Bank of the Year 2018 -- Central America, Nicaragua: BAC Credomatic
November 7, 2018
BAC is finding success targeting millennials throughout Central America with its banking app
For the second time in three years, LatinFinance recognizes BAC Credomatic as the leading bank in Central America and Nicaragua. The bank, which has increased its footprint across nearly all countries of Central America, is now quickly adopting digital banking to meet the demand of its fastest growing consumer, millennials, who make up 57% of its total consumer base.
The bank, a subsidiary of Colombian Grupo Aval, has now implemented online and mobile banking in Panama, Costa Rica, El Salvador, Guatemala, Honduras and at home in Nicaragua. While such cross-border strategy is not without financial and legal hurdles, the bank has adapted accordingly as it became the first Central American local bank with a mobile banking app. By seeking out synergies in compliance, legal and business areas, the bank has embraced digital banking as a cheaper and more efficient consumer interaction than brick and mortar.
Currently, two-thirds of BAC Credomatic’s customers use mobile banking. Still, the bank looks to revamp its mobile experience, integrating artificial intelligence technology as a means to increase efficiency, enhance customer experience and lower cost regionally. It plans a $100 million, five-year tech budget to help it remain at the forefront of banking technology in Central America.
In 2019, the bank will launch its renovated mobile application, which will include new features like temporary locks, peer-to-peer transfer and in-app near field communication capabilities. LF