BCP: Taking banking to new heights on a digital rocketship Flashcards
What is the aspiration of Banco de Crédito del Perú (BCP)?
To become the best bank in Peru
What were the twin goals set by BCP for its transformation?
- Dramatically rethink and improve customer experience
- Make operations more efficient
Who did BCP partner with to implement its digital transformation?
McKinsey
What is the concept of ‘Samay’ in BCP’s transformation?
A Quechua word for soul, referring to the new culture leaders hoped to create
What is Yape?
A digital-payment mobile app launched by BCP to improve financial inclusion
How many users have downloaded the Yape app?
More than 11 million
What was the year-over-year growth in mobile banking usage for BCP in 2022?
26%
What percentage of customers were doing digital banking after BCP’s transformation?
60% (up from 23% before the transformation)
What was BCP’s Net Promoter Score (NPS) improvement from 2021 to 2022?
22 points (from 34 in 2021 to 56 in 2022)
What percentage of Peru’s adult population are Yape users?
60%
What is the significance of the ‘rocket to Planet ExEf’ analogy used by BCP?
It illustrates their goals and enablers clearly throughout the organization
What did BCP learn about talent during its transformation?
- Upskilling current talent is as important as bringing in new talent
- New tech talent is necessary for growth
What cybersecurity aspect did BCP underestimate during its transformation?
The cybersecurity capabilities needed
True or False: BCP’s transformation included a dedicated leadership team focused solely on the changes.
True
Fill in the blank: BCP created _______ to ensure the transformation stays on the right path.
The ability to constantly review and adapt the plan
What types of new capabilities did BCP focus on during its transformation?
- Digital journeys
- Data & analytics
- Cyber risk
- Digital tools
What is the main focus of BCP’s transformation strategy?
An unwavering focus on experience and efficiency
What role did McKinsey play in BCP’s transformation?
Helped map out and implement digital transformation
What is one of the major impacts of BCP’s transformation on customer transactions?
32% of all transactions are represented by 5.6 million sole clients
