Ecuador’s Banco de la Producción S.A. (Produbanco) is driven by the belief that the customer is its ‘essence’. The bank has been setting new standards for service excellence in Latin America for over 40 years and is constantly seeking new ways to improve. In 2014, Produbanco began a process of digital transformation that has taken it to new heights of innovation in customer delivery.
The bank has been undergoing profound changes in the ways it thinks about the business, its people and its clients, and is implementing a technological roadmap for complete digital transformation. More importantly, a shift in the values and mindset is set to make this transformation as seamless as possible for its customers. Produbanco has started to think and act like a digital company, one that is fully focused on enhancing the customer experience. The bank offers a remarkably diverse suite of products, each of which has been meticulously designed to satisfy the most pressing needs of specific customer segments. It has tailored products for millennials, environmentally conscious customers, frequent travellers and much more.
In terms of specific virtual service channels, the most crucial of Produbanco’s recent innovations has been the update of its mobile application, which allows customers to check their account and credit-card balances and transactions, and to make transfers, payments for services and airtime top-ups. Key banking information is now at the customer’s fingertips, including the nearest locations of branches and ATMs, as well as information about the latest banking products and special offers.
This focus on innovation, coupled with an analysis of millennial behaviour, is reflected in the bank’s digital account ‘be Produbanco’. It provides digital users with a great tool for their personal finances and simultaneously gives them a different customer experience, without ever having to visit a bank branch.
The innovative app, which can be downloaded free from digital stores (App Store and Google Play), allows customers to open an account directly from these platforms. This solution helps customers to manage their finances with total ease and security. The application can be accessed from any mobile device with an internet connection 24 hours a day, 365 days a year.
Digital branch innovation
In 2018 Produbanco launched its new digital branch, an alternative service concept that allows customers to carry out transactions locally. Simple and elegant in design, these branches have advanced interactive facilities instead of the cashiers and advisors of a traditional bank branch. The digital branch concept helps customers transition into the digital era through multifunctional ATMs.
The most innovative solution at these branches is the automated kiosks, where customers can access the bank’s website and be assisted via video-conference by an executive who will advise the customer on products and services, and respond to any requirements. Produbanco’s digital branch innovation is the first of its kind in the country and is located in Ecuador’s leading retail supermarket chain, one of Produbanco’s key customers.
Although excited about new technology, the bank will always define itself as a customer-centric organisation. It aims to meet all its customer needs through excellent service. This philosophy has allowed Produbanco to acquire a clear, competitive differentiation – its continued commitment to maintaining high levels of quality and customer satisfaction through its products and service offering.
As a consequence, Produbanco received the Ekos Gold Award in 2017 and 2018 and scored highest in the Ekos Customer Satisfaction Index (IESC) within the Large Banks category. The IESC is a measurement tool used by the Ekos Corporation. Through random telephone surveys, various service criteria are analysed, including service-level satisfaction, willingness to recommend the brand, repurchase intention, perceived value and negative customer experience.
Seeing the bigger picture
Since September 2016, Produbanco has been part of Global Compact: a United Nations initiative through which the bank has voluntarily committed to align its operations and strategies with the universal principles of human rights, labour and environmental standards, and the fight against corruption – all issues closely linked to the UN’s 2030 Agenda for Sustainable Development.
Additionally, Produbanco has made its eleventh Corporate Social Responsibility (CSR) Report publicly available, based on the Global Reporting Initiative (GRI) for CSR report parameters, version G4. GRI is a non-profit organisation that has set up an integrated framework for the presentation of information on sustainability, with principles and indicators enabling organisations to assess and report their performance across economic, environmental and social criteria. The CSR Report presents Produbanco’s performance and achievements regarding its environmental, social and internal governance priorities. Moreover, it outlines how the bank forges relations with all of its stakeholders.
In November 2018, Produbanco celebrated its 40th anniversary – four decades of successful service in Ecuador – which all began specialising in the corporate sector. In 2014, the bank consolidated with Banco Promerica Ecuador after Promerica Financial Corporation (Grupo Promerica) acquired a majority percentage of its shares. Grupo Promerica is a large financial group with nine banks across Latin America. Produbanco is the largest bank of the group in terms of total assets, and has earned outstanding risk ratings and international recognition. The bank prides itself on excellent customer service – a standard that has set it apart over the years and one that is currently driving its ongoing digital transformation.