Backbase, a digital-first banking platform, today announced that it has built a new cross-business platform for Banco Caja Social. The new platform, built from Backbase’s industry leading software, has improved the user experience and online access for the bank’s customers. This marks a new milestone in the digitization of Banco Caja Social, an institution that has been working for over a century on financial inclusion and serving low- and middle-income communities and small businesses in Colombia.
On the new platform, Banco Caja Social customers can now easily navigate the bank’s new online services, which have new visually enhanced interfaces and increased functionality. In particular, payments and transfers can be made instantaneously online. Further, digital onboarding is faster and more convenient as it allows customers to set up personalized products such as savings accounts and investment funds online, eliminating the need to visit a bank branch. From the business operations perspective, the platform has streamlined how teams operate, creating more business efficiency. For example, the shorter development process will allow marketing and products teams to roll out new campaigns and services to customers in less time.
The results speak for itself, with a 52% increase in customers using the web platform and app, which has an average of 399,000 monthly users, and more than 70% increase in overall online monetary transactions from 2019 to 2020.
Ethan Clark, Backbase’s newly-appointed Regional Vice President for LATAM, said:
“Latin America is witnessing a boom in fintech services driven by the ubiquity of smartphones, rising Internet penetration and a growing middle class. With the new digital banking platform, Banco Caja Social is primed to better serve the region’s unbanked and underbanked populations, capture new market shares and support sustainable growth in a digital-first world.”
Jouk Pleiter, Backbase CEO, added:
“We’re excited to be partnering with Banco Caja Social, a bank which holds such an important position in social banking in Colombia. It is one of the first banks in the country to adopt our platform so it’s fantastic to see the additional value it has provided for Banco Caja Social’s customers already. The success of this project will support our ongoing expansion into Latin America, a region which is currently seeing a quiet revolution in demand for easier and more constant access to banking services as the economies continue to mature.”