Online banking services in Colombia are still in early stages. Yet, in 2018, as per the Colombian Financial Superintendence the transactions done through electronic means (COP$2.800 million) exceed those done by physical means (COP$2.700 million).
The social and political climate towards online banking is very positive and the banks are more often supporting services such as e-wallets and the contactless payments.
FinTechs intending to offer traditional banking services must obtain an authorization from the Colombian State. Banking services can only be provided by authorized banks. The specific requirements to incorporate a bank in Colombia can be found in the Colombian Financial System Statute.
To provide online banking services, banks must comply with the general quality standards and security requirements for data handling as stablished by the basic legal circular issued by the Finance Superintendence. Mainly, banks are required to:
- Have a two-factor authentication system.
- Have a data encryption system for transactions over 2 monthly wages. For 2019, such amount corresponds to COP $1,656,232, roughly USD $510.
- Have a system that avoids duplicity of the operations due to communication issues.
Colombia is slowly moving towards online banking, as of January 2019, the Colombian Financial Superintendence stated that 6 out of 10 bank users prefer to do their transactions through electronic means.
Alvaro Parra Gómez
Bernardo Rodríguez Ossa