The growing threat from new fintechs and the opportunity for efficiencies mean that ambitious digitization projects are no longer just the domain of the Latin America’s large banks.
Banco Caja Social, a 107-year-old Colombian bank that has 2.83 million active customers in the lower-income segments, has been working with banking platform fintech provider Backbase to migrate large sections of its clients online.
In the past year – since Banco Caja Social went live with the Backbase platform – the bank has seen a 74% increase in its customers interacting digitally (through the app or internet) to 400,000 monthly users and a 128% increase in online monetary transactions.
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