In a determined effort to improve low penetration levels in the retail segment, the bank has developed new products and services to drive business, and the results have been impressive: it has increased the number of banking products sold to each customer to an average of 2.8.
As a result, the bank grew its market share in a variety of segments; as of June 2008, it commanded 24.8% of the loan market (from 17.8% at the end of 2005) and 26.4% of deposits (up from 18.4%).
BI’s growing strength is underpinned by continued innovations in product and service delivery. For example, Bi Movil, launched in September 2007, enables customers to transfer money, make payments and track transactions using their mobile phones. The service is now used by 28,000 customers.
Another service, Gente BI, establishes new points of service in local shops and commercial entities to reach unbanked Guatemalans. Using the latest in point-of-sale technology, the service was launched in December 2007 with 350 Gente BI points, and is expected to reach 1000 by the end of this year.
“This award encourages us to continue working and growing in Guatemala and in central America,” says Diego Pulido, CEO of BI. “The use of leading technology is one of the most important areas of development. That is why we created an initiative to reach the unbanked Guatemalan and Honduran population by creating points of service in commercial establishments and stores to provide basic financial services.”
