Banco Promerica: delivering an outstanding customer experience

Providing competitive, agile and reliable solutions to its clients, Banco Promerica Dominican Republic, is an organisation of note. Having achieved significant growth over the course of 2023, it also became the first banking institution to issue shares on the stock exchange of the Dominican Republic. We spoke to Banco Promerica Dominican Republic’s CEO, Carlos Julio Camilo, about this award winning customer focused bank.

COULD YOU INTRODUCE US TO BANCO PROMERICA AND THE CORE VALUES THAT DRIVE SERVICE DELIVERY AT THE INSTITUTION?

Banco Promerica embodies youthful dynamism and a vibrant ethos. It stands out for its exceptional energy, a trait that distinguishes it from others in the industry. Over the course of my 20-year career in various institutions, I’ve observed a remarkable consistency in our team’s profile – high motivation, genuine passion for our work, seamless teamwork, and a shared belief in our ability to enhance customer experiences, contribute to market dynamics, and foster positive change in our interactions.

Our foundation is rooted in a culture centred around a recurring goal: to position ourselves as the bank closest to our customers, leading the way in innovation, and providing the products and services that meet their needs promptly – in essence, an agile institution. Repeatedly, our customers identify us as “the CIA bank” – close, innovative, and agile. This recognition serves as our hallmark differentiation.

BANCO PROMERICA IS OBVIOUSLY A REGIONAL FORCE, PLEASE GIVE US A QUICK HIGHLIGHT OF THE JOURNEY SO FAR, PARTICULARLY IN THE DOMINICAN REPUBLIC. HOW HAS THE JOURNEY BEEN?

Banco Promerica’s journey in the Dominican Republic began in the year 2000 with its ar- rival in the country, initially under the name Financiera Promerica. Initially focused on providing financial services to personal clients and small businesses, the institution quickly gained traction.

In 2005, Financiera Promerica transitioned into Banco de Ahorro y Crédito Promerica de la República Dominicana, broadening its scope and capacity to offer a more comprehensive range of banking services to its clients.

Five years later, in 2010, it attained its current status as a multiple bank, enabling Banco Múltiple Promerica de la República Dominicana to diversify its financial products, including current accounts and investment services.

By 2022, Banco Promerica Dominican Republic had achieved a notable improvement in its local risk rating for the second consecutive year, as assessed by the rating agency Pacific Credit Rating (PCR), upgrading from “A-” to “A”. This upgrade underscores its financial robustness and effective risk management capabilities.

In 2023, Banco Promerica achieved the significant milestone of becoming the first banking institution to issue shares on the stock exchange of the Dominican Republic.

Over more than two decades in the country, by the close of 2022, Banco Promerica boasted a gross financial margin of US$44.6 million, assets totalling around US$968.3 million, and a loan portfolio reaching US$545 million— a remarkable 31% growth rate over the past four years. The bank operates 15 branches, strategically located across Santo Domingo, the Northern Zone, and the Eastern Zone, in addition to its corporate offices. Furthermore, it has 11 Business Points and a network of over 100 affiliated businesses.

IN LIGHT OF BEING RECOGNISED AS THE MOST CUSTOMER-FOCUSED BANK, COULD YOU ELABORATE ON THE STRATEGIES AND INITIATIVES BANCO PROMERICA HAS IMPLEMENTED TO PRIORITISE CUSTOMER NEEDS AND ENHANCE THEIR BANKING EXPERIENCE?

In 2023, a significant project called “Voice of Customer” was initiated, involving a series of active listening actions in all client interactions. The aim was to integrate their opinions into the continuous improvement process. At the core of operations, clients are regarded as fundamental, and efforts are made to deliver an exceptional banking experience at every touchpoint.

Regarding operational efficiency, the branch queue management system was successfully consolidated, leading to notable reductions in waiting times for clients. Also, through advanced technology, critical processes were automated, optimising resource utilisation. This initiative resulted in the automation of 18 processes, freeing up over 1600 man-hours. Consequently, team members can now allocate their focus to tasks of higher impact and added value.

Our digital transformation strategy has also been fundamental, as we continue to incorporate functionalities that allow our clients to carry out their operations in a simple and agile way.

THE BANKING SECTOR HAS WITNESSED A SIGNIFICANT SHIFT TOWARDS DIGITALISATION. HOW HAS BANCO PROMERICA EMBRACED THIS TREND, AND WHAT MEASURES HAVE BEEN TAKEN TO ENSURE A SEAMLESS ONLINE BANKING EXPERIENCE FOR ITS CUSTOMERS?

Empowering clients to conduct transactions swiftly, simply, and securely stands as one of our primary missions. This endeavour is driven by our robust digital transformation plan and the continual enhancement of our value proposition. Our overarching goal is to establish ourselves as the preferred bank among our clientele.

In that same order, we have made important efforts to guarantee that our clients have an omnichannel experience, whether through Digital Banking, our chatbot, our website, or via our contact centre or branches.

STRENGTHENING TECHNOLOGICAL INFRASTRUCTURE HAS ALWAYS BEEN HIGHLIGHTED AS A KEY FOCUS AREA FOR BANCO PROMERICA. CAN YOU PROVIDE INSIGHTS INTO THE SPECIFIC TECHNOLOGICAL ADVANCEMENTS AND SOLUTIONS THAT HAVE BEEN INSTRUMENTAL IN DRIVING CUSTOMER ENGAGEMENT AND OPERATIONAL EFFICIENCY?

In alignment with our digital transformation strategy and taking advantage of technological facilities, we introduced the Prometas scheduled savings account. This account simplifies the process for clients to request and manage their savings plans, thereby promoting financial literacy. Additionally, we implemented Express Payments to streamline transaction processes within the Banco Promerica net- work, ensuring prompt and efficient service for our clients.

Moreover, our ProFX offering provides clients with the opportunity to engage in foreign exchange transactions under preferential conditions through our Digital Banking platform. We continuously enhance our chatbot, AliCIA, incorporating features like Travel Notifications and Statement Delivery to further enhance our customer service experience.

Furthermore, the launch of ProInnova represents a significant step in supporting SMEs. This comprehensive business program integrates both financial and non-financial value propositions, demonstrating our commitment to fostering SME growth in the Dominican Republic. Lastly, the addition of Google Pay digital payments to our suite of services solidifies our leadership in the digital payments realm, aligning with our vision of providing innovative solutions to our clients.

These initiatives underscore our dedication to providing exceptional banking experiences and driving positive change within our community.

COULD YOU DISCUSS THE FACTORS BEHIND THIS GROWTH AND OUTLINE THE STRATEGIC PRIORITIES DRIVING THE BANK’S CONTINUED SUCCESS IN TERMS OF FINANCIAL PERFORMANCE?

Certainly. The factors driving the growth of Banco Promerica and its continued success in terms of financial performance are multifaceted. Firstly, a strong emphasis on customer satisfaction has been pivotal. By consistently meeting and surpassing customer expectations, Banco Promerica has cultivated loyalty and attracted new clients. Additionally, strategic expansion into various markets and segments has created new avenues for growth.

Moreover, a commitment to innovation and technology has been crucial. By embracing digitalisation and implementing advanced solutions, operational efficiency has been enhanced, costs have been reduced, and customer accessibility has improved. This technological advancement has streamlined internal processes and enriched the overall banking experience for clients.

Furthermore, prudent risk management practices have ensured financial stability and resilience. By maintaining a balanced approach to risk, potential threats have been mitigated, and opportunities have been seized, all while ensuring sustainable growth.

Looking ahead, strategic priorities will continue to centre around these key factors. Banco Promerica will remain dedicated to enhancing customer experience, expanding market presence, fostering innovation, and maintaining robust risk management practices. By adhering to these priorities, Banco Promerica is poised to sustain its success and achieve further growth in the dynamic banking landscape.

LOOKING AHEAD, WHAT ARE THE KEY AREAS OF FOCUS AND STRATEGIC PRIORITIES FOR BANCO PROMERICA IN SUSTAINING ITS POSITION AS A LEADER IN THE BANKING INDUSTRY, FOSTERING INNOVATION, AND MEETING EVOLVING CUSTOMER EXPECTATIONS?

The most relevant aspect of Banco Promerica’s mission is to deliver an outstanding customer experience. The main focus and project are to maintain excellence not only in sales and interactions but throughout the entire customer journey, whether they visit in person, call, or interact online. For 2024, the aim is to maintain leadership in growth, innovation, and customer experience by anticipating their needs.

The upcoming year is viewed with optimism, as it will be marked by electoral events. Historically, these periods have been associated with an economic boost resulting in increased consumption, higher investment, and an uptick in public spending. Banco Promerica is fully confident that it is well-prepared to face any challenges and capitalise on opportunities that may arise.

Our commitment is to continue contributing to the development of the different economic sectors of the Dominican Republic.