 
Writer: Christopher Paniagua, CEO, Banco Widespread Dominicano
Since its institution within the mid-Nineteen Sixties, Banco Widespread Dominicano has been on the forefront of democratising monetary companies within the Dominican Republic – a rustic of over 11 million folks and one of many fastest-growing economies in Latin America and the Caribbean. The financial institution is in the meantime at the vanguard of the digital transformation of the nation’s banking sector, with a rising vary of digital merchandise and functions on provide. Banco Widespread can attribute its longevity and success to a technique that features steady innovation, monetary robustness and a customer-centric method.
Whereas the financial institution can level to a bunch of achievements throughout its 60-year historical past, the one in all which it’s most proud in current occasions is the issuance of its first inexperienced bond. That is additionally the primary such challenge by any monetary firm within the Dominican Republic. The ten-year fixed-rate bond, issued in Could 2024, aligns with the financial institution’s sustainability technique, permitting it to finance initiatives that promote clear power use and power effectivity.
Inexperienced bond pioneer
The issuance of the inexperienced bond was a big milestone for Banco Widespread and for the Dominican monetary sector extra broadly. This monetary instrument has enabled the financial institution to direct funds in the direction of sustainable initiatives, together with the promotion of renewable power, power effectivity, and different initiatives that assist scale back environmental affect. For Banco Widespread, this transfer not solely strengthens its dedication to sustainability, but in addition paves the way in which for a greener and extra resilient economic system within the Dominican Republic. The primary tranche of the inexperienced bond amounted to RD$300m (round $5m at present change charges), out of a complete of RD$2.5bn ($42m) permitted. It is going to be solely allotted to institutional traders, particularly to the pension fund directors AFP Widespread, Crecer, Siembra and Reservas.
The issuance of the inexperienced bond was a big milestone for Banco Widespread
Furthermore, the inexperienced bond is just one facet of the Banco Widespread’s sustainability technique, which is built-in into all aspects of its operations. The inexperienced bond enhances the financial institution’s portfolio of eco-friendly monetary merchandise, comparable to loans for electrical automobiles and for photo voltaic panel set up, reflecting the financial institution’s dedication to selling accountable and sustainable practices amongst its clients and all through the nation. The financial institution goals not just for financial development – the IMF forecasts actual GDP development of 5.4 p.c for the Dominican Republic in 2024 – but in addition to generate constructive environmental outcomes and social affect.
Digital innovation
Banco Widespread Dominicano, a part of Grupo Widespread, has additionally been a pioneer in introducing and incorporating digital fee applied sciences within the Dominican Republic. By its collaborations with Apple Pay and Google Pay, the financial institution affords its clients the flexibility to conduct contactless transactions shortly and securely. This integration facilitates the usage of debit and bank cards on cell gadgets, offering better comfort for customers and supporting the transition to a digitised economic system.
And in celebration of its sixtieth anniversary, Banco Widespread has launched a revamped digital ecosystem, with 4 new specialised cell functions on provide. These 4 apps are: Comerza for micro-enterprises, Gnial for younger folks, Yavá for remittance administration and Biz for company purchasers. Moreover, the App Widespread, the financial institution’s flagship cell app, has been redesigned to supply a extra intuitive person expertise. This household of apps goals to optimise monetary administration for various segments of the inhabitants, promote monetary inclusion and improve the person expertise. All apps can be found for each iPhone and Android customers.
Expertise has proven that our clients are eager to take up digital merchandise and functions, though there’s clearly scope for additional enlargement. At current, round 25 p.c of all Banco Widespread’s monetary merchandise are obtained digitally, and this proportion rises upwards to 50 p.c for bank card activations.
Moreover, 40 p.c of claims are actually submitted by means of the financial institution’s a number of apps, every designed for various banking segments. The Widespread App alone has a mean of over a million customers, who can entry greater than 50 self-service options together with third-party funds, transfers between accounts, and bank card and mortgage funds.
Seeking to the longer term, Banco Widespread is targeted on personalising its digital companies by means of the usage of synthetic intelligence and app optimisation. All our apps are designed to repeatedly evolve primarily based on person wants. For instance, we intend that the Gnial app for younger folks will embrace new functionalities primarily based on shopper behaviour. The financial institution can be exploring new fintech options and creating platforms that promote monetary inclusion by means of instruments that can make banking simpler and extra accessible to a bigger share of the inhabitants. The Dominican Republic nonetheless has some scope to enhance on this space; in keeping with information from the World Financial institution, solely 51 p.c of adults within the nation had a checking account in 2021.
Investing in cybersecurity
Towards a background of rising cyber threats worldwide, Banco Widespread has applied a complete cybersecurity method, investing in superior applied sciences comparable to multifactor authentication techniques, proactive monitoring, and real-time menace detection. These measures are designed to safeguard the integrity of transactions and the delicate info of the financial institution’s clients. Moreover, the financial institution has adopted worldwide safety requirements, making certain a protected setting for all digital operations.
For instance, it has a complicated monitoring system contained inside its technological infrastructure, operated by its Safety Operations Centre (SOC) and its Community Operations Centre (NOC). Each items monitor greater than 30,000 occasions per second, making certain fixed safety of the financial institution’s techniques and the digital integrity of its clients.
Buyer schooling is a precedence for Banco Widespread, and the world of cyber safety is not any exception. Therefore the financial institution has launched wide-ranging consciousness campaigns on cybersecurity subjects, utilizing digital channels in addition to conventional media to teach customers concerning the dangers of fraud, phishing and different cybercrimes. We additionally provide a variety of on-line assets to assist clients higher shield themselves, together with periodic suggestions on strengthening their digital defences.
For instance of this, there’s the ‘Pistas de Seguridad’ (safety suggestions) initiative whereby Banco Widespread shares suggestions and proposals on digital consciousness by means of its web site, social media and e mail to its buyer base. The financial institution has additionally created the academic podcast ‘Crimson Alert: We’ve Been Hacked!’ geared toward small and medium-sized companies. The podcast presents imaginary eventualities of cyberattacks on various kinds of SME with poor practices, together with the potential repercussions of their errors.
Supporting younger folks
Banco Widespread believes very strongly in supporting the younger folks of the Dominican Republic and has put in place numerous insurance policies and programmes to attain this. Going ahead, the financial institution will proceed to face by this very important section of the inhabitants (with these aged between 10 and 24 at present making up simply over one-quarter of the Dominican inhabitants, in keeping with the United Nations Inhabitants Fund), innovating and creating instruments that help younger folks’s initiatives and goals.
Banco Widespread believes very strongly in supporting the younger folks of the Dominican Republic
As talked about, the financial institution has launched the Gnial app, an revolutionary platform geared toward younger folks from Generations Z (these born from the mid-Nineteen Nineties to round 2010) and Alpha (these born from round 2010 onwards). Amongst different issues, this app permits customers to set financial savings targets, make fast transfers utilizing a telephone quantity, and withdraw money by means of a brief code system often called Código Money. Gnial additionally supplies entry to promotions and unique advantages for the youthful age group. The Jóvenes Widespread Account enhances this providing, selling the advantages of saving from an early age. These options have been very nicely acquired, with hundreds of younger folks integrating into the financial institution’s digital monetary ecosystem, and so serving to to drive ahead youth monetary inclusion within the nation.
The financial institution in the meantime has a confirmed observe document of help for youth schooling. The Becas Excelencia Widespread Programme at present has greater than 326 lively members and 312 graduates, solidifying its place as probably the most complete scholarship programme within the Dominican monetary sector. This programme covers the price of college schooling at recognised establishments within the nation. Along with monetary help, the programme supplies coaching in tender abilities {and professional} improvement and likewise topics which are associated to non-public finance, making ready younger folks to face the challenges of the job market. Over the past decade, over RD$200m ($3.3m) has been allotted to the event of this initiative, which promotes high-quality schooling and opens up significant employment alternatives for younger folks.
This initiative not solely contributes to the non-public improvement and success of the person college students concerned, but in addition has a constructive affect on the economic system of the Dominican Republic as a complete. By producing expert professionals, the programme fosters the event of native expertise and boosts competitiveness within the nation’s key financial sectors.
