Muebles Jamar

Thelmo Ariza Candanoza

Digital Inclusion Advocate

Getting loans in LATAM is challenging due to various factors such as currency devaluation against the dollar and high inflation rates. Public policies to address these issues usually lead to higher interest rates. Additionally, some countries have regulations on interest rates which limit the amount that can be charged. Geopolitics will continue to play a significant role in determining the direction of these policies, and it is likely that there will be instability in the short term.

Given the challenges in granting loans, using technology seems to be the best way to increase loan coverage while reducing friction in the customer experience and cutting costs. This involves exploring various options across the loan process chain, starting from AI-powered scoring models that can provide personalized loan products based on each customer’s profile. Next, loan application and approval processes should be facilitated through easy-to-use platforms that are accessible from anywhere with internet access and designed with the customer experience in mind. Finally, customized collection models can be developed based on machine learning tools that provide insight into different customer profiles, thereby minimizing friction during the collection process.

In the journey towards inclusion, service providers play a crucial role in providing services such as identity validation, digital signatures, personalized forms, cloud platforms, and custody of securities. To do so effectively, they need to approach their contact processes and opportunity management from a strategic perspective. This involves understanding the goals that need to be achieved and determining how to measure them, so that the solutions aren’t simply a technology implementation. Rather, service providers should view their offerings as solutions that add value and align with the organization’s strategy.

“Given the challenges in granting loans, using technology seems to be the best way to increase loan coverage while reducing friction in the customer experience and cutting costs.”

Financial retail companies have recognized the importance of delivering an omnichannel experience that seamlessly integrates the customer journey, from recognizing the customer’s needs to the post-sale process. This involves providing an agile and easy loan experience with responsible communication that doesn’t intrude on the client’s privacy but still maintains transparency in the process. To achieve this, companies must integrate solutions with contact tools and eCommerce platforms that guarantee a positive customer experience and effectively transmit the value proposition of their products and services. This should be supported by a CRM system in the back office that provides a 360-degree view of the client, ensuring timely responses to both internal and external customers.

The Culture as the Axis of Transformation

Any process is unlikely to succeed if it is not accompanied by a people-focused approach. To build a culture that centers around the client as the core of an organization, every employee needs to internalize the value proposition, the values, and principles of the company. The change management process involves more than just the adoption of new technologies; it requires employees to see themselves reflected in the organization’s values and principles. Only then can they fully embrace the new culture and provide the best service possible to the client.