Digital banking could replace branches

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New technologies and digital tools represent an opportunity to have more agile, secure, efficient and inclusive financial services.

This statement was made by the Superintendent of Banks, Alejandro Fernández W., during a lecture given at the XXVII Seminar on Industrial and Systems Engineering, held at the Pontificia Universidad Católica Madre y Maestra (PUCMM).

The official indicated that, in the international arena, trends indicate the reduction of bank branches due to the migration of transactions and services to alternative channels, especially digital ones.

Fernández W. expressed that the progress of the digitalization of the Dominican financial sector is also notorious and pointed out that 45.6% of the transactions of several banks are carried out through online banking services and mobile applications, according to the digitalization ranking of the banking sector 2021, prepared by the SB.

He pointed out that 55% of financial entities have a cloud data storage service and are rushing to create initiatives for process automation, analysis of large volumes of data or big data, l use of artificial intelligence, the use of facial and fingerprint biometrics, machine learning, among other advances.

“It is worth highlighting the entry into force of the third version of the Due Diligence Guidelines, which simplifies users’ access to basic financial products and services. With the changes to this regulation, the SB creates the legal infrastructure necessary for entities to build digital onboarding processes securely and without violating customer identification and verification rules,” said the superintendent according to a note.

He added that a customer could open a savings account without going to a branch, relying on technological tools.

CRITICAL PATH
Digitization.

The superintendent explained that the institution has charted a critical path towards digital transformation.

Since August 2020, she has been working intensively on the digitalization of internal processes to positively impact both supervised entities and system users.

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