At a Glance
• Number one ranked app for mobile banking functionality available in Ecuador
• 185% increase in user interactions with the mobile app since deployment of Temenos digital banking
• 312% rise in financial transactions completed on the mobile app in the last two years
• Winner at the ‘Financial Innovators of the Americas Awards 2021’ run by Fintech Americas
Innovation and solid, dependable service have earned Banco Bolivariano a position as a top-five bank in Ecuador, with 821,000 customers and USD 4 billion in assets under management. Founded in 1980, the bank initially focused on the corporate and SME sectors, but also now targets the high-net-worth market with retail banking products, including current and savings accounts, credit cards, and money transfers.
Placing digital transformation at the center of its growth strategy, Banco Bolivariano has developed many ingenious offerings. For example, the bank is the only one in Ecuador to offer customers the option to check their online account in seconds using a ‘quick view’ feature. Banco Bolivariano also builds partnerships with leading cloud providers to explore the use of API gateways for potential future Open Banking initiatives.
Ronald Romero Morán, Head of Digital Channels at Banco Bolivariano, explains: “As most Ecuadorian retail banks offer digital services, we use innovation to stand apart with a unique user experience. From using chatbots to adding fresh features to our online banking platform, we aim to make every digital interaction as quick, simple, and frictionless as possible, leaving our customers more time to focus on the things that matter most to them.”
Planning a more intuitive mobile banking experience
Within its digital channels, Banco Bolivariano identified room for improvement in its mobile banking app, known as 24móvil. Previously, the bank used an application from a local external vendor to run, but they needed a provider with a roadmap of innovative and world-class banking solutions. As a result, the app was falling behind the mobile services offered by competitors, and Banco Bolivariano goal is to become the best digital bank in Ecuador.
Gustavo Molina Flores, Chief of IT at Banco Bolivariano, comments: “We were using legacy solutions that needed almost constant updates and large amounts of time-consuming patching. Maintaining compatibility with new releases of mobile operating systems was also very difficult, and we did not have the tools to build and roll out new features quickly to meet evolving customer preferences.”
Setting its sights on delivering the best mobile banking app in Ecuador, Banco Bolivariano planned a new approach. The bank looked for a best-of-breed platform that would deliver leading-edge innovation capabilities, and enable its developers to enhance the user experience, adding features such as seamless onboarding, greater security, and more flexible payments services.
Deploying best-of-breed development tools in the cloud
To optimize its 24móvil app, Banco Bolivariano sought a partner with a proven track record helping major financial institutions to build first-class mobile banking services. A clear solution roadmap was essential, along with sophisticated development tools to improve time-to-market for new features. After assessing available options, Banco Bolivariano chose to deploy Temenos digital banking solution running on the Temenos banking cloud.
“Temenos showcased real expertise and experience in digital banking, along with an excellent solution. The development framework in Temenos digital banking was especially impressive, allowing our teams to incorporate pre-built and optimized functionality into our app. Choosing the Temenos banking cloud aligned with our cloud strategy, and enabled us to switch off legacy infrastructure, reducing our costs.”Ronald Romero Morán, Head of Digital Channels at Banco Bolivariano
Working with Temenos, Banco Bolivariano implemented the solution and recently completed an upgrade to the latest version, as Gustavo Molina Flores explains: “Although a complex process, integrating Temenos digital banking with our back-office and core banking environment was much easier than expected. Since then, the Temenos banking cloud has facilitated upgrades, keeping us up-to-date with new capabilities.”
Building a culture of innovation across the bank
Using Temenos digital banking, Banco Bolivariano developed and launched a range of more customer-centric mobile services. For example, the bank introduced faster and more user-friendly onboarding processes, cutting-edge biometric authentication options, and peer-to-peer payments. Where the bank’s previous mobile solutions stifled innovation, Temenos digital banking enables its developers to reduce time-to-market for new features.
“One of the most impressive aspects of Temenos digital banking is the number of functionalities including the depth and breadth of these that are ready to deploy, from security to money transfer services. We can easily customize our mobile app, and create a simpler, more engaging user experience.Kyra Arcia Marcano, Chief of Innovation and Marketing at Banco Bolivariano
Also, high levels of performance and native integration with different operating systems remove many of our previous challenges.”
The deployment of Temenos digital banking forms part of a much wider emphasis on innovation throughout Banco Bolivariano. Recently, the bank adopted agile project management practices to adapt quickly to changing market conditions and strengthen commercial performance. Banco Bolivariano feels confident that implementing the Temenos solution is supporting the progress of this wide-ranging cultural transformation.
Kyra Arcia Marcano adds: “Across the bank, we are taking steps to move faster and improve our service delivery. We have built a technology ecosystem that helps our development teams to design, test, and launch new products. With its extensive ready-made capabilities, Temenos plays a crucial role in enabling us to turn innovative plans into reality.”
Getting ahead of the competition
With the enhanced 24móvil app, Banco Bolivariano is differentiating itself from market rivals and winning more customers. Their last NPS score was 57 compared to an average of 49 from competitors. User feedback for the app has been highly positive, with an app rating of 4 out of 5 stars on Android and 3 out of 5 on iOS.
In the two years since the project launch, Banco Bolivariano has seen the average number of monthly users of the app rise by 127 percent, total user interactions with the app increase by 185 percent, and financial transactions completed through the app grow by 312 percent.
“Today, we are joint-ranked as number one in Ecuador for mobile banking app functionality. With the upgrade of Temenos digital banking, we are confident that we will soon get a step ahead and position ourselves as the outright leader in the market. Before, we risked falling behind our competitors; now other banks look to Banco Bolivariano and try to replicate our approach.”Ronald Romero Morán, Head of Digital Channels at Banco Bolivariano
Continuing a prize-winning partnership
The project with Temenos has earned Banco Bolivariano widespread praise from across the American financial services sector. Most notably, the bank recently won silver at the ‘Financial Innovators of the Americas Awards 2021’ run by Fintech Americas in the ‘Customer Experience (CX) & Engagement Innovation’ category. Building on this success, the bank is continuing to explore other use cases for Temenos digital banking.
“We are now considering how to recreate our first-class mobile banking experience for our corporate clients. Thankfully, Temenos offers an excellent long-term roadmap that helps us to understand where the market is heading, and how we can harness new functionality to stay ahead. Whatever the future holds, we know Temenos will provide the expertise and solutions we need to innovate and succeed.”Kyra Arcia Marcano, Chief of Innovation and Marketing at Banco Bolivariano