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Digital Microcredit

Social, Sustainable & Responsible Banking 2022
ESG Loans Digital/Mobile Banking SME/Business Banking

Elevator pitch

Digitizing microentrepreneurs in Ecuador

Innovation presentation

The pandemic encouraged the micro entrepreneur client to evolve, every time our microentrepreneur clients have and use digital tools increasing the use up to 61%, their need to be able to be in digital media that gives them speed to acquire, sell or buy merchandise is increasing, for this reason from Banco Pichincha we seek to meet that need and motivate them not only with financial education but also digital.

Along the way, several improvements have been implemented in terms of the customer experience, involving users in collaborative sessions and research.
For this innovation project, we have worked hand in hand with the commercial system and the micro-loans sales force.In Ecuador, it is estimated that only 4.22% of the total adult population that has access to the financial system (32%) uses the different digital banking tools (Asobanca, April 2021).

Through digital microcredit, it seeks to promote digital inclusion, as well as connect with the needs of microentrepreneurs who, due to their daily activities, seek agility in financial processes that does not interrupt the continuity of their businesses.

At the moment within the country There is no process created for digital solutions for microentrepreneurs, which allows them to obtain their micro-loans in a 100% digital way, without having the need to wait for a credit executive to come to visit them, without having the need to close their businesses, documents, without signatures of spouses or guarantors. Being in the exact place where our microentrepreneurs need us.

Through our new technological tool we give micro-loans in just 5 minutes, at any time, without the need for information gathering, controlling the methodology and recovery and educating our microentrepreneurs financially and digitally throughout the country.

The online microcredit came to be the first 100% digital product in the country and the region, Not only did we digitize the process, but we also managed to give our clients the benefits they were looking for, in order to make them feel supported and appreciated for being great clients.

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