Customer opinion about bank transparency in Latin America 2023

An online survey conducted in December 2023 across six Latin American countries revealed that 56 percent of respondents believed banks should inform customers about how their money is used, as it is their right to know. Meanwhile, 25 percent of participants said that banks should provide warnings regarding how their money is being used. Although nine percent of respondents reported that banks do offer advice, they found the information difficult to find as it was hidden in large volumes of documentation. When asked if banks communicate clearly on how banks use customers' financial resources, 41 percent of respondents stated that their banks do not communicate transparently and would like more insights on how banks decide where to invest their money. In contrast, only 28 percent of the respondents were satisfied with the transparency of the information provided by their banks.