Digital banking and fintechs gain ground in the Dominican Republic, according to the Consumer Pulse report
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- 60% of Dominicans are willing to apply for financial products through digital channels, including fintechs and neobanks, according to TransUnion’s Consumer Pulse study.
Santo Domingo– More than half of the Dominican population (60%) is willing to apply for financial products through digital channels, including fintechs and neobanks, according to the results of the recent TransUnion Consumer Pulse Study for the second quarter of 2025.
The report reveals growing openness to faster, more accessible and more digital financial alternatives, especially among middle-income consumers and those with no established relationship with traditional banking.
42% of those surveyed for the study said they plan to take out a loan or credit card from a digital bank in the coming year, while 18% would choose to do so through a fintech.
These figures reflect a significant shift in the preferences of the Dominican financial consumer, driven by the convenience of 24/7 services, the simplified digital experience and the efficiency of the processes.
In addition, 35% of participants said they would turn to their current traditional bank, while 18% would choose digital platforms, split between fintechs (5%) and digital banks (12%). Although traditional banks still lead on trust, the new technology platforms are gaining ground quickly, especially among the segments most familiar with mobile devices and the internet.
“The growth of fintechs in the country reflects a transformation of the financial ecosystem, and represents a growing demand for more inclusive digital solutions, which contribute considerably to the development of financial inclusion in our country, especially in unbanked sectors, small businesses and rural areas,” said Danilda Almanzar, Country Manager of TransUnion Dominican Republic.
Digital wallets, virtual bank accounts and payment products remain the main gateway to financial inclusion in the Dominican Republic. That growth, however, also brings new challenges. Among them, the risk of digital fraud stands out. Although not all users who receive fraudulent messages become direct victims, the rise in scam attempts highlights the urgent need to strengthen financial and digital education.
Although most Dominicans use smartphones and social media daily, not everyone has access to traditional banking services. That reality makes digital transformation a great opportunity to bring banking closer to more people and to update the way financial services are provided.
The growth of fintechs and digital banking must, however, be accompanied by solid regulatory frameworks, cybersecurity strategies and education programmes aimed at every segment of the population, to guarantee a safe and sustainable transition to the new financial model.
About Consumer Pulse
TransUnion’s quarterly survey explores how consumers’ household finances have changed and what changes they expect in the future. The study measures consumers’ changing attitudes and behaviours based on the dynamics of income, obligations and identity fraud. The online survey was carried out between 5 and 19 May 2025 by TransUnion in partnership with the external research provider Dynata, with a sample of 601 Dominicans over the age of 18, in English and Spanish.
About TransUnion in the Dominican Republic
TransUnion is a global information and insights company with more than 13,000 associates operating in more than 30 countries, including the Dominican Republic. We make trust possible by ensuring each person is reliably represented in the marketplace. We do this by providing a multidimensional view of consumers, managed with care.
Through our acquisitions and technology investments, we have developed innovative solutions in areas such as marketing, fraud, risk and advanced analytics. As a result, consumers and businesses can transact with confidence and achieve great things. We call this Information for Good®, creating economic opportunity, great experiences and personal empowerment for millions of people around the world.