Bancolombia invests in artificial intelligence research as growth continues

The bank, which remains at the top of the Alta Group’s LAR 100 list of the biggest equipment and leasing organisations in Latin America, has also released a number of new initiatives in recent months.

In May, it announced the launch of its remittance API service, a new IT facility designed to make it easier for customers to develop apps and similar software for overseas transactions.

Bancolombia’s innovation leader, Cipriano López, said: “The launch of the remittance API family is part of our perspective of innovation for the future and the democratization of the future.

“[As a result of] what is now called Open Banking, we have opened the door for the first time so that developers from all over the world can generate innovative solutions related to money remittances to Colombia from abroad.”

Additionally, the bank reported earlier this month that online transfers made via QR code had tripled since the beginning of the year.

More than 20,000 of its business customers are using the service, which is designed to process payments quickly on a smartphone and does away with the need to enter certain payment details manually.

As part of its investment in the future, Bancolombia is partnering with Los Andes, Magdalena and Santo Tomas universities to participate in RoboCup 2019, taking place in Australia during July, which showcases innovation in artificial intelligence.

The partners will develop AI capabilities that will drive digital transformation, using a robot called Pepper.

López added: “Innovation is one of our strategic pillars, and we use it as a lever of value to reinvent and enhance interaction with banking. We are developing artificial intelligence in partnership with universities under a ‘glocal’ (think global and act local) philosophy.”