Banco Caja Social provides clients with fully digital experience powered by the Backbase platform

PRESS RELEASE from Backbase

October 8, 2020

This release was published using machine translation.

October 8, 2020 - Backbase , the digital banking platform, announced today the development of a new cross-business solution for Banco Caja Social. The innovative platform, built on Backbase's industry-leading software, has improved the user experience and access to the bank's digital services. This implementation marks a milestone in the digitization of Banco Caja Social, an institution with more than a century of history in financial inclusion that serves low- and middle-income communities, as well as small businesses in Colombia.

In this new platform, Caja Social clients can easily navigate through the bank's online services, with a new visual interface and greater functionality. In particular, payments and transfers can be made instantly. In addition, digital onboarding is faster and more convenient, allowing customers to custom configure products such as savings accounts and investment funds online, eliminating the need to visit a bank branch. From a business operations perspective, the platform has streamlined processes and generated greater business efficiency. For example, the streamlined development process will allow product and marketing teams to implement new campaigns and services for clients in less time.

The results speak for themselves, with an increase of 52% in the number of clients that use the web platform and the application, which reaches an average of 399,000 monthly users, and more than 70% increase in online transactions compared to 2019 .

Elsa Patricia Manrique, Vice President of Strategy and Development of Banco Caja Social, commented:

“Banco Caja Social has a long history of providing banking services to small businesses and those most in need, offering them the best possible experience. The evolution to a world leading digital platform is a natural advance for us. Our clients can now carry out more transactions and processes online and we are seeing really positive results in terms of customer engagement and satisfaction. We hope that this increase in online users continues its upward trajectory "

Ethan Clark, newly appointed Regional Vice President of Backbase for LATAM, highlighted:

“Latin America is showing a boom in the fintech sector, generated by the growing penetration of mobile telephony, which facilitates greater access to the Internet and drives growth for the middle class. With this new digital banking platform, Banco Caja Social is prepared to provide a better service to the unbanked and underbanked segments of the region, attract new market segments and guarantee their sustainable growth in a world where digital is the norm. "

Jouk Pleiter, CEO of Backbase, emphasized:

  “We are excited about this alliance with Banco Caja Social, an institution that occupies 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 is fantastic to see the added value it has already provided to Banco Caja Social customers. The success of this project will support our expansion in Latin America, a region that is currently experiencing a silent revolution in the demand for more agile and effective access to banking services as their economies continue to mature. ”

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About Backbase

Backbase's digital banking platform seamlessly empowers customer experiences, unifying data and functionalities from core banking systems and innovative Fintech partners. We believe that it is vital that banks evolve and deliver superior digital experiences to maintain privileged control of the customer relationship, drive efficiency, avoid new competition and continue to grow.

More than 100 large financial companies around the world have benefited from Backbase's omnichannel digital banking platform, including ABN AMRO, AIB, Barclays, Banamex, Bank United, BNP Paribas, Central1, Citi bank, Citizens bank, CheBanca! , HDFC, Hiscox, IDFC First, KeyBank, Lloyds Banking Group, Metrobank, Navy Federal Credit Union, PostFinance, RBC, Societe Generale and Westpac.

Industry analysts continue to recognize Backbase's leadership position, named a leader in Celent's Modern Digital Banking Platforms 2020 report, awarding Backbase four XCelent eXemplar awards for technology, functionality, customer and service. Celent also named Backbase a leader in onboarding and origination solutions in the Retail Banking Customer Acquisition Platforms 2020 report, giving Backbase two XCelent eXemplar awards for Technology and Functionality. Backbase was named a Leader in Forrester Wave (TM): Digital Banking Engagement Platforms, Q3 2019. The 2019 Ovum Decision Matrix also lists Backbase as the undisputed market leader for digital banking platforms.

 

About Banco Caja Social

Banco Caja Social has been oriented, for more than 107 years, to the provision of financial services for the lower-income segments of the Colombian population, that is, towards the mass market with an emphasis on serving popular sectors, micro-entrepreneurs and small businesses. and medium-sized companies; as well as the real estate sector and different segments of the people market, contributing to the development of the country and the economic and social progress of these people and their families.

Banco Caja Social has 2.83 million total active clients and presence in 69 municipalities of the country, with 268 offices, 3 extensions, 2 servicajas and a payment center, more than 6305 own ATMs, 56 multifunctional machines and more than 1,600 Correspondents Banking. Its total assets add up to about $ 1013.26 billion.