Bank of the Year Dominican Republic: Banco Popular Dominicano
October 31, 2019
Innovation, including a new “bank without tellers” prototype, is designed to help the bank attract new customers
The Dominican Republic has continued to outpace many of its neighbors in the Caribbean and Latin America. The International Monetary Fund forecasts its economy will expand by 5.5% this year, a drop from the 6.4% growth achieved last year, but still among the fastest in the hemisphere.
Over the last decade, led by the construction and tourism sectors, the Dominican Republic has had the highest growth in the Americas after Panama.
Banco Popular Dominicano has capitalized on the country’s prosperity. In 2018, it increased assets by 11.1% and expanded deposits by 10.2%. It also registered the highest net income of all of the country’s banks at 8.56 billion Dominican pesos ($162 million).
Digital transactions represented nearly 80% of total transactions in 2018, according to the bank. Banco Popular last year opened its first “Digital Center” branch.
There are no tellers, but customers can learn about the latest in the bank’s digital products and also take part in talks covering personal finance, innovation, business trends and entrepreneurship.
The center serves as a platform and laboratory to identify and launch technological innovations. It also has a co-working meeting space for small and medium-sized enterprises and entrepreneurs.
Banco Popular has also rolled out green loans aimed at promoting a clean energy economy.