savings financial products - Banca de las Oportunidades

Transcription

Financial
I N C L U S I O N R E P O RT
6
SAVINGS FINANCIAL
PRODUCTS
DORMANT AND TRANSACTIONAL SAVINGS PRODUCTS
Savings products have traditionally been used as financial inclusion instruments; taking into account that saving allows
people to accumulate funds in order to carry out different activities and to fulfill their objectives. As we have insisted in
prior Financial Inclusion Reports, the design and supply of financial products should not only consider people’s needs38
but also promote their permanent use, in such a way that persons affiliated to the financial system can experience the
benefits they can obtain when they are part of it.
By December 2014, the number of savings accounts39 increased to 55,8 million with an annual growth of 9,1%; this
growth is basically explained by the evolution of traditional accounts (9,4%). This means that, last year, there were 4,6
million new accounts, 97% of which were traditional savings accounts. In the last 4 years, an average of 3,7 million new
accounts was opened.
38 The results from the first financial inclusion demand side survey carried out by Superintendencia Financiera de Colombia and Banca de las Oportunidades (2015) show that notwithstanding the
shortage of resources available for saving, people express interest on saving.
39 Includes traditional savings accounts offered by credit institutions supervised by the Superintendencia Financiera de Colombia and cooperatives supervised by the Superintendencia de Economía
Solidaria and electronic savings accounts offered by credit institutions.
100
FINANCI AL
INCLUSION REPORT 2014
Chart 79: Savings accounts evolution by type of product
50
41,0
2,8
2,8
40
30
47,7
2,7
44,1
55,9
3,3
51,2
3,2
100%
2%
9%
85%
70%
38,2
41,3
45,0
48,0
55%
52,6
20
40%
10
25%
85%
10%
2011
2012
2013
2014
-5%
Traditional saving accounts
2011
Electronics saving accounts
Cities and metr
Source: Superintendencia Financiera de Colombia, Banca de las Oportunidades, and Superintendencia de Economía Solidaria. Includes CAES40.
70%
54%
30%
48%
2%
13%
57%
51%4%
52%
49%
54%
4%
30
12%
46%
20
20%
84%
2010
% Actives
25%
98%
2011
2012
2013
% Dormant
2014
0
5.000
4.000
3.000
2.000
10
85%
6.000
84%
1.000
2010
Active traditional
accounts
Total savings accounts
10%
2013
5.268
Accounts
40%
0%
40%
43%
46%
2%
9%
50%
10%
55%
52,6
60%
7.000
4.732
47,7
M i l l i o ns o f ac c o unt s
100%
85%
48,0
90%
50 of
44,1
Chart
Evolution
of accounts by type
80% 80:
41,0
municipality as % of total
70%
40
55,9
3,3
51,2
3,2
Accounts activity percentage
When analyzing savings accounts evolution by rurality level, it is found that, even though cities and
metropolitan areas account for 84% of their total growth, their share has been decreasing,9.000
and mid-size
municipalities and the rural sector are the ones that increased their share
during last year, reaching levels
55,9
60
100%
8.000
51,2
similar to those observed in 2012.
2014
-5%
2011
2012
2013
2014
s saving accounts
Cities and metropolitan areas
Med-size
Rural
Dispersed-rural
Source: Superintendencia Financiera de Colombia, Banca de las Oportunidades, and Superintendencia de Economía Solidaria. Includes CAES
10
2014
vings accounts
0
2.000
4.524
4.538
5.462
5.476
5.121
4.879
4.857
5.143
5.723
4.277
7.358
7.868
8.089
3.000
40 CAES = electronic savings account (in Spanish)
2.642
20
2.132
46%
5.623
4.377
30
1.911
54%
4.732
40
5.268
50
Accounts
60
Notwithstanding the above, performance related to savings accounts activity showed that 46% reported
9.000
at least one transaction in the last six months (which means they remained active) by the end of 2014.
8.000
This percentage
decreased by 3pp compared to the data reported in 2013 and by 9pp compared to
2010, which
challenges
the 2015 financial entities to promote the effective use of accounts. According
7.000
to the results from the first financial inclusion demand side survey, 72% of the micro-entrepreneurs and
57% of 6.000
the individuals that participated in the survey use cash exclusively. When analyzing the accounts’
5.000 it was found that only 32% of the micro-entrepreneurs and 17% of the individuals use their
use pattern,
accounts
more than three times per month. Additionally, it was found that factors such as lack of financial
4.000
education and product cost represent barriers for the use of financial products.
M i ll i on s of acco unt s
55,9
1.000
2010
Active traditional
2011
Dormant
101
2012
2013
Active CAES
5.623
2010
8.089
0
1.911
Millions of saving accounts
60
2014
Dormant CAES
trad
44,1
41,0
2,8
40
2,7
2,8
FINANCI AL
30
38,2
41,3
45,0
70%
48,0
55%
52,6
20
9%
85%
85%
40%
25%
10
As a consequence,
while the total number of savings accounts increased by 4,6 million in 2014,
10% the
0
2010 increased only
2011 by 506,2 thousand.
2012
2014
number of active accounts
As was2013
the case in previous
years, growth
-5%
of dormant accounts has exceeded growth of active accounts, which again reflects the importance
of
Traditional saving accounts
Electronics saving accounts
promoting their use through adequate financial education mechanisms as well as by offering innovative
products at low cost that are suitable for the population.
55,9
3,3
51,2
3,2
80%
70%
60%
46%
54%
2%
9%
57%
2010
55%
52,6
48%
51%
52%
2%
13%
2011
% Actives
85%
49%
4%
50
7.000
30
46%
20
10
2012
2013
% Dormant
84%
2014
98%
8.089
8.000
54%
40%
100%30%
20%
85%
10%
60
40
43%
50%
70% 0%
48,0
44,1
41,0
51,2
47,7
4%
12%
6.000
5.000
5.268
90%
4.000
3.000
2.000
1.000
0
84%
Source: Superintendencia Financiera
de Colombia, Banca de las Oportunidades, and Superintendencia de Economía Solidaria. Includes CAES
40%
2010
Active traditional
accounts
25% it was found that, for every 10.000 traditional savings accounts, there are 5.462 dorBy type of product,
mant accounts, 319 more than in 2013. In terms of electronic savings accounts, of 10.000 electronic sav10%
ings2014
accounts, 4.524 were dormant by the end of 2014, 247 more than the year before. This could be
2013
associated with programs
such
en Acción: More Families
in Action, where
-5%
2011as Más Familias 2012
2013
2014 an individual
tronics saving accountscan stop receiving subsidies if he/she does not fulfill the criteria defined to obtain them.
013
Dispersed-rural
10
otal savings accounts
0
3.000
2.000
4.524
4.538
5.462
5.476
5.121
4.879
4.857
5.143
5.723
4.277
7.358
7.868
4.000
2.642
46%
20
5.000
2.132
30
1.911
54%
6.000
5.623
4.377
7.000
40
2014
8.089
50
4.732
8.000
5.268
9.000
60
Accounts
55,9
M i ll i on s of accou nt s
9%
Rural
Chart 82: Activity by every 10.000 savings accounts
1,2
1%
Med-size
1.000
2010
Active traditional
accounts
2011
2012
Dormant
traditional accounts
2013
Active CAES
2014
Dormant CAES
102
Cities and m
4.732
100%
9.000
Accounts
55,9
M illion s of acc ou n t s
Accounts activity percentage
Chart 81: Number of savings accounts and activity
2011
1.911
Millions of saving accou
50
t
FINANCI AL
In terms of the number of accounts for every 10.000 adults, the trend has been upward, reaching
17.379 accounts by the end of 2014; this means that, on average, there are 1,7 savings accounts for
each adult. Nevertheless, counting only those accounts that were active in the financial system, the indicator decreases by 54% to 7.983, remaining at a similar level to the previous year’s.
Chart 83: Total and active savings accounts by
every 10.000 adults
8.078
7.968
7.983
2.010
2.011
2.012
2.013
2.014
Billions of pesos
9.396
8.259
7.314
6.147
120,0
8.366
6.249
16.226
15.392
14.514
13.766
140,0
17.379
7.517
18.000
16.000
14.000
12.000
10.000
8.000
6.000
4.000
2.000
100,0
80,0
60,0
40,0
20,0
-
-
Number of accounts for every 10.000 adults (Dormant)
Number of accounts for every 10.000 adults (Active)
On analyzing adults’ account activity, it was found that 14,1 million had an active savings account, which
means that almost 8 million persons (36% of
the adults) that opened
a savings account
at some point
3,5%
3,6%
3,5%
3,6%
100,0%
have not used it in the last six
months.
2,5%
2,6%
2,5%
2,6%
90,0%
Accounts % by number
Consequently, the challenge 80,0%
is to have financial inclusion reach beyond the access point. It is necessary
to promote long term relationships;
which requires the implementation of mechanisms and incentives
70,0%
that are necessary for people not only to access but also to use savings products.
60,0%
93,9%
93,8%
94,0%
93,9%
2010
2011
2012
2013
41
The savings accounts balance50,0%
, at year-end 2014, increased to COP139,5 billion, which accounts for
a 2,3% real increase during the
last year. Of that total balance, 98,7% (COP137,7 billion) was deposited
40,0%
in credit institutions supervised
by Superintendencia Financiera de Colombia. Banks were the most im30,0%
portant intermediaries for obtaining funds through savings accounts with a share of 98%, followed by
20,0%
cooperatives supervised by Superintendencia
de Economía Solidaria, which accounted for 1,3%.
10,0%
0,0%
Up to 5 SMMLV
Between 5 - 11 SMMLV
More than 11 S
41 Includes banks, financial corporations, financing companies, and financial cooperatives supervised by Superintendencia Financiera de Colombia and cooperatives supervised by Superintendencia de Economía Solidaria
103
FINANCI AL
Chart 84: Evolution of accounts balance
17.379
111,3
9.396
Billions of pesos
120,0
7.983
139,5
131,5
140,0
97,0
100,0
79,1
80,0
60,0
40,0
77,9
95,6
109,9
129,9
137,7
2010
2011
2012
2013
2014
20,0
2.014
-
rmant)
ve)
Credit institutions
SES cooperatives
3,5%
2,5%
The increase reported for the accounts balance in banks was almost COP7,8 billion, which represents a
real growth of 2,3% for the last year. It should be pointed out that the balance observed in the CAEs dis3,6%
3,5%
played a real
growth of 60,4%
(increasing to COP135,9 thousand million), which shows the importance
2,5%
2,5%
of this savings product for financial inclusion.
TABLE 13: Evolution of savings accounts balance by entity
(COP Millions)
94,0%
Entity
93,9%
2012
Banks
Financial corporations
Financing companies
SFC - Financial cooperatives
SES - Cooperatives
Total saving accounts
balance 2013
2010
93,9%
2011
77.147.621
75.553
71.124
604.138
1.183.416
95.018.472
97.820
105.918
382.437
1.391.837
79.081.853
2014
2012
2013
108.948.058
373.597
125.320
432.835
1.438.474
96.996.484 111.318.284
128.940.674
394.197
160.802
447.105
1.596.772
2014
Share 2014
136.757.665
214.356
268.998
416.101
1.834.147
98,0%
0,2%
0,2%
0,3%
1,3%
131.539.550 139.491.267
More than 11 SMMLV
The number of savings accounts in banks increased by 4,3 million, the greatest change in the last 4 years.
Nevertheless, the greatest growth was reported by the financial companies as they reported a change of
35,8%, maintaining the trend of the previous years.
TABLE 14: Evolution in the number of savings
accounts by type of entity
Entity
Banks
2010
38.610.123
2011
2012
41.528.445
2013
44.796.786
2014
48.051.382
Share 2014
52.338.535
93,7%
105
148
174
347
405
0,0%
Financing companies
199.335
263.519
379.353
515.654
700.054
1,3%
SFC - Financial cooperatives
792.432
688.423
713.482
703.698
711.074
1,3%
1.433.698
1.636.909
1.803.032
1.951.527
2.110.773
3,8%
SES - Cooperatives
41.035.693 44.117.444 47.692.827
51.222.608 55.860.841
104
18.000
16.000
14.000
12.000
10.000
8.000
6.000
4.000
2.000
15.392
14.514
140,0
17.379
16.226
Billions of pesos
9.396
8.259
7.983
7.968
7.314
8.366
8.078
6.147
6.249
7.517
11
120,0
FINANCI AL
13.766
100,0
80,0
97,0
79,1
60,0
40,0
77,9
95,6
10
When analyzing the savings accounts’ segmentation in terms of the balance at the end of each period,
it was found2.011
that 47,4 million
accounts 2.013
(93,9%) were2.014
classified in the up to 520,0
monthly minimum wage
2.012
2.010
(SMLMV, in Spanish) range. This is equivalent of saying that, for every 10.000 adults,
there were 14.746
2011
Number
accounts forup
every
adults (Dormant)
accounts
withof balances
to10.000
5 SMLMV.
Those accounts concentrated almost 4,8% of2010
the total funds
Number
of accounts
for every 10.000 adults (Active)
obtained
through
this products.
Credit institutions
-
42
Chart 85: Distribution in the number of accounts
by balance
100,0%
Accounts % by number
90,0%
3,5%
2,6%
3,6%
2,6%
3,5%
2,5%
3,6%
2,5%
3,5%
2,5%
93,9%
93,8%
94,0%
93,9%
93,9%
2010
2011
2012
2013
2014
80,0%
70,0%
60,0%
50,0%
40,0%
30,0%
20,0%
10,0%
0,0%
Up to 5 SMMLV
More than 11 SMMLV
Source: Superintendencia Financiera de Colombia, Banca de las Oportunidades. Not including CAE or Superintendencia de Economía Solidaria
The accounts that had a balance over 10 SMMLV reported a share of 3,5% of the total savings accounts; this
share has been stable for the last 5 years. Despite their small share, it is observed that, of the total funds reported for savings deposits, 91,7% were deposited in these accounts, maintaining the trend of the previous years.
Chart 86: Distribution of accounts’ balance by range
100,0%
80,0%
92,4%
91,7%
50,0%
91,9%
60,0%
91,7%
70,0%
90,8%
Accounts % by balance
90,0%
4,0%
5,3%
3,6%
4,7%
3,5%
4,6%
3,3%
4,2%
3,5%
4,8%
2010
2011
2012
2013
2014
40,0%
30,0%
20,0%
10,0%
0,0%
Up to 5 SMMLV
More than 11 SMMLV
ctive accounts
6.000.000
88%
42 Includes only data from entities supervised by SuperintendenciaFinanciera
5.500.000
84%de Colombia.
80%
5.000.000
75%
73%
4.500.000
68%
65%
77%
61%
4.000.000
74%
56%
68%
3.500.000
51%
60%
105
96%
92%
89%
84%
100%
93%
96%
90%
80%
70%
60%
20
FINANCI AL
When reviewing the savings accounts’ average balance, it was found that the average balance increased to COP138.158 in those with balances up to 5 SMMLV; this amount increased by COP10.694
last year.
TABLE 15: Savings accounts’ average balance
Range
Number
Up to 5 SMMLV
More than 11 SMMLV
Total
Average balance
47.399.054
138.158
1.270.436
3.815.315
1.784.150
70.692.230
50.453.640
2.725.694
By type of entity, the financing companies’ average balance was COP384.253, while the average balance of the cooperatives supervised by Superintendencia Financiera de Colombia was COP585.173; in
banks it was COP2,6 million.
TABLE 16: Savings accounts’ average balance by
type of entity
Entity
Average balance
2010
2011
Financing companies
$ 356.808
$ 401.936
2012
$ 330.351
2013
$ 311.841
2014
$ 384.253
SES - Cooperative
$ 825.429
$ 850.284
$ 797.808
$ 818.217
$ 868.946
SFC - Financial cooperative
$ 762.385
$ 555.526
$ 606.652
$ 635.365
$ 585.173
$ 1.998.119
$ 2.288.033
$ 2.432.051
$ 2.683.392
$ 2.612.944
$ 719.555.790
$ 660.945.473
$ 2.147.107.718
$ 1.136.014.983
$ 529.273.630
Total
$ 1.927.148
$ 2.198.597
$ 2.334.068
$ 2.567.998
$ 2.497.121
Banks
The geographic distribution of active savings accounts displayed substantial variations depending
on the type of product and reflecting the influence of programs such as Más Familias en Acción. In
the case of traditional savings accounts, from a total of 51% of the active accounts, (48%) were concentrated in Bogota, Antioquia, and Valle del Cauca, which is equivalent to 12,1 million accounts.
Nevertheless, when analyzing the CAEs, it was found that 52% of the active accounts, 941,9 thousand, were concentrated in Córdoba, Nariño, Valle del Cauca, Magdalena, Atlántico, Cauca, and
Santander.
106
90,0%
Accounts % by balance
80,0%
70,0%
91,7%
4,0%
3,6%
3,5%
3,3%
3,5%
2010
2011
2012
2013
2014
50,0%
40,0%
91,9%
92,4%
91,7%
90,8%
FINANCI AL
60,0%
30,0%
20,0%
10,0%
Chart 87:5,3%
Active accounts
by 4,6%
department
4,8%
4,7%
4,2%(December-2014)
0,0%
Up to 5 SMMLV
6.000.000
5.000.000
73%
4.500.000
4.000.000
56%
3.500.000
61%
65%
77%
70%
56%
53%
60%
60%
50%
40%
43%
23%
28%
20%
18%
Number of active traditional accounts
Number of active CAEs
Active traditional account cumulative % (right axis)
Vaupés
Guainía
Amazonas
Vichada
0%
Guaviare
Chocó
San Andrés y Prov.
Arauca
Putumayo
Caquetá
Casanare
La Guajira
Sucre
Quindío
Cauca
Magdalena
Tolima
Boyacá
Huila
Bolivar
Nariño
Córdoba
Atlántico
Santander
Cundinamarca
Valle del Cauca
Bogotá
Antioquia
-
Risaralda
10%
Cesar
9%
Meta
25%
6%
30%
34%
Caldas
500.000
80%
68%
41%
2.000.000
1.000.000
90%
96%
84%
74%
3.000.000
1.500.000
100%
93%
89%
68%
51%
2.500.000
84%
80%
75%
Norte de Santander
Number of active accounts
5.500.000
96%
92%
88%
More than 11 SMMLV
Active CAE cumulative % (right axis)
Source: Superintendencia Financiera de Colombia, Banca de las Oportunidades, and Superintendencia de Economía Solidaria.
When carrying out the analysis in terms of population density, significant improvement was found, even
though there is still a substantial difference in terms of use between residents of big size municipalities
and those in smaller ones. As a result, in the case of municipalities with up to 10.000 residents, the number of active accounts for every 10.000 adults was 3.379 while, in the municipalities with over 100.001
residents, the same indicator was 9.680.
The inactivity of savings accounts by type of municipality during the previous year did not vary significantly; approximately 46% of them remained active in all municipalities. Nevertheless, in the municipalities
with less than 10.000 residents, the inactivity of the accounts increased to 57% equivalent to an increase
of 1pp compared to 2013.
However, it should be pointed out that, in all cases, the percentage of dormant accounts has increased;
this fact has been influenced mainly by the trend set by big municipalities that concentrate 77% of the
savings accounts in the country.
107
FINANCI AL
0-10.000
residents
10.001-50.000
residents
50.001-100.000
residents
residents
More than 100.000
Chart 88: Percentage of active and dormant savings
accounts according to municipality size by every
10.000 adults
2014
2013
2012
2011
2010
2014
2013
2012
2011
2010
2014
2013
2012
2011
2010
2014
2013
2012
2011
2010
0%
10%
20%
30%
40%
50%
60%
Active accounts
70%
80%
90%
100%
Dormant accounts
%
the
80%When studying
90%
100%
distribution of accounts by municipality type, it was found that 91% was concentrated in cities and metropolitan areas and mid-size municipalities; this percentage increased by 2pp in
the last 5 years and is consistent with the population’s geographic distribution.
70%
ormant accounts
60%
Chart 89: Percentage of savings accounts by
rurality level
50%
2014
2013
40%
44%
42%
54%
51%
52%
10% 2012
0%
Cities and metropolitan
2011
areas
Mid-size
10,0%
44%
11,8% 6,0%2011
12,3%
77,5% Rural
6,5% 2010
0,0%
Dispersed-rural
12,3% 6,9%
10,0%
20,0%
Cities and metr
2010
0,0%
54%
51%
52%
47%
47%
55%
51%
79,4%
78,0%
2010
Dispersed-rural
55%
50%
49%
57%
53%
56%
45%
49%
2013
58%
52%
%
54
54%
20%
2012
11,8% 5,8%
79,7%
42%
2014
30%
20,0%
2011
30,0%
2012
77,0%
40,0%
2013
50,0%
Mid-size
60,0%
2014
70,0%
Rural
12,5%
80,0%
7,2%
90,0%
Dispersed-rural
2014
108
100,0%
More t
reside
2012
2011
2010
2014
2013
2012
2011
2010
In terms2014
of the concentration of accounts by areas, it was observed that there are 20.758 savings ac2013
counts for every 10.000 adults in cities and metropolitan areas and 9.556 in municipalities classified as
rural 43.2012
Compared to 2013, an increase of 7% and 4% in these values, respectively, was reported.
2011
In terms2010
of the use of accounts by areas, a downward trend in all cases was reported; it is more noticeable in dispersed-rural
areas and cities and metropolitan areas where, in the last 5 years, the percentage
2014
of active2013
accounts decreased by 11pp and 9pp respectively. As we indicated at the beginning of the
chapter,2012
active accounts are not above 50% in any of the areas.
2011
A similar2010
situation was observed in the results from the first financial inclusion demand side survey (2015),
0-10.000
residents
10.001-50.000
residents
50.001-100.000
residents
FINANCI AL
where 17% of the surveyed persons expressed that they do not use their products during a regular month
0%
10%
20%
30%
40%
50%
60%
70%
80%
(this percentage decreases to 12% in the case of micro-entrepreneurs) 44. As mentioned before, this is related
Active accounts
Dormant
accounts
to the widespread use of cash because it is a cultural tradition
and a way to avoid
financial
costs.
90%
Chart 90: Percentage of active savings accounts
by population size
60%
2014
50%
2013
40%
2012
42%
44%
54%
51%
52%
47%
47%
55%
51%
55%
49%
50%
57%
53%
56%
45%
49%
58%
52%
20%
%
54
54%
30%
10%
0%
2011
2010
Cities and metropolitan
areas
Mid-size
2010
Rural
2011
2012
2013
Dispersed-rural
2014
43 It does not include dispersed-rural classification whose indicator for every 10.000 adults was 6.991.
44 The outcomes from the first demand survey can be consulted at the following link: https://www.superfinanciera.gov.co/descargas?com=institucional&name=pubFile1013373&downloadname=20150602preestdemandainclusionfinanciera.pdf
109
0,0
FINANCI AL
CONCLUSIONs
By the end of 2014, almost 54% of 55,9 million savings accounts were dormant. Last year
dormant accounts increased by 4,1 million. Given the activity reported in savings accounts, the need
for financial entities to design innovative savings products according to the needs of the population acquires
particular relevance; the objective is to generate adequate incentives for the financial consumers to optimize
their use and benefit from them.
The use of savings accounts presented substantial difference in terms of the rurality level.
In the rural and dispersed-rural areas, there is low use of accounts with an indicator below 5.000 for every
10.000 adults, while in cities and metropolitan areas the same indicator is 9.444.
By municipality size, we observed a differential use pattern. In the case of big and mid-size municipalities, the number of active savings accounts by every 10.000 adults increased to 9.680 and 7.032,
while in towns with small numbers of residents the indicator was 3.379.
The largest proportion of savings accounts reported balances below 5 SMMLV. At year-end
2014, almost 94% of the savings accounts had balances below 5 SMMLV and concentrated 4,8% of the
total funds. In this sense, it is clear that FOGAFIN’s deposit insurance, which insures deposits up to COP20
million in each entity, covers the majority of savings accounts.
110

savings financial products - Banca de las Oportunidades

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