Latin America’s best digital bank 2017: Bancolombia
Awards for Excellence 2017
The winner of the best digital bank award is Bancolombia. Its investment in its digital strategy paid off last year and its customers – across all banking segments – embraced the functionality, praised its intuitive performance and, above all, migrated to the internet, ATM and mobile apps.
The prize for all banks is to maximize the proportion of clients’ transactions in digital channels to optimize efficiency – none came close to the Colombian bank’s efforts last year. In 2016, 68% of the bank’s transactions were executed digitally. Last year, Bancolombia’s digital volumes alone amounted to 22% of the entire system.
However, Bancolombia’s strategy is not just about driving customers to digital to lower its operational costs. The bank is at the forefront of using the data generated to enable customized service offerings, to enhance the client experience and increase revenues through targeted cross-selling.
New digital channels are also bringing new, unbanked customers to the bank. The development of Nequi, a mobile app that enables Colombians to make payments, transfers and enter into conversations with the bank without the need to create a bank account means that Bancolombia is able to tap new customer segments.