Davivienda and Strands join forces to bring their successful PFM solution to the Colombian and Latin American markets, as part of their commitment to innovation and to the future of digital banking. We chatted to Margarita Henao, Vicepresident of Personal Banking Products at Davivienda about the bank's quest to innovate and offer the best service to their customers.
What prompted Davivienda's decision to invest in Strands' PFM solution?
Our raison d’être is making personal banking and financial management easier for our clients. With Strands, we were able to connect all the bank’s transactions, make sense of them and offer a value-added service to the user. Part of our strategy is promoting financial literacy and education - we had already launched several initiatives in this direction and Strands’ offering was the perfect fit.
Why did the bank choose Strands as their PFM provider? Which element has proven to be of most value?
Strands’ solution made perfect sense, meeting and surpassing our needs and expectations. Strands was the missing piece of the puzzle for us; the option to integrate widgets allowed us to complement and enhance the bank’s existing tools seamlessly.
Does PFM implementation form part of a wider innovation strategy?
Being pioneers in Colombia and Latin America and promoting innovative banking is fundamental for us. Apart from the numerous new projects that are currently underway, we are in the process of significant digital transformation, addressing the needs of the growing mobile banking trend in Latin America whilst offering a unique experience on our platforms.
What has the overall adoption of PFM been like amongst your clients?
The feedback we have received has been very positive. Our clients particularly value the overall vision of their finances that we offer them, and knowing how their are spending their money to allow them plan ahead more efficiently.
The reviews and comments we have received on social media - mainly Twitter - and on our app have been encouraging. Users tell us they are learning a lot about the way in which they spend, and this over time will help them improve their habits. There are an increasing number of transactions that can be done via our app; we are always adding more services. Customer behavior is undergoing massive change at present and banks like us need to analyze this change and adapt to fit.
Which other metrics does the bank use to measure the success of our PFM solution?
We are able to see how many people use the functionalities on offer and the time spent on each of them. This is really useful for us, as we can see which options are the most frequently used and offer the most value to the end-user.
Which functionalities are the most successful?
We see increasingly that our clients want all their income and outgoings visible in one place. They check their transactions more frequently and create personalized automatic budgets to categorize their money in the way that suits their needs best.
How have you informed your clients about these new tools?
We have used targeted mailings for the most part to make sure our clients are aware of these new services. Initially our intention was to demonstrate the benefits of PFM by segment, breaking down the widgets one by one to show their benefits. We have created a specific site with tutorials for each tools, which has helped make the implementation phase considerably smoother.
Have you offered training to your both your in house employees and telephone customer service agents?
We have created a very strong training scheme for the different support areas (internal/external). We guarantee that all our employees know our services inside and out, and are well able to help others learn the benefits of PFM.
Have you carried out any other Marketing initiatives to promote this service?
We plan to continue our targeted campaigns as part of our established digital adoption ‘journey’.
How do you rate the collaboration with Strands?
From the onset, we have been completely coordinated with Strands. Their teams of professionals have resolved any doubts we had in an efficient and speedy manner, with a vision that complemented ours, culminating in a very high-quality result.