Produbanco Wins International Banker Award for Best Innovation in Retail Banking Ecuador

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International Banker recently held its annual Banking Awards to acknowledge the top banking institutions and individuals in North and South America. Produbanco received the award for Best Innovation in Retail Banking Ecuador 2018.

-- International Banker offers a global view of banking and finance. Each year through the Banking Awards, it recognises the leading banking institutions and individuals that have set the bar for industry excellence. The 2018 Banking Awards acknowledge the organisations and individuals within the banking and financial industries in North and South America that drive global economic commerce, create capital and opportunities for economic growth within their regions, set the benchmarks for technological advancement and customer service, while maintaining high levels of regulatory compliance and corporate governance. The standout institutions working within retail, commercial, investment and private banking are recognized with these awards. In addition, special awards are given to outstanding CEOs in each region.

Honoured with the award for Best Innovation in Retail Banking Ecuador 2018 to acknowledge and celebrate its innovation and leadership in the area of retail banking in Ecuador, Produbanco has achieved a prominent position on the International Banker North and South America Banking Awards 2018 list.

Banco de la Producció

n S.A., better known as Produbanco, began operations in Ecuador 40 years ago. Since then, the bank has faced challenging times—such as in 2015, when Ecuador fell into recession following sharp drops in commodity prices. Produbanco, the country’s third-largest commercial bank by asset size, continued to yield admirable results despite the economic climate in which it was forced to operate. By faithfully fulfilling the four pillars of its long-term strategic plan—responsible risk management; market dominance in corporate banking; expansion in SME, commercial middle market, personal banking; and cutting-edge strategies in omni-channel banking—the bank managed to stay on a growth trajectory.

The bank intends to continue to achieve its goals by reinforcing its customer-centred culture, enhancing inter-relationships between different market segments and strengthening relationships with existing customers—by utilizing the most innovative technology available and exploiting the strengths of the Produbanco brand and corporate image. The bank is likely to prosper by a greater degree as oil prices rise and the nation begins to recover.

Produbanco is well-known for its superior levels of customer service. It has earned first place in the EKOS Customer Satisfaction Index in the last three semesters, within the “large bank” category. Produbanco defines itself as a customer-centric organization, aiming to meet its customers’ needs through excellence in service. This philosophy has allowed it to acquire a clear competitive differentiation—its continued commitment to maintaining high levels of quality and satisfaction in product and service offerings sets it apart. It actively manages service-quality standards through various mechanisms, which include: service-satisfaction surveys; telephone and face-to-face surveys; mystery shopper; and benchmark studies.

One of the key components of the bank’s strategic plan is to focus on developing cutting-edge technology, with the aim of providing better experiences for its customers. Its main IT projects include: omni-channel banking; advanced analytics and big data; mobility; social media; and co-innovating with fintech start-ups.

Within its strategic plan, the bank directs its priorities and efforts towards its digital-transformation plan, staying focused on short-term digital enhancements for its customer base and medium- and long-term flexibility to allow for the best and most automated user experience possible. Its growth strategy is focused on maintaining its market share in its core markets and growing its customer base in other markets. It has been able to increase its market share because of incremental growth in cities other than Quito, Ecuador´s capital city, which is the bank’s core market. The local markets in which it has grown include Guayaquil, Cuenca, Manta and Ambato.

Produbanco is acutely aware of its CSR responsibilities, with a particular focus on environmental protection and financial education.

About International Banker: International Banker is the flagship brand of Finance Publishing. Finance Publishing is one of the world’s leading sources of authoritative analysis on finance, international banking and world affairs. It delivers information with excellence through a wide range of accessible formats, from websites, newsletters and magazines, to conferences.

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Organization: Finance Publishing
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Website: https://internationalbanker.com/banking/interview-with-ricardo-cuesta-ceo-of-produbanco/

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Name: Simon Brown
Email: Send Email
Organization: Finance Publishing
Address: Hamilton House, London WC1H 9BB United Kingdom
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