EIU expects that financial services will deepen in Colombia over the 2023-27 forecast period, and that their cost will fall. However, conditions will become more difficult in 2023-24 as inflation and interest rates remain high, and economic activity slows and political strife intensifies. The country has wellestablished markets in banking, insurance, fund management and securities, but financial companies face challenges in expanding beyond better-off Colombians to serve poorer and more rural segments of the population.