Los Andes, in its digital transformation process, has emphasized seeking the best alternatives to reach its customers. As part of its plans, it is implementing mobile banking technologies to reach customers with limited internet access. Currently, Commercial Advisors (ADN) manage a tool that, by the end of 2024, will allow credit assessments to be conducted at the customers’ premises.
Los Andes, in its continuous quest to address connectivity issues, has implemented a pilot using Starlink satellite internet in remote areas, achieving speeds of 20 to 50 Mbps compared to traditional 3 Mbps connections. This initiative is one of the options aimed at expanding internet coverage in underserved regions.
In line with its digital transformation plans, the company is improving its organizational structure to face new challenges. Thus, it is in the process of implementing a self-managed transaction supervision area, introducing fraud prevention functions.
The financial institution is developing predictive statistical models for credit risk assessment. These models will enable faster service without neglecting personalized evaluations by business advisors. Both urban and rural customers with existing financial records, as well as unbanked individuals, will be served based on Los Andes’ data. The institution is exploring methodologies to assess the solvency of rural customers with informal businesses.
Los Andes plans to launch its mobile app and digital account in 2024. This digital product will be interoperable with the existing financial ecosystem in Peru, allowing money transfers between Los Andes’ accounts and other associated entities. It will integrate digital services to verify customer data.
The institution is migrating its alternative data center to the cloud, enabling a centralized data platform for analytics and business intelligence under a unified data governance model. Therefore, a crucial pillar of the organization is focused on good data governance to become a data-driven organization that improves customer service for rural areas.
Los Andes has implemented services on an integration platform (API BUS) with partners like Niubiz and Kasnet. Future projects aim to provide authentication, digital signatures, and other services through APIs.
Through its innovation lab, Candelab, the company has launched “Lara de Los Andes,” a community of women entrepreneurs discussing topics such as self-awareness, mental health and well-being, entrepreneurship, and financial education. Currently, this community comprises approximately 9,000 women, and the project’s plans include developing a digital training and marketing platform based on these women’s experiences.
The investment of $10 million from Acción in Los Andes will support these technological improvements and growth initiatives.
