Abstract

The case “Banco Pichincha – A Latin American Bank’s Digital Journey” talks about the digital transformation journey of Banco Pichincha, the Ecuadorian banking group from Latin America, and the different measures taken by the bank under its digital transformation agenda. The case discusses the digital initiatives the bank undertook in 2019 with the setting up of its ‘Digital Solutions Team’. The ‘Digital Solutions Team’ utilized ‘Power Apps’, a tool with low code requirement, to create different apps such as ‘My Portal’, ‘CrediApp’, and ‘BilleteraDeUna’ for customers and businesses. The case also highlights the bank’s strategic partnerships with various technological companies to empower merchants with digital solutions and rebuild their business. Banco Pichincha faced several cyber-attacks in February and October 2021 which forced its banking operations to go offline. The impact of the digital initiatives is discussed in depth and the testimonials of customers are put forth in detail. The case finally dwells upon the measures taken by Banco Pichincha to counter any future cyber-attacks and ends with its plans to enhance its presence in the banking segment in Latin America in the future.

Learning Objectives

The case is structured to achieve the following Learning Objectives:

• Explain the need for banks to go in for digitalization
• Analyze the role played by technology in the digitalization of banks
• Formulate strategies to prevent cyber-attacks in banks

Keywords

bancopichincha; digitalization; cyberattacks; digital solutions; cybersecurity; banking technology; banking innovations