Grupo Aval in US$100mn digital transformation push
Colombia's Grupo Aval plans to invest US$100mn over three years in digital transformation initiatives at its banking subsidiaries, local paper La República reported, citing Aval chairman Luis Carlos Sarmiento Gutiérrez.
Sarmiento said digitalization has already led to cost savings and lenders who do not transform digitally risk being sidelined.
Grupo Aval saw earnings rise 48.4% last year to 2.91tn pesos (US$936mn) - a record performance for the financial services heavyweight.
The group's banking subsidiaries are Banco de Bogotá, Banco de Occidente, Banco Popular, Banco AV Villas and BAC. In the financial services space it also has investment-focused unit Corficolombia, among others.
Aval is present in Colombia, Central America, the Caribbean and the US.
Last year Colombian banking association Asobancaria said the country's banks could do more to accelerate their digital transformation.
ALSO READ: Corficolombia helps make 2018 a vintage year for Grupo Aval
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