Executive Vice President of Payment Systems
Based in Panama, a country with more than 90 banks and a competitive market, Jaime Martinez works as Executive Vice President of Payment Systems at Banesco. He is one of the Fintech Americas 25 Most Innovative Bankers 2018, and now he shares with us his bank´s winning project and his point of view about customers experience.
What are the major areas of innovation and/or transformation that you bank is focusing on?
Recently the bank created an area of Innovation in order to succeed in the era of Digital Banking and thus adjust all the processes towards a much easier way for clients to acquire our products, as well as focused on servicing the costumers the same way on all the channels. On the other hand, we have been working for 5 years on payment services methods in order to grow in the market and looking for differentiating elements, such as our MovilPay product awarded at the Fintech Americas.
What is your organization’s strategic view of innovation/transformation?
In a competitive market such as Panama, that has more than 90 banks, it is necessary to look for differentiating elements. That is the reason why our strategy is based on finding innovative elements. For example, we already are quite advanced in the business of methods of payment where we have innovative products and technologies that allow us to achieve this differentiation.
On the other hand, as a fundamental strategy of the organization, this year we created the area of innovation. Through this process, we have created cells that will allow us to work on specific points that ensure the best customer experience, starting with the culture cell organization, to be able to face the change of digital banking and creating among the employees of the bank a change to this new concept. At the same time, we have started in the identification of all the processes that impact the clients in order to create the cells for achieving innovation on how our clients manage or acquire our products.
What areas in the bank are more ready for disruption or transformation?
In the Bank these are the areas of Methods of Payment because this business changes day by day, Marketing and Products, Channels.
How should banks view digital disruption?
There is no doubt that all banks should go there, and traditional banking is not a factor to achieve significant growth. Customers are now looking for greater accessibility in their services, to avoid visiting a bank branch. They want everything on a mobile, and in the cases of places where they are served, to have all services.
This is where the omnichannel concept takes more strength. Banks that do not see this as a strategy today will have problems of desertion of clients in the future. Certain client profiles cannot be reached without it, such as millennials who nowadays look for a modern bank.
What would you say is the formula of success for banks to navigate and be successful in this era of financial disruption?
I think that there are several factors, among them the organizational culture, in which all employees think in a disruptive way and understand that we must change, that the traditional banking model is not a sign of short- and long-term success. Organizations should start to reinforce this concept with its employees.
On the other hand, the creation of an area dedicated to innovation is essential, as the day to day it absorbs all the employees in their routine and does not allow time to be devoted to see how the operating processes or Product sales can be made in a more agile and instantaneous way to customers. Also, the commitment of senior management is fundamental to ensure that the cells are made up of personnel with knowledge of the business and thus the results are achieved quickly, and success is guaranteed.
What your customers expect today from your Bank?
Our clients expect a better experience in the products they have with the bank with solutions where they can self-manage, in which all their services are available through any channel – be it through a branch, online banking, mobile banking, kiosks, etc. For this we have redefined our vision: the Bank will facilitate the financial life of our clients to enhance their development, connecting with them, getting to know them, caring for them and building together tailored, simple and accessible services from wherever they want.