A successful money-lending institution that genuinely wants to improve people’s quality of life is not a matter of course. But it does exist. Like Mibanco, a leading Latin American micro-financier that sought to make its services more client-centric and its business future-proof.
Process
Mibanco primarily serves family-run small business owners in Peru who are often shunned by traditional banks. Realizing that its services did not fully meet its clients’ needs in 2016, the bank wanted to use its recently founded innovation department to improve clients’ quality of life and spark growth company-wide. We joined forces to interview local micro-entrepreneurs and collaborate closely in design sprints. Our aim: define a clear vision of what micro-financing in South America could look like in 2030 along with a strategic roadmap to guide the way.
Concept
By merging insights from small business owners with internal research from Mibanco, we discovered various ways for the bank to generate more value for current and future clients. This human-centric approach revealed a broad spectrum of potential financial services – ones that could truly help entrepreneurial-minded Peruvians reach their goals. Sprint by sprint, we identified the main experience gaps and pending initiatives required to build a new client-centric model. This ultimately led us to create a roadmap of feasible measures, projects and initiatives.
Being user-centered will help us build stronger relationships with our clients, maintain our leadership, and improve our profitability. Percy Urteaga, General Manager
Impact
Creating a vision for micro-financing in South America in 2030, we provided Mibanco with an actionable strategy on how to shift its services to become more user-centric. Realizing it in the months and years to come will help the bank remain relevant for local micro-entrepreneurs.
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