In 2018, Banco Pichincha, Ecuador’s largest bank, knew it needed to take bold action. The 118-year-old institution was the least efficient bank in its region. Market share was in a slow bleed, with thousands of customers leaving each month. Perhaps most challenging, a large percentage of Ecuadorians lacked any sort of savings or checking account and did not see a place for themselves in the region’s traditional banks.
While that may have looked like a clear opportunity for a bold first mover, Pichincha would first need to undertake dramatic change in its existing business to address serious challenges, including limited product offerings, slow customer service, and operational inefficiency. This required change on almost every front: technological, cultural, talent-wise, and operational.
In collaboration with McKinsey, Pichincha took steps to rebuild trust and create a stable base of customers with whom it could build a new, digital business.
Learn how the bank launched a digital wallet in just a few months, reskilled thousands of employees, and more than doubled bottom-line profits—all while opening the door to previously unbanked Ecuadorians.
Building a new digital bank and ecosystem