Banco Guayaquil to launch new app amid low savings in Latin America

Banco Guayaquil said it will introduce a new version of its mobile application in the coming weeks. The app currently serves more than two million users and processes about 20 million transactions each month, making it the most‑valued banking app in Ecuador. Executive President Guillermo Lasso Alcívar said the update will deliver a simpler, more agile experience and continue the bank’s four‑decade digital transformation, though specific features and a launch date were not disclosed.

Across Latin America, roughly 70 % of adults hold a bank account, yet few use it for saving. Many keep cash at home, rely on informal rotating‑savings groups, or store value in dollars or digital wallets. Distrust of traditional banks drives this behaviour, while the rise of mobile and virtual wallets is beginning to shift how people manage their money.

The bank’s app upgrade comes as the region’s consumers increasingly turn to digital solutions for financial transactions, highlighting the tension between low savings rates in formal banking channels and growing interest in fintech alternatives.