Banco Pichincha-A Latin American Bank`s Digital Journey

Case Code: FINC218 Case Length: 10 Pages Period: - Pub Date: 2025 Teaching Note: Available

Price: Rs.300 Organization: Banco Pichincha C. A, Industry: Banking Countries: Ecuador Themes: Digital Transformation, Cyber Warfare, Technology in Banking, FinTech

Abstract Case Intro 1 Case Intro 2 Excerpts

Excerpts

Digitalization Initiatives

Banco Pichincha started deploying workspace solutions from 2013 and collaborated with Microsoft for Office 365 E1licenses for 35 percent of its employees. By 2018, 100 percent of its employees were provided with Office 365 E3 licenses. The Office Suite led to increased functionality, optimization, and efficiency at Banco Pichincha..

Empowering Merchants With Digital Solutions

The two strategies that Banco Pichincha used to empower merchants to rebuild their business were: Enable just-in-time finance to merchants by leveraging supply chain data: Banco Pichincha and Accion partnered to develop supply chain finance products by utilizing the data that was generated when MSMEs purchased from suppliers and sold to clients..

Cyber Attacks

In October 2021, Banco Pichincha suffered a cyber-attack that affected its banking operations. The cyber-attack led to disrupted operations. The bank’s ATMs shut down with the bank’s online portal going offline. The cyber-attack forced the bank to shut down its network to prevent the spread of the Ransomware attack..

Impact of Digital Initiatives

The digital payments initiatives during the COVID-19 pandemic helped enhance digital financial inclusion and resilience for MSMEs across Ecuador. More than 2.7 million customers benefitted from the digital finance initiatives of Banco Pichincha and that included 560,000 MSMEs..

Road Ahead

At Banco Pichincha, Beltran and his team were keenly focusing on the pillars of IT security – identifying risks, protection of sensitive information, detection of cybersecurity threats and incidents, responding rapidly to the threats, and restoring normalcy in a short span of time. “All our security strategy and our operating model is based on these five pillars. Another essential piece of our strategy is the continuous assessment of vulnerabilities and the simulation of attacks – our red team exercises – in order to identify gaps before a real attacker does it,” said Beltran. The cybersecurity budget of Banco Pichincha was 13 percent of its total world IT budget..

Exhibits

Exhibit I: Products and Services of Banco Pichincha

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