Background on BanCoppel and Its Significance
BanCoppel, the financial arm of Grupo Coppel, currently serves approximately 14 million active customers. As part of the recent unveiling of Coppel’s new retail store image and an investment announcement of 80 billion pesos over the next five years, BanCoppel has set its sights on banking an additional 3 million individuals within this period.
Investment Breakdown and Focus Areas
According to Estephany Paulette Ley, Director of Retail Banking at BanCoppel, 50% of the investment will go towards physical expansion, 40% towards technological transformation and e-commerce services, and 10% towards sustainability and transportation.
Technological Renovation: A Key Priority
Ley emphasized the importance of both physical infrastructure investment and technological renovation. BanCoppel is undergoing a core banking transformation, migrating to the cloud for many of its services. The focus is also on generating new functionalities within their mobile application.
- Currently, around 10 million customers use the app for recurring transactions.
- The bank processes over 25 million SPEI (electronic transfer) transactions monthly.
Ley highlighted that the investment in backend infrastructure is crucial to maintaining a stable service for their clients.
Expanding Physical Presence Beyond Retail Stores
Ley announced plans to open more standalone bank branches as part of this new strategy. Currently, they aim to have 15-16 such branches by the end of the year and plan to reach approximately 50 in the coming years.
This format has proven successful, particularly for serving clients who own their businesses. Currently, 20% of BanCoppel’s personal loan customers declare using the funds for their business, indicating this format’s suitability for such clients.
Leveraging Technology and Digital Channels to Attract More Customers
To onboard the additional 3 million customers over the next five years, BanCoppel will utilize its extensive branch network and digital channels. The bank intends to simplify the account opening process through their mobile app, allowing customers to sign up with minimal questions and requirements.
