Awards for Excellence 2020
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Clients of transactions services want simplicity and speed, neither of which is easy for companies operating in regulatory cumbersome and often tech-light jurisdictions of Latin America.
Bank of America wins the award for the region’s best bank for transaction services due to its demonstrable results both for clients and in its own operations.
A big IT budget ($14 billion annually for the bank globally) is paying off in terms of customer satisfaction with its transaction services, covering from the aggregation and harnessing of treasury data to the convergence of wholesale and customer payments.
BofA’s investment in digital transaction services meets the rapid digitalization of organizations in the region in both the public and private sectors. The bank saw a 243% annual increase in the use of its mobile cheque deposits functionality – with other digital solutions also seeing two- or three-digit increases over the year.
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Stephanie Wolf |
The service-led approach is working: 2019 was a record year for the bank’s global transaction services (GTS) business in Latin America, with revenues growing by 19% year on year.
The region was the best performing globally for the bank – helped by 35% growth in deposits. Key markets performed well: Brazil’s volumes were up by 18%, thanks to triple-digit growth in the Brazilian boleto payment system, while Mexico’s were up 20%.
Fernando Iraola, head of GTS for Latin America and co-head of corporate banking GTS, and Stephanie Wolf, head of global financial institutions, governments and business banking sales in GTS, say the real-time nature of their services has been crucial in helping clients navigate recent spikes in volatility.
