The Financial Superintendence of Colombia published remarks by its Deputy Superintendent Delegate for Financial Intermediaries and Insurance, Felipe Noval, from the AWS Financial Services Symposium 2025 in Bogotá, setting out how technological innovation is expected to support financial inclusion and help strengthen financial system stability. The update underscored the scale of Colombia’s shift to digital channels: by end-2024, 82.2% of system transactions were carried out through non-face-to-face channels, with mobile apps the most used channel for monetary (56%) and non-monetary (81%) operations. The remarks highlighted continued needs around digital infrastructure, alongside trends such as migration to public or hybrid clouds, internal process automation, and the rollout of more user-centred products. On inclusion and market development, the speech pointed to a need to reduce consumer credit and expand productive credit, particularly for the popular economy through alternative and sustainable schemes, and to promote more competitive interest rates through greater competition. In insurance, microinsurance was described as lagging at 2.1% of the market, while parametric insurance was cited as advancing through remote sensors, big data and automated claims payments. For digital payments, the remarks flagged ongoing interoperability challenges and the continued preference for cash among 80% of the population, while noting the Banco de la República’s work to implement an instant payments system. Open finance priorities highlighted in the dialogue included use cases intended to expand access to formal credit, notably account aggregation and payment initiation, with governance, interoperability and consumer trust identified as key success factors.

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