Best bank for digital solutions: Santander
Santander has introduced new products to increase the number of its digital users, and is the best bank for digital solutions in Argentina this year.
Its mobile app is the highest-rated Argentinian bank app on both iOS and Android. It reached 2.8 million digital users in 2022, a 5% year-on-year increase.
Santander’s global payment platform, Getnet, is the second-largest payment-processing company in Argentina in terms of volumes and number of transactions. The platform offers digital and hybrid banking for consumers and retailers.
The bank uses robotic process automation (such as push notifications to inform customers about upcoming transactions and bills), machine learning and chatbots to increase process efficiency.
Using artificial intelligence, chatbots on its digital channels can provide personalized recommendations to customers without the intervention of a human.
Best bank for ESG: Santander
Santander is the best bank for environmental, social and governance in Argentina this year after launching several new environmental and social initiatives.
In 2022, the bank provided Ps11.052 million ($31,577) in ESG loans to support small and medium-sized enterprises, female empowerment, renewable energy, sustainable agriculture, green transport and other sectors in the country.
Some Ps8.462 million of it was under its financial inclusion and microcredit lines, benefiting over 383,000 individuals by facilitating access to basic financial services and promoting financial education programmes for vulnerable communities.
In renewable energy, the bank partnered with EnelX to provide Ps265 million in solar energy financing for a factory in Buenos Aires province. This involved the installation of 1,782 solar panels, providing 945 kilowatts of power and substituting 48% of the client’s conventional energy consumption, thereby reducing its CO2 emissions by the equivalent of 280 cars annually.
The bank has also introduced policies to prevent greenwashing. Its sustainable finance classification system evaluates whether deals meet ESG criteria through an independent third party to improve transparency.
Best bank for SMEs: HSBC
HSBC stands out as the best bank for small and medium-sized enterprises in Argentina because of its strong focus on and commitment to supporting the industry over the review period.
The bank offers a range of services for SMEs, including flexible credit underwriting, preapproved campaigns that allow for the prompt delivery of credit lines, and secured and unsecured lending, with an emphasis on supporting financial inclusion. Its SME credit portfolio in Argentina grew 15% in 2022.
Deposits from SME businesses have also grown substantially in the past few years: up 32.8% in 2021 and another 7.7% in 2022.
Its digital transformation has coincided with an increase in internet access among the Argentinian population, while its commitment to sustainability dovetails with its commitment to SMEs – addressing energy efficiency, pollution prevention, clean transportation and water management.
The bank also offers training on international trade products and regulations to its SME customers, who are often held back by lack of access to technology and resources.
Best bank for digital solutions: Scotiabank
Scotiabank has continued to expand and improve its digital offerings, including mobile and online account opening.
It also introduced 32 intelligent deposit machines at branches last year, allowing for a hybrid-digital experience as well.
The bank supports a completely online or in-app account-opening service for its existing customers and over half of second accounts are now opened digitally.
New customers can complete the first part of the account-opening process online before visiting a branch for completion, reducing onboarding time.
The bank also introduced a new e-commerce solution, Scotia eCom+, for businesses of all sizes. It includes the Scotia Hosted Payment Page (HPP), Scotia Virtual Terminal, and the Scotia Web Service.
The solution was in response to growing consumer demand for e-commerce, and supports a broader move toward digitalization in the Bahamas, where more than 96% of transactions now take place digitally.
Best bank for D&I: Santander
Santander is the best bank in Brazil for diversity and inclusion. It has implemented several successful initiatives for more diversity in the workplace centred around education and training on unconscious biases and more direct forms of affirmative action targeting traditionally marginalized groups in Brazil.
The bank has invested R$34.7 million ($6.9 million) in 103,000 scholarships and education programmes, including a bootcamp where half of positions are reserved for black students and 30% for women. The bank also offers tuition-assistance programmes where beneficiaries are 45% black and 36% female.
Results-driven initiatives are a focus; the internship program at Santander resulted in the bank hiring over 200 minority employees. Through a partnership with Zumbi dos Palmares University, the bank awards undergraduate scholarships exclusively to black youths, covering the total cost of tuition and providing additional financial aid. The scholarships also involve an English course, participation in a bootcamp, financial education and mentoring, and access to an extensive digital collection of resources.
The bank is well on its way to achieving its target to increase recruitment and retention of black talent to 40% by 2027; in three years it has gone from 23.7% to 30%. There has also been an increase in female representation on the board of directors and other governing bodies; women now make up a third of members – an industry-leading number in Brazil.
Best bank for digital solutions: Santander
Santander has launched an industry-first digital real-estate lending platform, has added new features to business customers allowing login across devices and by multiple people in a secure manner, and has continued its commitment to improving and adding to its existing digital products and services. It has been named the best bank for digital solutions in Brazil as a result.
The success of the bank’s digital solutions can be demonstrated through the data: 67% of new customers in 2022 were derived from online sources, while 97% of transactions now occur through digital channels.
The bank’s AI-powered virtual assistant, Gent&, has also seen growth in performance. In 2022, it served around 3.5 million customers each month, a 75% increase over the previous year.
The bank’s entirely digital real-estate lending platform was launched in 2022. Participants in deals that are not Santander clients can access the platform via a tool called ‘Assina Santander’.
In August 2022, the bank introduced a new feature to Santander Empresas business customers allowing them to activate a Santander identity to login online or on mobile on multiple devices securely. The master user with an activated Santander ID can activate the ID for another user’s device or another device of their own.
Best bank for ESG: Banco Bradesco
Banco Bradesco has focused on sustainability over the last year, moving its operations to renewable energy sources and neutralizing its carbon emissions, joining the Partnership for Carbon Accounting Financials (PCAF), and issuing a sustainable bond.
The bank now supplies its operations with 100% energy from renewable sources, eliminating 100% of its operational carbon emissions. It is the first bank in Brazil to join PCAF, which is a global initiative to measure financial institutions’ carbon emissions. This commitment to recognizing and reducing its environmental impacts makes it the best bank in Brazil for environmental, social and governance this year.
In January 2022, the bank issued its first sustainable bond, adhering to its own sustainable finance framework, which is aligned with international benchmarks for sustainability and includes third-party validation. Proceeds of the $500 million bond were 100% allocated by the end of 2022.
The bank’s commitment to ESG both in its banking products and services and on a more macro scale in terms of commitments to emissions and environmental impacts have earned it a top 5% ranking for sustainable practices in the global banking sector in S&P’s Global Sustainability Yearbook for the past five years, as well as numerous other external acknowledgments and validations.
Best bank for CSR: Santander
Santander has run a range of impactful corporate social responsibility initiatives in Chile this year and is the best bank for CSR in the country as a result.
Two core programmes cover financial inclusion: Santander Life and Superdigital. Santander Life focuses on financial inclusion for low-income customers on less than Ch$400,000 ($429) a month and financial education for customers with incomes of less than Ch$800,000 a month.
Superdigital, a prepaid card and fund provision account targeting individuals, grew its user base by 51% in 2022.
Santander has three further initiatives for financial education: Sanodelucas, an online platform for financial information; an alliance with the UC Public Policy Center; and a new partnership with the Universidad de los Andes in 2022.
These initiatives have collectively benefited nearly 1.5 million people since 2019.
In 2022, Santander partnered with Elige Educar to continue supporting education in the community. The Santander Universities programme supports higher education, providing scholarships, international mobility opportunities. To date, it has benefited 501 students and professors.
The bank’s annual volunteering and philanthropic endeavours have involved 172 employees and have directly benefited 898 people. The bank has also made cash donations of Ch$4.6 billion during the year.
Best bank for D&I: Santander
Santander has worked hard to encourage a more diverse workplace in Chile through a variety of programmes.
It has established a remuneration policy to ensure salary equity between men and women. In 2022, 56% of the employees in the bank were women, of whom 31.5% held managerial positions.
It also offers scholarships through its higher education support programme, PAES. In 2022, it awarded 501 such scholarships to students and professors, and received applications from 7,000 individuals across 46 institutions.
The bank is focused on social responsibility, particularly initiatives related to women’s networks, disability, gender transition, events and certifications in 2022.
It exceeded regulatory requirements for employing people with disabilities and is actively working towards eliminating the gender pay gap by 2025.
Best bank for digital solutions: Scotiabank
Scotiabank has undergone a comprehensive digital transformation, leading to substantial growth in customer engagement and efficiency.
Between April 2022 and March 2023, the bank reviewed and digitalised more than 133 internal and external processes. This has resulted in savings of more than $9 million.
The bank has also taken steps to boost cybersecurity. This has included introducing a cybersecurity culture initiative: simulating phishing attacks, conducting extensive cybersecurity training and consolidating its data-loss prevention system.
These efforts contributed to the Chilean bank obtaining the best cybersecurity risk index score among all Scotiabank subsidiaries.
The bank also made enhancements to its retail banking offering. Its newly launched facial biometrics for customer activation have been used by an average of 26,000 customers a month, while the introduction of the ScotiaPay digital wallet and digital card-management service has brought in more than 9,000 new users each month.
The bank’s digital service model, Mis Coaches Financieros, and its new self-service portal, featuring the Scotty chatbot, have boosted customer engagement, reducing contact-centre calls by 20%.
Best bank for ESG: Scotiabank
Scotiabank is the best bank for environmental, social and governance in Chile following its impressive progress in sustainable financing and its strength in diversity and inclusion.
Between April 2022 and March 2023, the bank structured and closed sustainable finance solutions amounting to $3.3 billion. It subscribes to the UN Principles for Responsible Investment and its support for four research projects through its global Net Zero Research Fund is aimed at decarbonizing the economy.
Moreover, Scotiabank has reinforced its dedication to diversity and inclusion. Nearly 53% of its workforce is female, making up 27% of leadership positions.
It reported a gender pay gap below 1% at the end of 2022. The bank has also exceeded legal requirements by employing 1.3% of employees with disabilities.
Scotiabank continues to promote the ScotiaRISE programme in Chile, which seeks to promote economic resilience and a fairer and more equitable society. It has supported nine local projects that have benefitted collectively almost 20,000 people.
The lender has also set a precedent in corporate governance in Chile. It is the first private bank nationally to establish a parity board, comprising four men and four women. This step is especially important given that, at the end of 2022, women’s representation in corporate governance in local companies was only 14.7%.
Best bank for SMEs: Santander
Santander is Chile’s best bank for small and medium-sized enterprises, following a period of strong performance in key financial and customer satisfaction metrics.
It recorded 17% growth in SME clients last year, reaching a total of 326,386 such firms at the end of 2022.
Its cumulative SME loan portfolio reached $4.3 billion as of December 2022, accounting for 10% of the total loan book.
Some $1.4 billion in financing was provided to SME clients in 2022.
The bank holds a 25% share of the domestic SME lending market, as well as a substantial market share for dollar and peso checking accounts.
Santander fosters relationships with its SME clientele through its Work Café ecosystem, conducting talks throughout the year that allow entrepreneurs to interact with experts from various fields to discuss subjects such as new technologies and advice for business expansion.
Best bank for digital solutions: Banco de Bogotá
Banco de Bogotá has achieved an increase in digital sales and products during the awards period, developed a new application and established competitive digital offerings across corporate and consumer banking.
In 2022, the bank wrote Ps$6.2 trillion ($1.3 billion) of digital loans and products, an 80% year-on-year increase. Cash transfers through its mobile app increased by over 500% for the year to December 2022.
Digital loans do not require additional documentation, and customers can receive the payment (anywhere from Ps400,000 to Ps20 million) into their account instantly upon approval through the app.
The bank has also developed a new app that expands the number of services on offer. New features launched in 2022 include a personal finance manager, which allows customers to visualize expenses through virtual piggy banks and was designed in-house.
Customers can also set up automatic payments to these piggy banks, allowing them greater control and ease in organizing and saving their money.
Best bank for ESG: Davivienda
Davivienda is the best bank for environmental, social and governance in Colombia, having issued green bonds and financed energy efficiency projects over the year, as well as establishing a new line of credit specifically for sustainable agriculture.
In July 2022, the bank announced the financing of over 100 energy-efficiency projects for Ps36 billion ($8.6 million). It also issued two senior loans with the IFC for $290 million to finance projects with environmental and climate benefits. A previously issued 10-year green bond has financed projects throughout Colombia.
The 2022 financing will target projects including tree planting and protection, infrastructure, machinery and equipment for ecological tourism. So far, projects totalling more than Ps594 billion have been funded. The bank also offers resources on the technical management of environmental projects to its customers via webinars.
Some Ps2.9 trillion – some $687 million – of the bank’s portfolio balance in Colombia in 2022 corresponds to green or environmentally beneficial financing. By comparison, for central America as a whole, that number is $331.5 million.
The bank also offers a G-Zero credit card, made of recycled plastic, which gives customers cash back on certain purchases that can be donated to environmental initiatives and charitable organizations.
Best bank for SMEs: Bancolombia
Bancolombia is the best bank for small and medium-sized enterprises in Colombia – a sector that accounts for a large portion of financing in the country.
In 2022, the bank disbursed more than Ps10.5 billion ($2.5 million) in financing to agribusinesses. It is responsible for 28% of lending to this sector, offering specific benefits such as low interest loans for qualifying individuals.
The bank also offers a tool that allows businesses to disburse paychecks without the need for physical documents or in-person procedures, increasing convenience and lowering the cost to SMEs.
The bank’s dominance and physical presence in Colombia (583 branches and over 5,000 ATMs), along with its strong digital product, give it a dominant market share among SMEs.
Through scholarships and education, the bank also provides opportunities to rural youth to start their own businesses.
The bank’s A la mano app focuses on financial inclusion, offering features targeted at SMEs and unbanked individuals such as no minimum required amount to open a new account. It also increased its lending to this sector by 78% over the year before, lending 311,754 low amounts totalling Ps456,203 million.
Best bank for CSR: Banreservas
Banreservas wins best bank for corporate social responsibility in the Dominican Republic for its work with minorities, commitment to sustainability and support for the agriculture sector.
The Banreservas Accesible project, focused on promoting job opportunities for people with disabilities, has employed 115 individuals with disabilities and established 125 fully accessible offices. It has trained over 540 people with disabilities in finance and provided 121 ATMs with accessibility features.
Additionally, the bank has educated over 9,400 employees through workshops, including more than 380 employees in sign language. It has granted over 220 comprehensive educational subsidies to employees’ dependents.
The bank made good progress in sustainability in 2022. It has installed solar panels, comprising 39 injection photovoltaic systems and 20 charging photovoltaic systems, to generate an average of 4,294 kilowatt hours daily, leading to a 40% reduction in electricity bills in areas with photovoltaic plants.
The bank has also improved energy efficiency in its data centre, achieving a power usage effectiveness (PUE) index of 1.60.
In the agricultural sector, the lender allocated $175.7 million at a preferential rate of 6% to finance the 2022/23 rice harvest, bolstering food security. Its participation in a rice pledging programme supported hundreds of producers through $105.5 million in financing at a preferential rate of 7.5%
The bank has also prioritised gender diversity; 55% of its workforce is female, while 56% of leadership positions in middle management and above are held by women.
Best bank for SMEs: Banreservas
Banreservas offers financial support for small and medium-sized enterprises across a range of programmes in the Dominican Republic. It is also active in supporting financial literacy among small business owners in the country.
By the end of 2022, the bank had disbursed approximately $503 million to the SME sector through 15,399 loans, the result of a range of initiatives and programmes.
The bank’s Preserva programme offers workshops on personal finance, financial education for SMEs, and specialised courses both virtually and in-person. It engaged with over 31,800 individuals last year.
The Cree Banreservas programme nurtures innovative projects by Dominican entrepreneurs, with 20 initiatives supported through a $1 million investment in 2022.
Through its Promipyme programme, the bank also lent $77.37 million in 2022 to 45,038 individuals and small businesses.
Meanwhile, its annual credit fair – Expo Fomenta Pymes – disbursed $124.2 million to 2,084 SMEs across various sectors in 2022, including tourism, construction, retail, education, health, social services, industrial and agriculture.
The bank has also established a non-profit, the Foundación Reservas del País, dedicated to improving access to credit for vulnerable microenterprises, disbursing $25.9 million to around 27,034 such businesses.
Best bank for CSR: Citi
Citi has been named the best bank for corporate social responsibility in El Salvador after undertaking initiatives to improve young people’s employability, financial inclusion, and community solutions.
Crece tu Empresa, one of Citi’s main programmes, is targeted at improving economic opportunities for young people. It has been helping entrepreneurs with their businesses for more than seven years; in 2022, it helped 434 youth-led entrepreneurship programmes with $460,000 in funding.
It directly improved the average sales of these youth-led businesses by 74%, resulting in 122 new jobs for participants in the programme. Close to 65% of the businesses are led by women.
The Juntos en Casa project by United Way is a regional partnership with Citi that supports Central America’s Northern Triangle countries. It focuses on strengthening mothers’ roles in family cohesion, aiding positive parenting.
During 2022, more than 2,000 mothers received training and education in self-esteem, gender and prevention of domestic violence and migratory risks. Almost 530 participants received financial education.
In response to the training, 17 communities have organized and strengthened local protection groups to monitor cases of violence.
Citi’s Nucleo program enhances economic opportunities for people aged 17 to 25 through digital inclusion, innovation and social entrepreneurship training.
It has achieved impressive outcomes, with 94% of the 1,484 students who participated in 2022 demonstrating basic financial knowledge and 100% participating in technology courses.
Citi also hosts clubs that support women aged 18 to 24 to start or grow businesses through workshops and mentoring. In the last year, 73 women in El Salvador received support, with 94% developing a business model, 83% defining income-generation strategies, and 86% establishing customer communication mechanisms.
Best bank for digital solutions: Bancoagrícola
Banco Agrícola has made a wide transition to its digital platform, focusing on enhancing service channels through e-banking and mobile banking. It is this year’s best bank for digital solutions in El Salvador.
The bank introduced Wompi and QR code payment gateways as part of its digital offering. This has helped clients to streamline sales processes across physical and virtual channels.
More than 62,000 clients have used these gateways in transactions totalling $39.3 million.
The bank has also simplified account opening: over 250,000 new savings accounts were created in 2022 – 46% of which were opened digitally.
The electronic document signature solution (Feldo) played a vital role in customer onboarding and access to consumer credits. This technology has not only expanded financial access but also formalised businesses through a self-managing process.
Agrícola now allows clients to open digital term deposits with a minimum amount of $200 through its mobile banking app. By the end of 2022, more than 13,000 new accounts had been opened through this channel, totalling $123.2 million.
Best bank for CSR: Citi
Citi established itself as the leading bank for corporate and social responsibility in Guatemala in 2022 and picks up the award in this category this year.
In partnership with TechnoServe, the US bank launched the Crece tu Empresa programme, which targets entrepreneurs aged 18 to 35 in El Salvador, Guatemala, Honduras, Panama and Costa Rica. The primary objective is to equip them with essential business skills. The outcomes are encouraging: 81% have developed business models, 71% have devised income-generation strategies, and 95% have established effective communication channels with their customers.
In 2022, the programme extended support to 422 youth-led enterprises, with 59% of them led by women. Participants saw an average sales increase of 69%, while 176 young people who completed the programme got new jobs.
The bank’s Nucleo programme, operational in Guatemala since 2021, has made a substantial impact by reaching 245 young individuals from all over the country. The bank’s virtual and e-learning platform has proven particularly beneficial for women entrepreneurs from diverse regions across Guatemala; 187 women were supported.
Best bank for digital solutions: Banco Industrial
Banco Industrial’s effective and innovative digital products and services make it the best bank for digital solutions in Guatemala this year.
The bank processed 427.1 million transactions in 2022, 66% through electronic banking platforms. It also launched new initiatives in 2022 with an emphasis on increasing the security of its online banking.
As of June 2022, clients can use facial recognition to verify new transactions – increasing security against fraud. The bank has also improved security by implementing over 4,256 VPN connections for employees, updating systems for distributed-denial-of-service protection, and successfully blocking nearly a billion threats.
Elsewhere it has launched its virtual financial advisory service and made credit cards available through its app.
Customers can manage their cards digitally, including mobile activation, temporary holds, limits and payment dates. The cards can also be configured on wearable devices including Garmin and Fitbit.
Best bank for CSR: Citi
Citi is the best bank for corporate social responsibility in Honduras, having launched and participated in several initiatives designed to improve the population’s economic opportunities and to support families.
The bank sponsors Juntos en Casa, a community project that aims to empower 2,000 mothers through occupational, technical and financial education. The aim is positive parenting, benefiting children and families.
In 2022, 603 mothers participated in occupational training, received financial education, and developed practical skills including budgeting and account management.
Around 58% of the participants have already acted on their finances as a result of the programme. In coordination with the educational system, the project built 10 learning spaces for 315 children.
Nucleo, another project that Citi partners with, integrates technology education and social innovation into its programming to ensure that young people from marginalised communities can work in jobs requiring digital literacy. More than 1,484 youths participated in 2022.
Close to 94% of students demonstrated basic financial knowledge afterwards.
The Mentoring Club, another programme that Citi sponsors, supports women aged 18 to 24 to start or grow businesses through workshops and mentoring.
In 2022/23, the programme supported 88 women from different areas in Honduras. Some 70% of participants developed a business model, 89% defined income-generation strategies, while 94% established customer communication mechanisms.
Best bank for digital solutions: Citi
Citi’s robust and secure electronic platform for both transaction services and trade makes it the best bank for digital solutions in Honduras this year.
Citi’s main strength is its online payments platform CitiDirect BE. This includes a host-to-host system that integrates with clients’ enterprise resource planning systems to automate transaction processes.
The bank has also introduced its CitiConnect interface, allowing customers to integrate Citi’s treasury services into their systems as well. This offers real-time access for activities such as account statement retrieval and payment initiation.
In trade, the bank added a notable financing feature that allows customers to optimize working capital and manage liquidity and credit risk.
The bank has built a supplier-finance platform that provides an off-balance sheet solution for suppliers and delivers end-to-end solutions for their international trade businesses.
Best bank for CSR: Banco Santander
Banco Santander is the best bank for corporate and social responsibility in Mexico this year. It has launched a market first credit card with a strong CSR component and maintained its long-term commitment to supporting access to higher education.
Customers using Santander’s LikeU cards can choose a colour that corresponds to a charitable cause (red for education, blue for preserving marine ecosystems, green for restoring terrestrial ecosystems, pink for fighting breast cancer, etc). For each new card, Santander donates Ps25 ($1.37) to a relevant cause.
A year after its launch, the bank had already donated Ps18 million to different causes, directly benefiting an estimated 125,000 people.
Santander has a good reputation for supporting higher education through its Santander Universities scholarship programme. In 2022, it invested more than Ps85 million toward this cause, with 74,351 grants to students in Mexico. It also offers resources to improve financial literacy for students and young people in Mexico.
The bank’s Santander X Awards have supported projects by Mexican engineers for nearly two decades, distributing money to support ventures that benefit society.
Best bank for D&I: Banco Santander
Banco Santander is the best bank for diversity and inclusion in Mexico after demonstrating its commitment to fostering a diverse workplace through programmes providing opportunities for young people, marginalized communities and people with disabilities.
Some of the bank’s standout initiatives include the Linkers, Linkers Inclusión and Inroads programmes, which provide a springboard for diverse talent to enter the workforce. Through these courses, more than 400 individuals have gained work experience alongside the bank’s leaders, opening doors for permanent positions and general career development.
The bank developed an inclusive recruitment process for new hires and internal promotions, ensuring unbiased processes. In 2022, the bank held its first inclusive recruitment fair. Its D&I committee is chaired by the president of retail banking, while other senior directors sit on the committee.
Santander’s inclusive practices are evidenced by its results in Mexico – so far, nearly 40% of its board members and 20% of its senior leaders are women. It has set a target of increasing this number to 30% by 2025. Women now make up over half of the total workforce at the bank, and Santander was the first bank in Mexico to have a woman as chair of the board. It also recently appointed a woman as CFO, making it the first big bank to do so in Mexico.
Best bank for ESG: HSBC
HSBC has emerged as the leader in sustainable banking in Mexico. It has orchestrated a series of groundbreaking environmental, social and governance transactions that have made a tangible impact on environmental and social causes.
Viva Aerobus’s inaugural sustainable issuance, a Ps1 billion ($548 million) bond, reduces jet fuel emissions. Grupo Mega’s $150 million sustainability-linked bond allows investment in new and existing gender and green projects.
The bank also led the first social bond for financial inclusion in Mexico in the agribusiness sector: Fondo Especial para Financiamientos Agropecuarios’ $196 million deal. HSBC also worked on Banobras’s inaugural sustainable bond with a gender perspective for $222 million.
The bank set a goal of reducing fossil-fuel financing to zero by 2050 by assisting clients in the transition.
In 2022, more than 100 volunteers supported reforestation efforts in the State of Mexico, planting more than 700 trees. The bank has also worked with the World Resources Institute for three consecutive years on the restoration of mangrove forests.
Best bank for SMEs: Citibanamex
Despite Citi’s decision to IPO the business, Citibanamex remains committed to the small and medium-sized enterprise sector in Mexico.
During the awards period, together with the United States International Development Finance Corporation and the Ford Foundation, the bank granted a $10 million term loan to Mexican fintech company Konfio.
Konfio serves SMEs that previously had limited access to financial services; the grant enables it to provide loans to the sector throughout Mexico. At least half the financing will support lending to women-owned and -led businesses in states such as Chiapas, Guerrero, Michoacán, Oaxaca, Puebla, Tabasco, Tlaxcala and Veracruz. These are states where it was previously difficult for SMEs to access such financing to grow their businesses.
The bank offers a suite of financing tools to SMEs including access to credit, a dedicated online portal that offers educational resources and tools, as well as information on managing cash flow and accessing banking services.
Best bank for digital solutions: Banco de la Producción
Banco de la Producción has made good improvements in its transaction services offering, which, together with a focus on cybersecurity, makes it the best bank for digital solutions in Nicaragua this year.
The lender now processes 18% of all its transactions through digital channels, while it has experienced 102% growth in transactions executed through digital channels over the past five years.
It has enhanced its digital platforms by focusing on automating client profile updates, credit- and debit-card blocking, and PIN updates. In the fourth quarter of 2023, it will introduce new features such as facilitating bank account openings, credit card applications and faster payments.
The bank has also made substantial investments in cybersecurity tools. These encompass external network and domain naming services, network perimeter and local area network tools, among others. It has emphasised employee training and education, regularly providing training to counter cyber threats.
Best bank for ESG: Banco de la Producción
Banco de la Producción is recognised as the best bank for environmental, social and governance in Nicaragua thanks to its contribution to sustainable financing in the country and its efforts to reduce its own carbon footprint.
By February 2023, its green financing portfolio had reached $117 million, and the bank aims to grow this by 14% by the end of 2023.
It has been cutting its Scope 1 and 2 emissions through solar panel investments since 2018, so that currently 24% of its electricity comes from solar energy.
Energy-efficient air conditioning and lighting systems have been implemented in its branches, and work is being done towards eliminating all printed customer correspondence.
Best bank for corporates: Banco Lafise Bancentro
Banco Lafise Bancentro has grown both its client roster and loan portfolio this year and is Nicaragua’s best bank for corporates as a result.
The lender is the second largest in the country in terms of assets, which totaled $2,008 million by year end, an increase of $102.4 million (5.4% year on year). This represents 26.7% of the assets of the nation’s financial system.
Total income increased 11%, up by $17.1 million. Fees for FX, bank and country transfers, remittances and factoring represented 55% of the bank’s total income.
The bank’s client base also grew, increasing by 16.7% to more than 109,000 in total.
The bank also achieved its highest portfolio growth in the last four years in 2022, an increase of $82 million (11.6%), to reach a total loan portfolio size of $788 million.
Best bank for CSR: Citi
Citi’s youth support programmes and volunteering efforts in Panama had a wide impact, and it is the country’s best bank for corporate social responsibility this year.
In 2022, the bank’s Crece tu Empresa initiative with TechnoServe that provides young people from underserved communities with essential business skills was taken up by 46 young entrepreneurs, 76% of them women. To date, businesses participating in the programme registered an increase in sales by 46% on average, generating new jobs.
The Nucleo programme represents another pillar of the bank’s strategy to support youth in Panama. It has supported 201 young individuals through comprehensive digital inclusion, innovation and social-entrepreneurship training.
Participating students saw positive outcomes, with 94% gaining basic financial and technological skills and 75% enhancing their entrepreneurial projects.
The bank also held its Global Community Day initiative in Panama, allowing employees, with their families and friends, to support the revitalisation and painting of Juan B. Sosa Elementary School’s walls and play spaces. This collaborative effort involved 55 volunteers and benefitted students at the school.
Best bank for ESG: Banco General
Banco General has made big strides in its commitment to environmental sustainability and responsible banking. In a series of interesting initiatives, it has demonstrated its dedication to reducing its environmental impact while supporting green projects and investment.
The bank installed solar panels in seven office branches last year and plans to install them in an additional 14 during 2023. This is aligned with its goal to reduce its carbon footprint by 33% by 2025.
The bank’s focus on solar energy extended beyond its internal operations, with a commitment to finance $105 million in the solar-energy sector by 2025.
It has also launched a new loan product with a favourable interest rate to support companies to fund solar panel installations.
General has taken steps to measure and mitigate its carbon footprint. It has obtained third-party verification of carbon footprint measurements, engaging with corporate clients to increase understanding of measurement tools.
It has also replaced air conditioning equipment and lighting fixtures, and as a transitional measure, offset the remaining footprint.
Recycling is also a high priority for the bank. It set up a collection point for the Botellas de Amor Foundation, where certain types of plastic waste are collected for recycling into materials to build parks.
The bank has maintained a healthy recycling rate for other materials such as paper, cardboard, security bags, fluorescent tubes and plastics.
To demonstrate its commitment to reducing water use, the bank has also increased its water reuse by more than 200% since 2021.
Best bank for corporates: Banco General
Banco General is Panama’s best bank for corporates following a strong year. In addition to maintaining its dominant market share, the bank stood out with product innovation and sustainable lending initiatives.
General leads corporate lending in Panama with a 13.71% market share. It also leads the market in total local private-sector deposits and of total local loans (27.4% and 17.5% respectively). It is the sole privately owned bank in Panama to have maintained its investment grade rating continuously since 1997.
The bank has also implemented the Panamanian Electronic Invoicing System to issue electronic tax invoices to business clients, excluding loans, which are delivered directly to registered email addresses every month.
It has also enhanced its reconciliation process for commercial customers. Previously, all payments received by clients with commercial accounts on the bank’s app had been consolidated into a single daily deposit. The bank has now introduced separate deposits for each collection point, making it easier for clients to reconcile their transactions.
General is also active in green finance. It launched new products as part of its initiative to finance $105 million in the solar energy sector by 2025.
Best bank for digital solutions: Citi
Citi added new features to its digital offering in Peru in 2022. Its Citi Mobile Token, deployed on August 2022, has faster and simpler activation processes and enhanced security embedded in the CitiDirect mobile app and includes features such as QR code scanning.
Citi added a behavioural risk detection feature in November 2022 to pick up unusual activity, mitigate risk and protect against cyber threats. It has also added biometric authentication using fingerprint scanning and facial recognition, recording a 73% year-on-year increase in logins using these features.
The bank has streamlined digital account opening through CitiDirect digital onboarding and e-signatures, allowing clients to open accounts using electronic signatures.
All digital services now include Citi Payment Outlier Detection, which uses artificial intelligence and machine learning to identify potential problem payments.
The bank has also added Citi Payment Insights, which allows clients to track transactions from end to end, access proof of payment and obtain detailed fee information.
Best bank for ESG: BBVA
BBVA has been named the best bank for environmental, social and governance in Peru this year due to its continuous efforts and investment to reduce its carbon footprint.
During the awards period BBVA worked on a subordinated loan of about NS1.4 billion ($358 million) for Lima Expresa. This is part of a 2021 to 2025 investment plan for the maintenance and improvement of the city’s road infrastructure, including the renovation of the Vía de Evitamiento with a modified asphalt to increase its useful life and decrease its carbon footprint.
Another $1.5 million-equivalent sustainable financing agreement in 2022 was the first line of financing for foreign trade and the second line of import letters of credit for Peruvian commercial vehicle operator San Bartolomé. The funds will be used for the purchase of natural gas trucks, sharply reducing CO2 emissions.
For the third consecutive year, the bank donated €300,000 to social organizations working in four areas related to the environment and inclusive growth.
BBVA was the first Peruvian bank to be included in the Dow Jones Sustainability MILA Pacific Alliance index.
Best bank for CSR: First Citizens Bank
First Citizens Bank takes a proactive approach to social responsibility and ran multiple corporate social responsibility programmes in 2022, demonstrating its support for diversity, culture and gender equality and sustainability.
One programme – Girls First – addresses a range of issues faced by teenage girls, including personal safety and self-esteem. Another scheme that the bank has supported planted 6,000 trees in Queen’s Park Savannah in Port of Spain. FCB also runs an internship programme, offering students an opportunity to gain practical work experience.
In May 2022, the bank launched its First Citizens community social investment programme. Through the First Citizens Foundation, this programme provides governance standards to ensure that investments are both meaningful and impactful in terms of environmental and social outcomes.
During the review period, FCB also ran a workshop series aimed at adding value in sports journalism and safeguarding governance and sports management, among other themes. The series had more than 200 attendees from various sport administrations and government ministries.
Best bank for digital solutions: First Citizens Bank
First Citizens Bank released a range of new applications during the awards period, automating processes to add efficiencies.
It introduced robotics process automation (RPA), with a focus on automating back-end processes to streamline intensive manual operations. The resultant automated processing saves on average 40 hours a month and reduces costs by TT$120,000 ($17,800) annually.
The bank has also automated cheque book orders, saving a minimum of 86 hours a month in processing. In March 2023, it also launched a new customer feedback tool that incorporates QR codes.
FCB’s enterprise workflow programme now includes credit-card applications, having started initially with online retail loan applications. It has reduced manual processes and allowed the bank the flexibility to modify configurations independently.
The deployment of advanced ATMs, which are certified for chip and contactless technologies by both Visa and MasterCard, has introduced a wide range of deposit, dispensing and recycling options, and resulted in faster and more secure transactions.
Best bank for digital solutions: Banco Itaú
Product innovation and a corresponding growth in digital metrics make Banco Itaú the best bank for digital solutions in Uruguay this year.
The bank has passed some key milestones in its digital transformation. It onboarded more than 16 million new clients, a 40% increase over the year before. Digital channels have played a pivotal role in customer acquisition overall, with 92% of credit cards, 86% of loans and 90% of accounts acquired online.
Itaú has a 16.4% market share in the electronic card sector, while its digital wallet, Itaú Pagos, grew to 72 million users and facilitated over three million transactions.
Digital payments and transfers on the bank’s channels continued to outpace traditional methods: some 99.5% of transactions occurred through digital channels by the end of 2022.
The bank has expanded its digital offering in business banking with the launch of the Itaú Link Empresa application, which allows both small and medium-sized enterprises and large companies to streamline their operations.
It also launched Cuenta Pocket, a free and fully digital account aimed at the younger generation.
The bank performs well for customer satisfaction too. With 4.9 stars on the Apple Store and 4.8 on Google Play, the bank has the top-rated financial app in Uruguay.
Best bank for ESG: Santander
Santander is named the best bank for environmental, social and governance in Uruguay, in recognition of its work on financial accessibility, education and sustainable finance.
In a key deal, the bank acted as adviser and structurer on the first ESG bonds placed by the Uruguay government, a $1.5 billion deal. The book attracted interest from 188 investors around the world.
On the social side, the bank has introduced #FinanzasATR on YouTube, TikTok and Spotify, aimed at helping young people manage their finances. It simplifies key financial concepts, such as savings, accessing credit without risks, and managing financial instruments. It involved collaboration among advertising, marketing, communication professionals and financial experts, and is a key part of the bank’s business strategy.
Bank volunteers have provided workshops on topics such as savings, credit, microenterprise, home planning, and access to the labour market to young people at risk of social exclusion.
Santander also opened its second mobile branch, expanding banking services to underserved areas of the country.
The bank has provided over 1,021 scholarships through the Iberoamerica Program (for undergraduates and young teachers) and study support funds. It also helped finance entrepreneurship centres at the Universidad de la República (Economics and Engineering), Universidad de Montevideo, Universidad ORT and Universidad Católica, reaching more than 2,086 students.
Best bank for SMEs: Santander
Santander is the best bank for small and medium-sized enterprises in Uruguay, a reflection of its strong performance in the sector and particularly support for SMEs in the agricultural sector.
SME banking activity at the firm grew 31% over the review period to $922 million. It provides banking services to 35% of the country’s active SMEs, 177,000 firms in total.
The introduction of new products to the strategically important agriculture business is a differentiator. One example is its Ganadería Tres Millones app, specifically tailored for both small and large agricultural producers.
The bank has also offered discounts for the purchase of vaccines in response to the national health outbreak of Brucellosis disease in the spring of 2022.
It has also reaffirmed its commitment to the Three Million Livestock Trust (GTM), a rural lending programme that permits the use of livestock as collateral for loans, offering applicants one-year tenors and a subsidized interest rate.
Best bank for corporates: Santander
Santander is Uruguay’s best bank for corporates this year, a reflection of its innovative offering for multinational companies in the country and enhancements to its treasury products.
Santander tops the list of corporate lenders in Uruguay with $2 billion in loans to corporates – a 32% market share. It achieved 15% and 25% year-on-year growth in loans and deposits respectively.
Some 250 of its 1,600 corporate clients are multinationals.
The bank launched the Multilatinas programme to assist these businesses with account opening and provide support for regional expansion.
Santander’s newly launched currency platform enhances its treasury offering as well. It has recorded impressive user engagement since its launch: over 1,000 active clients have engaged in an average of 200 transactions daily; volumes are approximately $60 million a month. This has helped the bank’s performance in foreign exchange, which now accounts for 12% of its total income.
Santander’s international business, which offers a mix of guarantees, letters of credit, collections and payments has performed well this year, generating fees of $22 million – a 10% year-on-year increase and 27% of total fee income.
