About
The story of an Ecuadorian bank that bet on people's dreams.
Innovation presentation
** Watch the entire case: https://bit.ly/EFMA-BP
In 2019, at Ecuadorian bank Banco Pichincha. We launched Preciso Digital. An online solution where people could access a personal loan in only five minutes.
The challenge? We had an online banking solution in a country where online banking solutions were unknown and too good to be true.
So how did we sell an efficient and complex technology to people who had no idea about this kind of online products?
We launched 5-minute Dreams. Several omnichannel and digital marketing campaigns focused on humanizing this online banking solution.
Instead of offering complex financial terms and technical functions, we offered opportunities. A glance at what people can achieve in only 5 minutes, easily and without visiting our offices.
Four different teams working together made it possible to identify people’s needs and choices. So we knew exactly what kind of dream they had.
Using marketing, research, and data analytics tools, we launched communication to reach people with a personalized message according to their specific dreams.
For example, if you were planning your home remodeling, you receive a message like this: 5 minutes to start your home remodeling plans.
If you have a small business, you receive a message like this: Push your business forward in only 5 minutes.
We also tracked every single step in the online process, so we could optimize our retargeting messages.
We even used our mobile app and website as new channels to target specific audiences.
Up to September this year, we went from 0 USD to 710 million USD. More than 85% of digital share on personal loans so far!
Today, 54% of sales are made online, at 15 times lower cost than physical sales.
Uniqueness of the project
In Ecuador, online banking solutions were new and unknown. For a 115-years old bank, launching a product 100% online was an enormous challenge.
Our people were used to doing everything in a bank office. Now, they can enjoy a fast, easy and frictionless online solution that will bring their dreams closer.
Because Ecuadorian people are natural dreamers looking for opportunities every day. And now, they can find them in Banco Pichincha.
