The new age of AI-enabled agents and increasing connectivity will not reward financial institutions focused on the last wave of innovation. Latin American institutions must embrace new technology, writes Rodrigo Tumaián, of Prometeo.
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The internet has advanced in powerful, compounding waves, reshaping how we live, transact and create value. First came the static web and the dot-com boom. Then the rise of social platforms and mobile ecosystems fueled a digital economy built on data and instant connectivity.Blockchain and crypto followed, challenging the role of intermediaries and pushing open, decentralized systems.
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Now, we're entering what may be the most profound shift yet:the age of intelligent agents. In this new phase, the internet is no longer being designed only for humans. Generative AI models can now read, interpret and act, making decisions, executing tasks and reshaping how we interact with technology. Screens and clicks are giving way to APIs, prompts and autonomous action.
In financial services, this shift is especially transformative. AI models are poised to become actors in the financial system, capable of initiating payments, verifying identity and reconciling accounts. Infrastructure must adapt to a future where machines, not just humans, navigate and interact with financial tools.
According to McKinsey, generative AI could unlock $200 billion annually in value for the global banking sector, largely through smarter automation and decision-making. The regions that enable AI to operate freely and securely within their financial systems will shape the next chapter of global commerce.
For Latin America, this moment is pivotal. And the stakes are high. Historically, the region has struggled to keep pace with previous digital transformations. While open banking frameworks began rolling out in Europe in the mid-2010s, most Latin American countries only started building their regulatory foundations in the past few years. Brazil stands out for its comprehensive approach, but progress across the region remains fragmented and inconsistent.
This lag is part of a broader pattern. According to the Organisation for Economic Co-operation and Development, or OECD, challenges like underinvestment in digital R&D, inconsistent broadband access and fragmented regulatory environments have made it harder to scale emerging technologies regionally. These gaps have limited interoperability and made it difficult to build cross-border digital infrastructure. But today, there is growing recognition of these hurdles, and a renewed effort across governments and industries to close them.
At the same time, Latin America is experiencing a surge in API adoption. Open APIs are revolutionizing fintech across the region, enabling faster development, seamless integration and enhanced user experiences, with fintech investment surpassing $2.6 billion in 2024 alone. In Brazil, the central bank recorded 4.8 billion successful API calls in June 2023, more than quadruple the U.K.'s 1.1 billion during the same period. Meanwhile, platforms like Khipu in Chile are facilitating bank-to-bank payments via APIs, reducing time and cost across the region.
But AI will not reward early adopters of the last wave. It will reward those prepared for this one, with programmable financial infrastructure, standardized APIs, and clear frameworks for data sharing and security. That's where Latin America must move decisively.
AI is not just another tool; it is a new kind of user. To compete globally, Latin America must create systems designed not only for human interaction but also for intelligent execution. That requires collaboration between banks, regulators and technology leaders to align infrastructure with this new reality.
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