Mobile banking operations already significantly exceed those carried out through other channels (ATMs, counters, among others) in the financial system, the head of the Superintendency of Banking, Insurance and AFPs (SBS)Socorro Heysen Zegarra.
This was stated during his presentation at the Commission for the Defense of the Consumer of the Congress of the Republic. “Since the COVID-19 pandemic, there has been a huge growth in mobile banking operations”he underlined.
He mentioned that in 2019 heMobile banking operations added to internet operations totaled 14 million monthly operations; but now they amount to 239 million monthly operations.
“This is an explosion of mobile banking operations or transactions based on a great technological innovation of business models and efficiency, carried out by financial entities to enable this change”he emphasized.
He also indicated that this situation is explained by an increase in competition, in the sense that there are a number of non-traditional participants and players in the market, who are associated with financial entities or sometimes compete with them.
“In addition, there is a change in consumer behavior and the new generations that demand more digital services”, he pointed.
cyber attacks
On the other hand, the head of the SBS pointed out that the digital banking scenario generates more opportunities in terms of comfort, speed and lower costs of financial services, but also comes with new risks linked to cyber attacks or fraud.
In this context, he indicated that it is necessary for the SBS, the other regulators and the supervised companies to act to face and mitigate the risks to consumers.
He also pointed out that within the scope of the SBS, it is sought that companies have healthy sales practices, that there are no abusive practices, that tied sales or improper charges are not applied, that there is transparency of information and an adequate claims system.
“All this in a scenario in which, at the same time, information security and security risk management systems have to be strengthened to face the threat of cyber-attack risks,” he pointed.
