and opening up competition that will continue to drive disruption in Peru, Moody's Investors Service has affirmed.
Consumers' preference for the use of
digital banking channels continues to increase, as evidenced by online and mobile banking transactions expanding 1.5x times the volumes in the past 12 months to April.
Despite the dynamic expansion, mobile banking services are still far ahead of ATMs and credit, as well as debit card transactions, which remain the preferred channel for consumer banking transactions.
"A growing number of financial entities in Peru are increasing their investments in digital banking services and products, expanding the client reach to areas where physical presence is limited, while developing tools to improve operating efficiencies," Moody's said.
Recently, Banco de Credito del Peru (Baa1 stable) announced that its digital payments' mobile application,
Yape, had reached the mark of one million users as of June 2019. BCP has recently launched QR payment services, which will boost its client base.
At the same time,
Interbank has been continuously improving its operational efficiency as it deploys its digital strategy to acquire and serve new clients, increasing digital sales and improving operational services.
Editor's note: Based on information provided by Moody's.
(END) NDP/DTK/MVB