Smart solutions for the finance sector in Latin America
Latin America is engaged in a continuous battle of varying intensity in different countries. One of the support strategies involves software solutions, developed in record time with GeneXus, to help society quickly find the best possible answers for its needs. In this context, the banking and finance sector is a clear example of the digital acceleration caused by this pandemic.
In this article, you can find out about the following solutions for the finance sector:
Latin America from north to south: 20 Million rescheduled contracts in the banking sector
The banking platform Bantotal, distinguished for having its banking core developed with GeneXus, entered the market in 1991 and became a leader in Latin America. Headquartered in Uruguay, it has commercial and service offices in different countries of the region and Software Development Centers in Argentina and Peru. Needless to say, its customers are also distributed in many countries across the continent.
The situation created by the pandemic made it necessary to act quickly according to the needs of clients in banks throughout Latin America, so an unexpected workload generated in 12 countries had to be processed.
Changes were made in response to the need to reschedule contracts for many clients from different banks across the continent: Argentina, Bolivia, Chile, Colombia, El Salvador, Honduras, Guatemala, Mexico, Panama, Paraguay, Peru, and Uruguay.
This rescheduling included different types of loans, such as consumer, pledge, mortgage, microcredit, leasing and corporate loans, among others; as a result, the total number of loans –number of contracts– that had to be rescheduled was close to 20 million.
The adjustments were made in the Loan System itself, as well as Accounting, Credit Risk System and Regulatory Reports. In addition, each case had its own particular characteristics, depending on the guidelines of the regulatory bodies of each country.
“We were able to provide a fast response to clients thanks to the efforts of our team of dedicated professionals, who are highly knowledgeable about our banking system. Developing with a high-productivity platform such as GeneXus combined with our expertise has enabled us to work at an amazing speed and meet all needs in a timely manner,” says CEO Marcelo Kosec.
Chile: effective solutions for more than 120,000 micro enterprises
One of the Chilean institutions that uses Bantotal is Fondo Esperanza.
Fondo Esperanza promotes social development and has 16 years’ experience supporting entrepreneurs from disadvantaged sectors through the provision of microfinance services (microcredit and microinsurance), training and strengthening of their support networks, in order to develop their businesses and improve their living conditions, as well as those of their families and communities.
In the context of the pandemic, it focused its efforts on supporting more than 120,000 micro-entrepreneurs adversely impacted by the side effects of the COVID-19 pandemic, so it decided to postpone its members’ loan repayments for three months, at no cost to them.
«A significant part of the technical implementation has been possible thanks to the support we have received from Bantotal and GeneXus, with agile developments that allowed us to restructure more than 95% of the institution’s portfolio in a timeframe that was very much in line with the needs of its beneficiaries»
Zunilda Vergara. Technology and Data Manager at Fondo Esperanza.
Uruguay: Surprisingly fast results for a population group in need of care
In turn, GeneXus Consulting offered a range of solutions for those at higher risk from coronavirus: people over 60, retirees and residents of nursing homes, who comprise about 20% of Uruguay’s population.
In this scenario, different technology systems were adapted to respond to this new reality.
The first step was to address the financial needs of retirees. To this end, a solution was implemented at Banco de Previsión Social (BPS) in record time that implemented online loans for retirees, pensioners and employees of the social security bank, without the need for them to visit the institution in person. This solution was added to others provided by the BPS, such as new subsidy payments and decentralization of payments at BPS offices to avoid crowding.
The new online loans for retirees, pensioners and BPS employees made it possible to make an application remotely that previously could only be made in person.
This web solution was developed and implemented over the bank’s existing technology base using GeneXus technology and K2BTools , within 10 days with 400 hours of work by a team of 5 people, thus collaborating with the task of protecting the bank’s users and employees.
“Faster digitalization of some basic and essential administrative tasks has a positive impact on the agility and integration of different sectors into digital transformation. Also, it improves time efficiency and the use of natural resources,” comments Alejandra Lemos, Project Director at GeneXus Consulting.
The Web loans project was going to be developed during 2020, but given the situation, what was planned to be accomplished in 4 or 5 months was done in only 10 days.
In addition, this solution includes a web application to appoint someone other than the beneficiary to collect a retirement pension. This formality, which previously could only be carried out in person, had a potential target group of 118,000 people during the health emergency.
In the context of the pandemic, this was exceptionally solved in two days with an Identity Verification and Request Validation Form to authorize another person (not a legal representative of the beneficiary) to collect payments issued by BPS during the COVID-19 crisis. The existing regulation was modified due to the need to allow another person to collect social security payments on behalf of a senior person.
In addition to automating communications and integrating with systems handling powers of attorney, a web functionality was designed that uses key questions to help the employee who makes a verification call to confirm that the person who made the request is who he/she claims to be.
In a period of 3 months, 7,500 requests have been answered.
·Microcredits for entrepreneurs was another solution addressed by GeneXus Consulting in 12 branches of Cintepa in Uruguay. They were made available to small enterprises of the credit union, adding credit application options in the mobile application, according to the credit lines of the National Development Agency (ANDE) offered due to COVID-19.
These “Emergency Microcredits” were provided with no need to go to the offices in person and were intended for entrepreneurs and micro-entrepreneurs who were looking for financial support. The development of this new line of credit is consistent with the credit union’s purpose of helping and assisting each other by providing long-term financial services for its 12,000 members.
The solution was implemented in 6 days with the latest GeneXus technology for the Smart Device generator and was able to quickly meet the pressing needs of the country’s entrepreneurs.
- How Bantotal provided timely solutions to banks in 12 Latin American countries.
- Local example in Chile for the sector of entrepreneur loans.
- Three solutions in Uruguay that addressed –in record time– the needs of retirees and the micro enterprise sector.
Latin America from north to south: 20 Million rescheduled contracts in the banking sector
The banking platform Bantotal, distinguished for having its banking core developed with GeneXus, entered the market in 1991 and became a leader in Latin America. Headquartered in Uruguay, it has commercial and service offices in different countries of the region and Software Development Centers in Argentina and Peru. Needless to say, its customers are also distributed in many countries across the continent.
The situation created by the pandemic made it necessary to act quickly according to the needs of clients in banks throughout Latin America, so an unexpected workload generated in 12 countries had to be processed.
Changes were made in response to the need to reschedule contracts for many clients from different banks across the continent: Argentina, Bolivia, Chile, Colombia, El Salvador, Honduras, Guatemala, Mexico, Panama, Paraguay, Peru, and Uruguay.
This rescheduling included different types of loans, such as consumer, pledge, mortgage, microcredit, leasing and corporate loans, among others; as a result, the total number of loans –number of contracts– that had to be rescheduled was close to 20 million.
The adjustments were made in the Loan System itself, as well as Accounting, Credit Risk System and Regulatory Reports. In addition, each case had its own particular characteristics, depending on the guidelines of the regulatory bodies of each country.
“We were able to provide a fast response to clients thanks to the efforts of our team of dedicated professionals, who are highly knowledgeable about our banking system. Developing with a high-productivity platform such as GeneXus combined with our expertise has enabled us to work at an amazing speed and meet all needs in a timely manner,” says CEO Marcelo Kosec.
Chile: effective solutions for more than 120,000 micro enterprises
One of the Chilean institutions that uses Bantotal is Fondo Esperanza.
Fondo Esperanza promotes social development and has 16 years’ experience supporting entrepreneurs from disadvantaged sectors through the provision of microfinance services (microcredit and microinsurance), training and strengthening of their support networks, in order to develop their businesses and improve their living conditions, as well as those of their families and communities.
In the context of the pandemic, it focused its efforts on supporting more than 120,000 micro-entrepreneurs adversely impacted by the side effects of the COVID-19 pandemic, so it decided to postpone its members’ loan repayments for three months, at no cost to them.
«A significant part of the technical implementation has been possible thanks to the support we have received from Bantotal and GeneXus, with agile developments that allowed us to restructure more than 95% of the institution’s portfolio in a timeframe that was very much in line with the needs of its beneficiaries»
Zunilda Vergara. Technology and Data Manager at Fondo Esperanza.
Uruguay: Surprisingly fast results for a population group in need of care
In turn, GeneXus Consulting offered a range of solutions for those at higher risk from coronavirus: people over 60, retirees and residents of nursing homes, who comprise about 20% of Uruguay’s population.
In this scenario, different technology systems were adapted to respond to this new reality.
The first step was to address the financial needs of retirees. To this end, a solution was implemented at Banco de Previsión Social (BPS) in record time that implemented online loans for retirees, pensioners and employees of the social security bank, without the need for them to visit the institution in person. This solution was added to others provided by the BPS, such as new subsidy payments and decentralization of payments at BPS offices to avoid crowding.
The new online loans for retirees, pensioners and BPS employees made it possible to make an application remotely that previously could only be made in person.
This web solution was developed and implemented over the bank’s existing technology base using GeneXus technology and K2BTools , within 10 days with 400 hours of work by a team of 5 people, thus collaborating with the task of protecting the bank’s users and employees.
“Faster digitalization of some basic and essential administrative tasks has a positive impact on the agility and integration of different sectors into digital transformation. Also, it improves time efficiency and the use of natural resources,” comments Alejandra Lemos, Project Director at GeneXus Consulting.
The Web loans project was going to be developed during 2020, but given the situation, what was planned to be accomplished in 4 or 5 months was done in only 10 days.
In addition, this solution includes a web application to appoint someone other than the beneficiary to collect a retirement pension. This formality, which previously could only be carried out in person, had a potential target group of 118,000 people during the health emergency.
In the context of the pandemic, this was exceptionally solved in two days with an Identity Verification and Request Validation Form to authorize another person (not a legal representative of the beneficiary) to collect payments issued by BPS during the COVID-19 crisis. The existing regulation was modified due to the need to allow another person to collect social security payments on behalf of a senior person.
In addition to automating communications and integrating with systems handling powers of attorney, a web functionality was designed that uses key questions to help the employee who makes a verification call to confirm that the person who made the request is who he/she claims to be.
In a period of 3 months, 7,500 requests have been answered.
·Microcredits for entrepreneurs was another solution addressed by GeneXus Consulting in 12 branches of Cintepa in Uruguay. They were made available to small enterprises of the credit union, adding credit application options in the mobile application, according to the credit lines of the National Development Agency (ANDE) offered due to COVID-19.
These “Emergency Microcredits” were provided with no need to go to the offices in person and were intended for entrepreneurs and micro-entrepreneurs who were looking for financial support. The development of this new line of credit is consistent with the credit union’s purpose of helping and assisting each other by providing long-term financial services for its 12,000 members.
The solution was implemented in 6 days with the latest GeneXus technology for the Smart Device generator and was able to quickly meet the pressing needs of the country’s entrepreneurs.