Visa study, with 122 leading companies in 10 markets in Latin America and the Caribbean, highlighted AI and Open Finance as fundamental points
Visa study shows that main companies in Latin America and the Caribbean consider AI and Open Finance fundamental to transforming their businesses in the next two years
Visa’s new Innovation Index, released this week, identified that AI and Open Finance are the cutting-edge technologies currently inspiring the region’s leading companies to transform their operations, modernize their back-end infrastructure and provide personalized, data-driven offers. at lower costs.
The survey, carried out with 122 leading companies in 10 markets in Latin America and the Caribbean, highlights that the majority of organizations interviewed (75%) consider that AI and Open Finance/Banking will transform their businesses in the next two years.
These two technologies, along with crypto/blockchain and Real-Time Payments (including digital wallets), are considered the four main innovations that will affect the business system in the region over the next five to seven years.
The arrival of generative AI in Latin America and the Caribbean
The survey revealed that the majority of companies surveyed recognize that generative AI is the ideal technology for everyone who wants to innovate, maintain their competitiveness and grow. The study shows that the majority of organizations (86%) are already piloting or using a generative AI tool, but many are still exploring how to fully integrate AI into their operations, balancing costs, privacy concerns, and other operational needs. Among the 72 companies that provided additional perspectives on using AI, 54% are using it for customer service/chatbot automation, 48% for fraud prevention, 45% for writing code, and 44% for generating new marketing content.
Open Finance is driving new, personalized products Open Finance enables consumers to securely connect and share data across the financial system, enabling businesses to deliver a personalized, data-driven trading experience. The study shows growing enthusiasm for Open Finance, with 75% of companies surveyed already in the categorization or expansion stages. In terms of markets, Brazil stands out as a leader in Open Finance, reaching five million connected accounts in 1.5 years, five times faster than the United Kingdom. Markets such as Colombia and Mexico are developing regulations for Open Finance, while Argentina and Peru are in the early stages of discussions.
Towards blockchain-based technology
Blockchain innovation is emerging in the form of smart contracts, real-world asset (RWA) tokenization, and central bank digital currencies. In fact, crypto/blockchain was selected as the third technology that should most impact the transformation of companies in the region. In Latin America and the Caribbean, we are witnessing the first glimpses of this technology with some companies using blockchain to tokenize goods, bank deposits and other Real World Assets (RWA). This is the case of Agrotoken, an Argentine company that uses blockchain-based tokenization to help farmers convert grains into real and reliable cryptoassets, democratizing the agroindustry and discovering new growth opportunities.
(Credit: Foto de Gertrda Valaseviit on Unsplash)