While banks have enjoyed decades of monopolistic control in Latin America, a fast-growing group of digital institutions is now threatening their dominance, OZY reports. At these new banks — part of a fintech industry that grew 66 percent from 2017 to 2018 — doing business means quick taps on a smartphone rather than hours in line at a local branch. Mounting distrust of old-school financial institutions could help boost acceptance among clients and regulators alike.
How big is the market? Only around 50 percent of Latin Americans have bank accounts, giving new players plenty of room to shake up the region’s stodgy financial system.