Digitally enabled products and processes offer the Honduras-based bankfresh ways to engage with customers and widen its impact.
Micro, small and medium-sized enterprises play a fundamental role in reducing poverty and improving quality of life for families across Honduras. Banco Popular is dedicated to supporting the working capital and fixed asset needs of this vital economic segment.
The bank’s goal is simple: to deliver microfinance services that reach the widest range of customers and make the biggest impact in their lives. Banco Popular saw that digitization offered a powerful way to help advance its mission.
By introducing new digital options alongside traditional branch-based activities, the bank could give existing customers a more convenient way to manage transactions, including credit management. It also had the opportunity to reach out to all new customer segments, bringing inclusive finance to an even broader base. And critically, digital processes would enable banking teams to provide all customers with faster, more efficient service.
Embracing a digital lending experience
To drive its shift to digital, Banco Popular has chosen MoneyPhone’s Digital Loan Origination Solution – a cloud-based platform that digitizes the end-to-end lending process.
Now implemented, the MoneyPhone solution enables the bank’s customers to apply for, manage and renew loans online through a self-service process. Borrowers will no longer need to visit a branch location or complete piles of paperwork in order to apply for credit. Instead, they can complete the process whenever and wherever is most convenient for them.
Banco Popular expects that the new digital offerings will be instrumental in helping it win new customers. At the same time, it will gain the agility it needs to serve this growing customer base more effectively. Streamlined lending workflows will save time and effort for credit management teams, allowing them to easily take on higher lending volumes. It will also free up advisors to focus on more value-added work, including new client outreach, further widening the bank’s impact.
Ready for what’s next
As more and more people throughout Honduras embrace the convenience and accessibility of digital, this transformation will pave the way for Banco Popular to position itself as a microfinance specialist in digital lending—an all-important competitive differentiator.
Kenia Suazo Archaga, Project Manager at Banco Popular comments: “We are committed to continuously improving our channels and services. With MoneyPhone as our strategic ally, we are launching a digital self-service process that makes credit management even easier for our customers.”