The Report provides a regional overview on access to and use of financial products and services to contribute to the analysis of local economies and development of public policies in the field of financial inclusion.
Results reveal that coverage of checking accounts, demand accounts and savings products increased over the last year. Balances held, however, decreased, reflecting lower liquidity in households and companies.
There is also a significant reduction in the amounts of debt, particularly in the consumer and commercial portfolios because of tighter lending conditions and adjustments in the demand for credit linked to the economic cycle.
August 29, 2024.- Solange Berstein, Chairwoman of the Financial Market Commission (CMF), presented today the 7th version of the Annual Regional Financial Sector Statistics Report. It provides a detailed regional overview on access to and use of financial products and services by individuals and businesses. It aims to contribute to the analysis of local economies and development of public policies in the field of financial inclusion.
Chairwoman Berstein presented the results in a webinar alongside the Commission's General Director of Studies, Nancy Silva; the Director of the School of Commercial Engineering of University of La Serena, Christian Villegas; the Director of the School of Commerce of the Pontifical Catholic University of Valparaíso, Roberto Yany; and Professor of Finance of the Faculty of Economics and Business of the University of Talca, Cristián Pinto.
The Annual Regional Financial Sector Statistics Report reveals regional coverage of cash management products (checking accounts, demand accounts, payment cards with provision of funds); savings; and loans in banks, savings and credit cooperatives, mutual funds, and non-bank credit card issuers supervised by the CMF. In addition, it incorporates information on insurance coverage, debt level, financial burden, and leverage metrics with a regional perspective, as well as coverage of accounts with provision of funds, vehicle insurance, and ATM availability.
Results reveal that coverage of checking accounts, demand accounts and savings products increased over the past year, even though their balances held declined. This reflects lower liquidity in households and businesses. Among cash management instruments, payment cards with provision of funds showed the highest growth in recent years, with a coverage of 408 cards per 1,000 people. There was also a significant reduction in debt amounts, particularly in the consumer and commercial portfolios due to more restrictive lending conditions and adjustments in loan demand linked to the economic cycle.
The Report also shows a decrease in the population coverage of bank and cooperative branch networks plus an increase in ATM coverage. This phenomenon joins an increase in the coverage and scope of remote attention networks and correspondent offices.
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