mckinsey -皮钦查银行：打造全新数字银行与生态体系 Pichincha Building a new digital bank and ecosystem

RewiredinAction

Real-worldexamplesofDigitalandAItransformationsandhowleadingcompaniessucceed

Pichincha:

Buildinganewdigitalbankandecosystem

Theopportunity

Thesolution

Bybuildinganewdigital

paymentsystem,Pichinchacouldoferbankingtoconsumersandmerchantspreviouslyunbanked

In2018,BancoPichincha,Ecuador’slargest

bank,knewitneededtotakeboldaction.The

118-year-oldinstitutionwastheleastefficient

bankinitsregion.Marketsharewasinaslow

bleed,withthousandsofcustomersleaving

eachmonth.Perhapsmostchallenging,alargepercentageofEcuadorianslackedanysortof

savingsorcheckingaccountanddidnotseeaplaceforthemselvesintheregion’straditionalbanks.UnlikeotheremergingmarketsinAfricaandAsia,LatinAmerica,hamperedbypoor

connectivity,aginginfrastructure,andingrainednon-digitalmindsets,hadyettodevelopa

thrivingmobilebankingindustry.

Whilethatmayhavelookedlikeaclear

opportunityforaboldfirstmover,Pichincha

wouldfirstneedtoundertakedramaticchangeinitsexistingbusinesstoaddressserious

challenges,includinglimitedproductofferings,slowcustomerservice,andoperational

inefficiency.Thisrequiredchangeonalmost

everyfront:technological,cultural,talent-wise,andoperational.Toremakeitself,Pichincha

decidedearlyonitneededawhole-companyapproach,onethatreliedoncross-functionalteamsthatcoulddrivelastingchange

throughouttheorganization.

Workingincross-functionalteams,the

transformationtouchedeverypartofPichincha,fromtopleadershiptonewdigitalcustomers

IncollaborationwithMcKinsey,PichinchatookstepstorebuildtrustandcreateastablebaseofcustomerswithwhomPichinchacouldbuilda

new,digitalbusiness.Thiswasaholisticprocessthatincludedrevamping

marketingtofocusonend-to-endjourneysandimplementationofbest

practices.ThenewPichinchausesAItosharpenitsmarketingefforts,alongwithmoreagilewaysofworkingandnewcreditmodels.By2021,theeffortswerepayingoff.Netprofitswereup,andmarketsharelosseswerereversing.

Pichinchawasfarfromdone,however.Tofullyrealizeitsambitions,thebank

neededtoattractayoungergenerationofEcuadorianswhofeltexcluded

fromtraditionalbankingbutcompletelyathomewithdigitalserviceslike

Uber,Amazon,andNetflix.Theresult:aboldplantobuildadigitalattacker

bankingunicorninfiveyears.Tostartfreshandavoidconflictswiththe

existingPichinchabusiness,thenewbank,Deuna!,isentirelyseparatefrom

Pichincha,thoughitshareswhatitlearnsalongthewaywiththeparent

bank.Overthepreviousdecade,otherbanksinLatinAmericahadtriedand

failedtobuilddigitalbanks.ThePichinchateamstudiedthoseeffortsand

identifiedthepointsoffailure.Theyfocusedonthreeareas:buildingmarket

share;developingaminimumviableversionofadigitalwallet;andrewiringthebank’sITinfrastructure.

WorkingwithMcKinseyTechnologyandMcKinseyBusinessBuildingexperts,includingarchitects,cloudexperts,softwaredevelopers,qualityassurance

technologists,andothers,Pichinchabuiltaminimumviabledigitalwallet

infourmonths.Thenewentity,Deuna!,standsalongsidePichinchaand

welcomesbothnewcustomersandthosefromthemotherbank.Forthefirsttime,Pichinchacustomerscouldmakepurchasesandtransfermoneyfrom

theirmobiledevices.Justasimportant,Deuna!introducedpaymentsolutionstoEcuador’slongtailofmom-and-popmerchantswhohadpreviouslylackedbankingservices.

AseparateteamwastacklingPichincha’sITinfrastructure,prioritizing

efficiencyandsecurity.Overthenextthreeyears,Pichinchawillmodernizeandmigratethebank’s380-pluscloudapplicationstoanewplatform.

Theimpact

6M

payersusingDeuna!

(>60%ofthetotaladdressablemarket)

500k

merchantsaffiliatedandabletoreceivepaymentswithDeuna!

2k

employeesreskilledinBancoPichincha’stransformation

Byworkingthroughthestrategicinitiatives

McKinseyidentified,Pichinchadrove

improvementsinperformance,efficiency,

andmarketshare.Bottom-lineprofitshave

approximatelydoubledsince2017,andmarketsharelosseshavereversed.Alltold,the

efficiencygainshaveenabledDeuna!toservemanymorecustomersthanbefore.

Deuna!hastwomillionmonthlyactiveusers.

Pichinchabelievesithasthepotentialtobring

inatotalofthreemillionnewcustomers.Justasimportant,morethan500,000merchantsnowacceptdigitalpayments.Meanwhile,Pichincha’sfivemillioncustomershaveaccesstobetter,

cheaperservices,includingno-costtransfersandimmediateaccesstocreditandsavings.Pichinchacannowbringdigitalofferingstomarketinhalfthetimewhileensuringbest

practicesincybersecurity.

InsidePichincha,morethan2,000employees

havebeenreskilled.Onehundredeightynew

digital-nativeemployeesarehardatwork

building,thenewtech-focusedbank,Deuna!Byimplementingasevenyear-longtransformation,focusingonefficiencyandinnovation,Pichinchaisontracktoachieveitsgoalofbecomingthe

leadingbankinLatinAmerica,aidedbyitsnewdigitalbank,Deuna!

Drivingculturechangerequiresmorethanframeworks;ittakesleaderswhohavelivedtherealityoftransformation.AtBancoPichincha,teammembersworkedateveryleveloftheorganization,withseniorleadersreceivingcoachingandhands-onguidance.Thisbuiltboththecapabilitiesandconfidencetocarrythechangeforward.Inaddition,Pichinchacreatednewdigitalrolesandtrainedandrecruitedthenecessarytalenttofillthem.

HéctorRoldán,apartneratMcKinsey,drewonhispreviousexperienceasCEOandCIOofmajorbankstostepinasinterimCEOofDeuna!,ensuringthebankcouldfindthebestlong-termfit.“Wetransformedaboldvisionintoafintech

platformthatisdeeplyreshapingEcuador’sfinancialecosystem,provingthatinclusioncanpropelusbeyondinnovation,”saysHéctor.

Deuna!,withitsleading-edgetechnology,helpsto“future-proof”theparentbank,Pichincha,byenablingittoaddressnewmarketsandstayontopofemerging

technologieslikegenerativeAIandadvancedanalytics.It’sbothabankandabankinglabforthelargerPichinchaorganization.

Lessonslearned

Spreadthelearning

Bylaunchingasaseparatecompany,Deuna!becamesomethingofalabfortheparentbank.Asthedigitalbankiteratedandfoundthetechsolutionsthatworkedbestforitscustomers,thetransformationteambroughtthoselearningsbacktoPichinchaforimplementation.

Technology

Changeisateamsport

Talent

Pichinchaachievedrapidhigh-impactresultsbyworkingincrossfunctionalteamsthatwereabletotailorsolutionsandengagethefrontlineworkerswhosesupportwouldbecriticaltosuccess.

Keepyoureyeonthebiggoals

Pichinchasetouttocreateanewtypeofbankingforanewtypeofcustomer.Besidebuildingamoreagile,faster-growingbusiness,

Adoption

and

Scaling

theywantedasustainablemodelthatcouldbringaccesstobankingservicesf