The Nicaraguan Finance Bank (BDF) is a clear example of how the banking system in Latin America is undergoing a profound process of digital transformation.
The pandemic caused by COVID-19 has served as an impetus for banks to make a firm commitment to digitizing their services. In addition, in the case of Latin America, the current market is embracing the financial inclusion of the entire population with new players, such as fintech, to a sector that is no longer exclusively reserved for banks.
According to various studies published by different international companies and consultants, the main challenges or barriers that Latin American banks must face as part of their digitization process are related to technological infrastructure (IT), internal culture and budget.
However, this is not the case for Nicaraguan Finance Bank . Years ago, the company, which ranks fourth among the largest banks in all of Nicaragua, decided to automate its business processes as part of its innovation and digitization strategy.
With the acquisition of AuraQuantic, BDF began by prioritizing the Customer Claims, Complaints, and Suggestions Management process, to reduce response times, ensure that 100% of users receive notifications about the status of their requests and incidents, and improve their level of satisfaction.
To date, BDF has successfully automated most of the support processes for all business areas, having a positive impact on the service they provide to their clients. The main processes included in this automation project were: Legal Procedures, Customer Service Center, Alternative Communication Channels, Deposit Collection, Credit Operations, Card Operations, and Accounting.
Some of the main benefits achieved are the ability to measure response times, minimize reprocessing caused by lack of documentation and information, real-time monitoring of the status of each task, elimination of human errors, and scrupulous compliance with internal policies.
The good results obtained in terms of agility, error reduction, deficiency detection, greater task control and visibility, and compliance with internal policies resulted in the management team at BDF deciding to continue trusting in AuraQuantic. Such is the level of satisfaction achieved that, according to Delia Aguilar Espinoza, Project and Quality Manager at BDF, the company currently manages “more than 30 different processes with the digital transformation platform designed by AURA”. In addition, “of the approximately 700 employees at BDF, more than 90% are familiar with the platform and interact with it on a daily basis, which is why it constitutes a critical system in the institution,” adds Aguilar.
Regarding the company’s business vision, its medium-term goal is to extend the use of the platform to include direct interaction with customers and business partners, by implementing digital onboarding processes, as well as achieving integration with the other systems used by the bank.
BDF was founded in 1992 with the mission to give over 100,000 Nicaraguans access to the financial system. The company is dedicated to citizens and businesses of all sizes and its values include commitment, quality, closeness, and efficiency.