Needham, MA - 25 September 2007

A long season of economic stability across Latin America – fueled in part by the recent strength in the price of commodities in international markets – has dampened major concerns about political and financial risks and instilled a cautious confidence. This in turn has inspired both global and regional financial services institutions to grow their business creatively in selected bright spots, particularly in Brazil, Chile, and Mexico.

New TowerGroup research finds that the still relatively small size of financial services operations in Latin America offers the perfect conditions for experimentation, innovation, and incubation of creative products, technologies, and services. Over the past three years, the Latin American region has provided fertile ground for innovation in securities, payments, and banking approaches that employ new technologies and aim to drive business growth. Through well-articulated and targeted product offerings and advertising campaigns, many Latin American financial institutions have been successful in developing their businesses by tapping underserved market segments.

Financial institutions are taking notice of the business potential of the region, and are focusing on expanding their presence. However, TowerGroup believes that lasting growth in Latin America will require further modernization and integration with global markets.

The new TowerGroup research report titled “Latin America: Innovative Financial Services Growing in Greener Pastures,” by Guillermo Kopp, executive director and global research fellow at TowerGroup, explores ways for financial services institutions to find new avenues for growth in Latin America. It also discusses specific initiatives being driven by banks and securities firms in Brazil, Chile, and Mexico and related innovation potential in the region.

At TowerGroup, Kopp covers a wide range of financial services topics globally, including customer-oriented innovation, business process improvement, risk management, outsourcing, IT investments, and diverse information technology matters.

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