Peruvian banks take a step back in technology | Innovation | Banks | Your money

Many banking institutions are thinking about how to become a corporation technicalBut this approach can lead to disappointment in some cases, warns managing director and partner Ana Morales Boston Consulting Group (BCG).

“We're talking about risk-taking companies that are customer-centric and use technology to improve their capabilities,” he commented.

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According to the expert, banks in Peru are undergoing a transformation process that involves greater investments in technology. However, he says they are a few steps behind global banks in their journey to modernisation.

“Not all institutions in the country are lagging behind, some are more advanced than others, but on average the banking system is a step behind in technological development,” he says.

Likewise, the country's largest banks reinvest 11% of their funds Income In strengthening their technical skills. Smaller banking firms require higher amounts of investments, which are sometimes out of bounds as they exceed returns, he adds.

He also highlighted the role of Morales fintech And technology companies are viewed as partnerships rather than competitors.

“There are fintechs that already offer their services to banks to improve value propositions, achieve some operational excellence, gain scale and speed, not start from scratch,” he asserts.

The bank's mission should not only be to become technology giants, but also how to ensure these, the executive says Investments Finally help them design profitable value propositions.

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