The Superintendency of Banks says the improving digitalization ranking of the Dominican banking sector 2022 confirms that every day more and more users are banking online. The Superintendency explains that just in this year, the number of clients using mobile applications increased 34%.
“The ease and convenience generated from the implementation of technology allows individuals to use products and services without the need to access traditional channels, saving time and costs,” states the report.
Among the exponential technologies implemented by the entities, cloud storage, artificial intelligence, machine learning, and large volume of structured data (big data) stand out and are being adopted by users.
There is a pronounced decline in visits by customers to the banks. Banks are reducing branches. In 2021, 41.5% of the transactions recorded by multiple banking were carried out in a branch, while in 2022 the proportion dropped to 35%. Bank branches had a 77% share of credit and savings bank transactions in 2022, losing 8.6 percentage points from the previous year.
The report highlights that more users are taking advantage of online facilities to purchase financial products
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Superintendence of Banks
3 November 2022