer their customers innovative
transform their mindset and adopt new solutions that include hyperpersonalization,
methodologies in developing customer-centered advanced cybersecurity, efficient data analysis,
digital solutions. and wellness recommendations.

The rise of neobanks and the inclusion of Digital banks, including neobanks and
challenger banks in the strategies of traditional challengers, have the flexibility to pursue various
institutions have intensified competition, strategies to develop products and services.
allowing banks to offer differentiated proposals From my perspective, neobanks will focus
to underserved markets. This dynamic has primarily on customer acquisition, while digital
created an environment in which traditional banking from traditional banks will aim to
banks, with their development capacity, can provide a robust value proposition that
compete with and complement these new promotes customer wellbeing.
players, enriching the customer experience with
more sophisticated financial services. Leveraging the exponential curve of generative
AI adoption will allow financial institutions not
The future presents both great challenges and only to innovate but also to redefine their
opportunities, where both traditional digital relationship with customers, setting a new
banking and neobanks and challenger banks standard in the banking sector in Latin America.
must adapt to a constantly evolving technological Adapting to this environment will be crucial to
environment. The "coopetition" (a term that ensuring success and relevance in an
defines collaboration and competition) between ever-changing landscape.
these entities will be key to redefining the
relationship with customers and fostering an era
of innovation and accessibility in the financial
sector in Latin America.
Carlos
16 . DIGITAL BANK, NEOBANCKS Y CHALLENGER BANKS

Marmolejo Trujillo
CEO,
FINSUS
(México)

QUESTION 1 QUESTION 2
From your perspective, how has developments Based on the 2024 trends, what is your outlook
within Digital Banking, Neobanks & Challenger for 2025 and what do you think will be the
Banks evolved and what has been the impact primary challenge or opportunity for the
on the industry in the Americas? industry in 2025 within Digital Banking,
Neobanks & Challenger Banks, and how
In the early years, developments in digital should they prepare for it?
banking, neobanks, and challenger banks were
primarily focused on the digitalization of financial By 2025, digital banking, neobanks, and
services. The goal was to provide a more challenger banks in Latin America will focus on
accessible and convenient alternative to personalization and the use of Artificial
traditional banking by eliminating the need for Intelligence to enhance the user experience.
physical branches and reducing operational Digitalization will remain key, but institutions that
costs. However, today, the focus has evolved effectively use data to provide personalized
towards personalization and the use of Artificial recommendations and improve the customer
Intelligence to enhance the customer experience. experience will have a competitive edge.

Technology has been a key driver in this The main challenge will be the management,
transformation. The exploitation of data and handling, and analysis of large volumes of data.
Artificial Intelligence tools has led to more Financial institutions will need to develop robust
intuitive mobile applications with data analytics capabilities to gain valuable
hyperpersonalized services tailored to the insights and offer personalized services. This
specific needs of each customer. Additionally, involves not only collecting and storing data but
the growing penetration of the internet and also the ability to analyze it efficiently and
smartphones has driven the adoption of digital securely. A deep understanding of customer
services, further transforming the sector. needs and behaviors will be crucial to delivering
truly personalized and competitive services.
The impact on the industry has been significant.
Competition has increased, forcing all industry This challenge presents a significant opportunity,
players to innovate and improve their services. as hyperpersonalized services will drive financial
This has resulted in higher-quality and more inclusion by offering solutions tailored to each
varied financial products available to customers. person’s reality. Institutions like Finsus, focused
Furthermore, financial inclusion has significantly on democratizing financial services, will be able
improved, with more people accessing essential to design products that respond to the specific
banking services, contributing to the region’s needs of different population segments, thereby
economic development. promoting greater inclusion and financial
empowerment.
Category
17

W E B 3
R ¤ B O T I C S
& BEYOND

Emerging technologies like Web3 and robotics are paving the way for the next
wave of financial innovation. In 2025, these technologies will bring transparency,
automation, and decentralization to finance, expanding possibilities for a
customer-focused industry. Their impact will redefine financial services, creating
a resilient, future-ready sector across the Americas.
Walter
17 . WEB3, ROBOTICS & BEYOND

Pereira
Founder,
W Fintechs
(Brasil)

QUESTION 1 QUESTION 2
From your perspective, how has developments Based on the 2024 trends, what is your outlook
within Web3, Robotics & Beyond evolved and for 2025 and what do you think will be the
what has been the impact on the industry in primary challenge or opportunity for the
the Americas? industry in 2025 within Web3, Robotics &
Beyond, and how should they prepare for it?
In recent years, with the rise of Bitcoin and the
growing popularity of the crypto economy, I believe the main challenge for Web3 in the
interest in decentralized technologies like Web3 coming year will continue to be balancing
has significantly increased. Web3, built on transparency and privacy. Additionally, it will be
decentralization, enhances transparency and necessary to simplify the user experience,
security in digital transactions, while also making these technologies more accessible and
enabling new business models. However, appealing. In terms of opportunity, the
challenges remain in balancing privacy with the combination of Web3 with AI could drive
inherent transparency of these technologies. significant innovations, such as AI-driven smart
contracts, which would enhance the automation
One key development in this space is the of business and financial processes.
evolution of Central Bank Digital Currencies
(CBDCs), which has intensified the debate In Latin America, these technologies have the
around tokenization. Many central banks in potential to promote greater financial inclusion,
South America, concerned about the impact of allowing people to take more control over their
cryptocurrencies on monetary policy, are digital assets. However, this transformation will
developing their own digital currencies. In Brazil, not be immediate; it will depend on the pace of
Drex, the digital version of the Real, uses development and adoption of these innovations.
Distributed Ledger Technology (DLT) and has
generated positive market expectations due to The great opportunity of Web3 lies in the
the use of smart contracts, which can enhance concept of “data ownership.” While the
legal security in commercial transactions. transition from Web1 to Web2 highlighted issues
around data rights—especially after leaks and
I believe this is one of the major benefits of misuse by major players—Web3, with the
Blockchain networks, whether through CBDCs tokenization of assets and decentralization,
or networks like Bitcoin: providing legal finally allows for a real discussion about true
certainty for countries that struggle with data ownership.
contract enforcement. However, the challenge
lies in striking a balance between privacy and Moreover, areas such as digital identity will also
transparency. be transformed, with Web3 providing more
secure and transparent solutions, while AI
enhances the personalization and efficiency of
digital interactions, opening up new opportunities
in markets that prioritize security and privacy.
Santiago
17 . WEB3, ROBOTICS & BEYOND

Barrera
COO,
Aerialoop
(Colombia)

QUESTION 1 QUESTION 2
From your perspective, how has developments Based on the 2024 trends, what is your outlook
within Web3, Robotics & Beyond evolved and for 2025 and what do you think will be the
what has been the impact on the industry in primary challenge or opportunity for the
the Americas? industry in 2025 within Web3, Robotics &
Beyond, and how should they prepare for it?
From Aerialoop’s perspective, advances in
Web3, robotics, and similar technologies are From Aerialoop’s perspective, 2024 is about
reshaping the landscape for Latin America. integrating the technology stack and
Web3’s decentralized financial systems are automation to revolutionize urban and remote
providing essential banking and payment delivery networks with high volume operations.
solutions, opening access to investment and Our goal is to harness Web3’s decentralized
enabling cross-border transactions. This is structure to enhance data security, incentivize
particularly impactful for regions with limited local economies, and create community-driven
traditional banking infrastructure, empowering models around drone logistics. Robotics
more entrepreneurs and consumers. advances allow us to improve autonomous
operations, efficiency, and sustainability,
In robotics, autonomous technology has driven aligning with our mission to expand accessible,
the evolution of drone-based logistics, which low-carbon delivery solutions.
Aerialoop leverages to connect urban and
remote areas efficiently. These advancements However, the main challenge will be navigating
make middle mile networks more affordable the rapidly changing regulatory environment
and sustainable by reducing operational costs for autonomous drones. Preparing for this
and emissions. involves working closely with regulators and
tech developers to stay agile, compliant, and
Overall, these innovations have strengthened adaptable.
Latin America’s tech ecosystem, attracting
investments and fostering collaboration, With these foundations, we’re excited for 2025
making the region a significant player in the to be a breakthrough year in scaling
global market. For Aerialoop, these sustainable drone networks, driving innovation,
developments are pivotal as we continue to and making impactful connections across
expand and reach our goals. underserved regions.
Category
18

B L O C K C H A I N
& CRYPTO

While the hype has died down, blockchain technology continues its march forward
in modernizing finance. Blockchain and cryptocurrency are transforming the
industry by offering secure, decentralized transaction methods. In 2025, their
integration will continue to enhance transparency, reduce costs, and improve
accessibility, contributing to a more open financial system. These technologies will
be central to a financial sector that’s efficient, inclusive, and positioned for future
growth in the Americas.
Juan Pablo
18 . BLOCKCHAIN & CRYPTO

Ramirez Herrera
Chief Product Officer,
Wenia
(Colombia)

QUESTION 1 QUESTION 2
From your perspective, how has developments Based on the 2024 trends, what is your outlook
within Blockchain & Crypto evolved and what for 2025 and what do you think will be the
has been the impact on the industry in the primary challenge or opportunity for the
Americas? industry in 2025 within Blockchain & Crypto,
and how should they prepare for it?
Developments in Blockchain throughout 2024
were primarily focused on solutions that have 2025 will bring several challenges across
enhanced transaction capabilities and various sectors in the region. First, government
drastically reduced costs. This, in turn, has changes will likely lead to a slowdown in
increased the focus on use cases such as regulatory matters, leaving uncertainty for the
payments and remittances, which have a crypto sector. Second, the implementation of
great optimization opportunity. From the interoperable payment systems in some
cryptocurrency standpoint, there was a countries will enable more native and
growing demand for stablecoins, given the transparent connections with the crypto world.
high volatility of the market and the market's Third, the bullish market we are experiencing at
evolving fit for local currency solutions and the end of 2024 will have its consequences in
long-term value preservation. As a result, Latin early 2025, with new networks and use cases
America benefits tremendously by having emerging. Finally, stablecoins will become the
better rails for sending and receiving value, settlement medium for various crypto and
while finding stablecoins as a way to maintain real-world transactions, leading to an increase
or increase purchasing power, using them in in crypto adoption, with stablecoins as an entry
everyday transactions through traditional tools instrument. As a final point, asset tokenization
enabled by exchanges and other platforms. will continue to be an area to watch. Real World
Assets (RWAs) brought into the tokenized world
remain attractive for certain sectors that are
still waiting for these initiatives to mature, as
they increasingly help close the access gap to
investment opportunities.
Ernesto
18 . BLOCKCHAIN & CRYPTO

Alfredo Fasola
Jefe Departamento,
Banco de la Nación Argentina
(Argentina)

I understand that other countries have

experienced different growth variables. The most
relevant case is El Salvador, which adopted
Bitcoin as legal tender. Although they expected
to become the world's largest crypto farm, which
hasn’t happened, in a recent interview, President
Nayib Bukele stated that "tourists can pay their
expenses in that country with crypto."
Maximillian
18 . BLOCKCHAIN & CRYPTO

Jungreis
Head of Crypto &
Digital Assets,
Plug & Play Ventures
(USA)

QUESTION 1 QUESTION 2
From your perspective, how has developments Based on the 2024 trends, what is your outlook
within Blockchain & Crypto evolved and what for 2025 and what do you think will be the
has been the impact on the industry in the primary challenge or opportunity for the
Americas? industry in 2025 within Blockchain & Crypto,
and how should they prepare for it?
Blockchain and crypto developments in the
Americas have evolved significantly, with In 2025, Blockchain and crypto will continue to
stablecoins at the forefront. Initially central to integrate deeply into traditional industries,
DeFi, stablecoins are now vital across Latin marking the evolution of a “Web 2.5” landscape
America, helping users navigate currency where digital assets blend seamlessly with
volatility and enabling everyday transactions. existing systems. Through my work guiding over
According to Castle Island Ventures, stablecoin 600 corporations in their Blockchain and digital
volume reached $4.8 trillion in 2024, asset strategies, I’ve seen firsthand how this
underscoring their growing role as practical shift is not just about replacing traditional
financial tools . Fintech platforms like Bitso and finance but enhancing it.
Lemon Cash are leading this shift by offering
user-friendly solutions for saving in USD, earning The trends from 2024 highlight that smart
rewards, and converting currencies seamlessly financial institutions and innovative companies
. are leveraging Blockchain for more than just
digital transactions. Digital assets are
Traditional fintech players also recognize this streamlining cross-border payments, facilitating
opportunity. Stripe’s recent $1.1 billion decentralized funding models, and improving
acquisition of Bridge exemplifies how supply chain transparency across sectors like
incumbents see value in crypto infrastructure, agriculture, real estate, and renewable energy.
aiming to integrate digital currencies and For banks, this convergence means an
improve cross-border payment solutions. This opportunity to collaborate with fintechs, creating
shows a broader trend of traditional finance integrated solutions that drive efficiency and
and crypto converging to enhance financial expand access.
access across the Americas. As fintech
companies build trust and streamline crypto The key for 2025 will be navigating regulatory
adoption, stablecoins are becoming a bridge landscapes and building strategic partnerships.
between digital and fiat currencies, simplifying Those financial institutions and corporations
transactions and helping users preserve wealth. that can align their strengths with Blockchain’s
potential will lead the charge in creating a more
inclusive digital economy. By proactively
engaging in this transformation, they can help
bridge the gap between traditional finance and
the emerging digital asset ecosystem,
unlocking new growth opportunities across
global markets.
Paul
18 . BLOCKCHAIN & CRYPTO

Brody
Global Blockchain
Leader,
EY
(USA)

I N S U R
T E C H

Latin America remains one of the most underinsured regions in the world.
InsurTech promises to change that by reimagining insurance, making coverage
more accessible, inclusive and responsive to modern needs. In 2025, InsurTech
innovations will continue to enhance customer experiences and streamline
operations, building a more competitive insurance market in the region. As
InsurTech expands, it will strengthen financial resilience and support economic
well-being across the Americas.
Juan
19 . INSURTECH

Mazzini
Director,
Celent
(USA)

QUESTION 1 innovation to come from it.

From your perspective, how has developments
within InsurTech evolved and what has been QUESTION 2
the impact on the industry in the Americas? Based on the 2024 trends, what is your outlook
for 2025 and what do you think will be the
InsurTech has evolved significantly, driven by primary challenge or opportunity for the
advancements in technology and changing industry in 2025 within InsurTech, and how
consumer expectations. Initially focused on should they prepare for it?
digitizing traditional processes, InsurTech has
expanded to include data analytics, artificial By 2025, the InsurTech landscape is expected to
intelligence, and Blockchain, enabling more evolve rapidly, offering significant opportunities
personalized and efficient insurance products. through advancements in artificial intelligence,
machine learning, and embedded insurance
In the Americas, this evolution has led to models that enhance accessibility. However,
increased competition and innovation. The the industry will face challenges, particularly in
integration of data has improved risk managing complex regulatory requirements
assessment and underwriting processes, related to data privacy and cybersecurity.
allowing for more accurate pricing and faster
claims processing. AI-driven claims To prepare, InsurTech companies should focus
management systems can analyze claims data on readiness across four key areas:
in real time, identifying patterns that help
expedite approvals and reduce fraud. The rise of • Technology: Invest in scalable, flexible and
cyber threats has also prompted insurers to easy to integrate applications and
develop specialized cyber insurance products, infrastructures to support advanced
addressing the growing need for coverage analytics and real-time data processing.
against data breaches and cyberattacks. • People: Upskill and reskill the workforce to
adapt to new technologies, while hiring
Moreover, the emergence of insurance-as-a-service talent in data science and cybersecurity to
models has transformed how insurance is drive innovation.
delivered, allowing businesses to integrate • Processes: Streamline operations using
insurance directly into their products and agile methodologies, refining processes to
services. This approach simplifies the be more customer-centric and leveraging
purchasing process for consumers. Embedded automation for efficiency.
insurance, where coverage is seamlessly • Culture: Foster a culture of innovation and
included at the point of sale—such as when adaptability, encouraging experimentation
buying a travel ticket or a new gadget—further and open communication to align on
enhances accessibility. strategic goals.

Additionally, InsurTech has improved customer By addressing these areas, InsurTech firms can
engagement through mobile apps and online better position themselves to seize opportunities
platforms, making insurance more user-friendly. and navigate challenges in the evolving
InsurTech in Americas is predominantly insurance landscape, ultimately enhancing
collaborative, and we should expect more customer experience and operational efficiency.
Hernán
19 . INSURTECH

Fernández
Director,
100% Seguro
(Argentina)

QUESTION 1 QUESTION 2
From your perspective, how has developments Based on the 2024 trends, what is your outlook
within InsurTech evolved and what has been for 2025 and what do you think will be the
the impact on the industry in the Americas? primary challenge or opportunity for the
industry in 2025 within InsurTech, and how
The InsurTech sector is consolidating with should they prepare for it?
nearly 500 companies in Latin America,
currently facing the challenge of surviving in a In a context of liquidity contraction, the main
context of scarce funding, not only in the region challenge facing InsurTech companies is
but globally. surviving in the medium term without relying on
external funding. To achieve this, operational
Despite this situation, the InsurTech sector has efficiency becomes crucial, as well as business
great potential within the Latin American diversification through international expansion.
insurance ecosystem. The initial fears regarding This is something that InsurTech companies in
outsiders and tech-based startups disrupting the region understand well, as, except in Brazil
the insurance market, "threatening" traditional (for now, since a shift is perceived in this
players, have now faded. These companies regard), many companies born in one country
have transformed into indispensable players for in the region contemplate an expansion plan as
the future of the sector. They bring flexibility and part of their business strategy.
agility, which contribute solutions to various
pain points for traditional operators. The great opportunity is that the market needs
them. Growth in the sector is evident in most
This reality is accelerating innovation within the Latin American countries, and there is a marked
insurance sector in Latin America, driven by the effort to foster cooperation with various
modernization of technology, product institutions, such as AIP.
customization, expansion of commercial
channels, improvements in customer experience, Given that more than half of InsurTech
streamlining of claims processes, and more. It's a companies focus on distribution (just as
virtuous cycle that will undoubtedly bear fruit in a insurers’ investments in IT do), I believe there is a
market that has been lagging in digital great opportunity to fill vacant or neglected
transformation compared to other industries. spaces, whether in operations, claims, or the
development of new coverages.
Ricardo
19 . INSURTECH

de Almeida
Managing Director - Mercer Marsh
Benefícios Latin America &
Caribbean, Marsh McLennan
(Americas)

QUESTION 1 QUESTION 2
From your perspective, how has developments Based on the 2024 trends, what is your outlook
within InsurTech evolved and what has been for 2025 and what do you think will be the
the impact on the industry in the Americas? primary challenge or opportunity for the
industry in 2025 within InsurTech, and how
Overall, the evolution of InsurTech in the should they prepare for it?
Americas has transformed insurance, driving
innovation, improving customer experiences/ Looking ahead to 2025, the InsurTech landscape
access to services, and reshaping the in the Americas will be challenged by changing
competitive landscape. As technology continues regulations, competition for skilled tech labor
to advance, the impact of InsurTech will continue and effective leaders who can drive a cultural
to expand in an accelerated manner, further shift towards innovation. Strategically speaking,
influencing how insurance products are the opportunity to leverage data for competitive
developed, marketed, and delivered. advantage is significant, and the InsurTechs
that are more open towards collaboration via
For me, working primarily on the Health and partnerships (or M&A), focused on their clients
Benefits segment, this has led to better products with increased personalization and with a strong
and services for consumers, especially those sense of purpose and sustainability are the ones
who are underserved due to cost and location. that shall thrive.
As an example, Employee Assistance,
telemedicine and second opinion programs According to Mercer Marsh Benefits 2024 People
have been expanding in the region and helping Risk survey, more than 40% of Global risk & HR
our efforts to “flip the pyramid” – allowing managers are concerned about securing
benefits to be available and affordable to all. specialized skills to drive innovation and/or to
deliver high-value products or services. For the
Generative AI, Data Analytics and Digital Americas, lack of cyber knowledge as well as the
transformation are the areas that have been mishandling of data/IP are two risks that go
most excited to me. The integration of advanced hand-in-hand and will also need to be tackled.
data analytics with artificial intelligence in a With cyber threats becoming more sophisticated
digital world has allowed us to better assess and difficult to detect due to the use of AI, the
client needs and risks, personalize offerings, number of organizations impacted is likely to
predict future claims, and deliver fraud increase. This is hugely problematic, as Marsh
protection. Today, fraud has a significant cost McLennan’s cyber analytics center showed that
impact (10%+) on Health coverages in Brazil, the average cost of a cyber incident is more than
Mexico and other countries in the Americas. $18 million. To mitigate this, organizations need
Insurtech has been delivering the win/ win for effective leaders and competitive attraction and
insurers, brokers/ consultants, businesses and retention talent strategies.
end consumers.
As we move to 2025, we will see InsurTechs
making great strides on AI, Blockchain, Data
Analytics, On-Demand Insurance, IoT, and
19 . INSURTECH

Market expansion to name a few opportunities.

It is NOT only the right Technology that will drive
the success but having the Right people and
governance to drive a new and healthy
sustainable model forward. As the opportunities
and landscape are changing quickly, it is crucial
to be able to build teams that understand and
anticipate changes to deliver a sustainable
model without stifling innovation.
Category
20

RETAIL

E C O M M E R C E
& DIGITAL ECOSYSTEMS

Retail and ecommerce are driving the evolution of digital ecosystems, shaping
how consumers interact with financial services. In 2025, these sectors will be vital
in expanding digital financial access, integrating payments, and personalizing
customer experiences. As digital ecosystems grow, they will support an
interconnected, agile financial sector across the Americas, offering seamless,
inclusive services that keep pace with consumer needs and technological
advances.
Martin
20 . RETAIL, ECOMMERCE & DIGITAL ECOSYSTEMS

Bravo
Director,
Deloitte
(México)

QUESTION 1 QUESTION 2
From your perspective, how has developments Based on the 2024 trends, what is your outlook
within Retail, Ecommerce & Digital Ecosystems for 2025 and what do you think will be the
evolved and what has been the impact on the primary challenge or opportunity for the
industry in the Americas? industry in 2025 withinRetail, Ecommerce &
Digital Ecosystems, and how should they
Definitely, the digital growth of retail in the region prepare for it?
has contributed favorably to the digital
ecosystem. E-commerce, in particular, has driven Given the growth of e-commerce and the
both the use of digital products and increased strengthening of digital ecosystems in the
trust in systems, enabling users to increasingly industry, I believe that:
rely on and use electronic payment methods. This
shift has also been reflected in banks, with an 1 . Artificial Intelligence: Retailers should
increase in card-not-present transactions. include or evolve their current Machine
Learning systems toward the use and
From another perspective, retail is also playing application of AI in customer service and
an important role in the digital financial services digital product management. There is a
ecosystem, whether through the proliferation of huge opportunity to improve the user
digital wallets, payment gateways for services, experience and attract customers with
or the increased offering of financial products new or better interfaces, such as through
as part of their value proposition to customers. natural language processing or purchase
predictions based on customer patterns
What was once an innovative model is now and history.
indispensable: customers can no longer 2 . Cybersecurity: The growth of the digital
conceive an e-commerce platform without the ecosystem and banking transactions will
option of online payment. This reflects the demand new and improved cybersecurity
impact of digital developments and, on the controls, without neglecting the user
other hand, has pushed financial institutions to experience. This means ensuring the
strengthen digital cards precisely because of security of new digital products and
the existing demand, ensuring the security of strengthening channels to conduct
card-not-present transactions. transactions efficiently and safely.
3 . Regulation: As retail continues to expand
its offering of financial products, regulatory
bodies will increase their control over the
sector. The evolution of digital systems
should not overlook the regulatory
perspective, which is likely to become more
stringent over time.
Fernando
20 . RETAIL, ECOMMERCE & DIGITAL ECOSYSTEMS

Velazquez
CTO Digital Transformation &
Innovation Director,
Walmart de México y Centroamérica
(México)

QUESTION 1 QUESTION 2
From your perspective, how has developments Based on the 2024 trends, what is your outlook
within Retail, Ecommerce & Digital Ecosystems for 2025 and what do you think will be the
evolved and what has been the impact on the primary challenge or opportunity for the
industry in the Americas? industry in 2025 within Retail, Ecommerce &
Digital Ecosystems, and how should they
The customer experience has begun to take on prepare for it?
a new form in the world of fintech and retail. In
the past, customer interaction was limited to With the rise of the virtual universe, commonly
physical points of sale. Today, the customer known as the metaverse, we are entering an
experience begins the moment a need is unexplored realm of possibilities and
conceived in the mind and extends to the places unprecedented potential. This digital landscape
where that need can be satisfied, often online, promises to revolutionize our interactions with
though also in physical spaces, which presents technology, entertainment, education, and each
many opportunities that are often minimized. other. It will enable businesses to create
For example, brand recognition significantly interactive virtual stores where customers can
influences the buying decision, as the customer "try on" products in a virtual environment before
experience begins long before the point of sale: making a purchase, offering a more immersive
it starts when a need arises. At that moment, the and engaging shopping experience.
customer’s past experience and the influence of
the brand enable them to anticipate a solution The strategic use of technology and cloud
to their need autonomously, in a continuous solutions is also pivotal to the future of customer
cycle of interaction. experience. Cloud computing enables more
efficient data storage and processing,
The role of Artificial Intelligence (AI) is essential in enhancing both the speed and reliability of
this evolution, as it personalizes the experience customer service. Furthermore, emerging
for each customer through product technologies like augmented reality and virtual
recommendations based on behavioral patterns reality, powered by the cloud, can deliver richer,
and preferences. AI facilitates efficient customer more personalized experiences. Companies
service with chatbots or agents that resolve that embrace these trends will be better
common queries or guide the customer through positioned to meet the evolving needs of their
experiences that may culminate in a purchase or customers and thrive in the future.
reinforce the relationship with the brand.
Luis Miguel
20 . RETAIL, ECOMMERCE & DIGITAL ECOSYSTEMS

Zapata Herrera
VP Digital Ecosystems,
Bancolombia
(Colombia)

QUESTION 1 QUESTION 2
From your perspective, how has developments Based on the 2024 trends, what is your outlook
within Retail, Ecommerce & Digital Ecosystems for 2025 and what do you think will be the
evolved and what has been the impact on the primary challenge or opportunity for the
industry in the Americas? industry in 2025 withinRetail, Ecommerce &
Digital Ecosystems, and how should they
The e-commerce industry in Latin America has prepare for it?
experienced a series of emerging trends that
have transformed how businesses operate and In 2024, the integration between e-commerce,
how consumers interact with them. Artificial retail, and digital ecosystems in Latin America
Intelligence and machine learning for will continue to deepen, with banks playing a
personalizing the customer experience, the use central role in this transformation. Our vision is
of data to analyze consumer behavior and to become the orchestrator of supply and
optimize marketing strategies, and the demand between merchants and consumers,
implementation of digital payment solutions where the customer can access financing,
that facilitate online transactions are some payment methods, insurance, and loyalty
examples of these trends. Additionally, benefits all within a single ecosystem. This
omnichannel retailing has allowed businesses approach not only strengthens customer
to offer integrated shopping experiences across loyalty but also increases the volume and
physical and digital channels. frequency of digital interactions both for
businesses and consumers.
In the past year, e-commerce has shown
positive growth, with a 14% increase in 2023. The main challenge will be ensuring trust and
Mexico and Colombia have been clear security in data management within a
examples of this, with growth rates of 25% and collaborative environment between banks,
12%, respectively, compared to the previous fintechs, and merchants, where any failure
year. Key factors include higher internet could severely impact adoption. However, the
penetration, increased use of mobile devices, opportunity is clear: e-commerce platforms
and growing confidence in online shopping. and banks that invest in technologies like
generative Artificial Intelligence and strengthen
The growth of e-commerce has generated cybersecurity will be able to anticipate
employment and increased the competitiveness customer needs and offer increasingly
of businesses in the region. Those who have personalized financial services.
adopted digital strategies and invested in
technology have adapted better to market
changes and provide a superior customer
experience.
Gudy Steven
20 . RETAIL, ECOMMERCE & DIGITAL ECOSYSTEMS

Toledo Castellanos
Jefe de Estrategia
de Ecosistemas,
Bam - Banco Agromercantil
(Guatemala)

QUESTION 1 Digital Ecosystems, and how should they

From your perspective, how has developments prepare for it?
within Retail, Ecommerce & Digital Ecosystems
evolved and what has been the impact on the In 2025, emerging trends will continue to evolve.
industry in the Americas? Artificial Intelligence and automation will play
an even more crucial role, allowing for more
In the last five years, Latin America has undergone precise and efficient customer experience
a significant transformation in retail, e-commerce, personalization. Augmented reality and virtual
and digital ecosystems, democratizing access to reality will provide immersive shopping
commerce and fostering economic growth. experiences, reducing return rates and
increasing consumer satisfaction.
• Retail: Digitalization has revolutionized the
sector. Physical stores have adopted advanced Challenges and Opportunities: The main
technologies like contactless payment and challenge will be the saturation of the digital
real-time inventory management. Omnichannel market. With an increasing number of
retailing has enabled an integrated shopping competitors, differentiation will become more
experience, combining the best of both physical complex. Companies will need to invest in
and digital worlds. innovative technologies and create unique
• E-commerce: The industry has seen exponential experiences.
growth, driven by internet access and the
proliferation of smartphones. The financial Preparation for 2025:
industry has expanded its presence, meeting the
dynamic needs of customers. Fintechs have • Adoption of AI and Automation: Integrate AI
improved payment methods, making solutions to optimize personalization and
transactions more secure and accessible. supply chains, such as advanced chatbots and
• Digital Ecosystems: The integration of dynamic pricing.
technologies like Artificial Intelligence, big data, • Immersive Experiences: Implement AR and VR to
and the Internet of Things has optimized supply offer virtual try-ons and engaging visualizations.
chains, improved customer experience • Sustainability: Adopt sustainable practices
personalization, and increased operational throughout the value chain to attract
efficiency. environmentally-conscious consumers.
• Omnichannel Strategy: Strengthen omnichannel
Digitalization and the adoption of new strategies to provide a seamless and consistent
technologies have been key drivers in shopping experience.
transforming commerce, creating a more
inclusive and efficient ecosystem. 2025 will be a pivotal year for consolidating
emerging technologies and adapting to a
QUESTION 2 competitive and responsible market.
Based on the 2024 trends, what is your outlook Companies that innovate and adapt will be
for 2025 and what do you think will be the better positioned to face challenges and seize
primary challenge or opportunity for the opportunities.
industry in 2025 withinRetail, Ecommerce &
Nayura
20 . RETAIL, ECOMMERCE & DIGITAL ECOSYSTEMS

Rojas Herrera
AVP Innovation & Product,
AT&T Mexico
(México)

QUESTION 1 QUESTION 2
From your perspective, how has developments Based on the 2024 trends, what is your outlook
within Retail, Ecommerce & Digital Ecosystems for 2025 and what do you think will be the
evolved and what has been the impact on the primary challenge or opportunity for the
industry in the Americas? industry in 2025 withinRetail, Ecommerce &
Digital Ecosystems, and how should they
The current landscape of new technologies and prepare for it?
Artificial Intelligence will create a demand for
personalized offerings, for which companies must In 2023, nearly 40% of retailers reported using AI,
be prepared with flexible and agile structures. machine learning, or computer vision, and
Therefore, it can be said that AI and machine another 15% planned to do so within 12 months
learning enable e-commerce companies to (Statista). This indicates that they want to be
personalize the customer experience. part of the digital transformation and
innovation in their businesses.
Considering that internet and mobile device
usage has become widespread in recent years, Meanwhile, in 2024, market trends continue to
it is no surprise that the habits of Latin American offer both opportunities and challenges.
users have changed. They are increasingly Digitalization continues to pave the way for
seeking products and services through digital exploring new sales channels.
channels and ecosystems.
One of the challenges we may face will be the
For example, in Mexico, from 2017 to 2024, the use of AI-based data analytics and integrating
number of people with internet access grew by these technologies into daily operations. This
15.5%, from 63.9% to 81.4%. At the same time, information can help understand consumer
e-commerce users in the country increased needs. Retailers also need to find a simple way
from 40.3% to 72.5%. This shows that the entire to integrate Artificial Intelligence, ensure the
industry must be prepared for higher demands accuracy and security of their data, and begin
from their users. breaking down silos.
March 18-20 | Miami Beach

Fintech Americas
Miami 2025!

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www.fintechamericas.co

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