The International Finance Corporation (IFC) has launched a digital lab with a dual goal of driving the digital transformation and promoting financial inclusion in Latin America and the Caribbean.
The lab, staffed mostly with financial experts, will partner with IT consulting firm Accenture and persuade regional banks to harness cutting-edge financial technologies. In addition, it will provide expertise in digital banking strategy, business models, and strategic partnerships.
“This program aims to support financial institutions in rethinking their digital strategies to cope with today´s customer’s expectations as well as the new digital trends in the market,” IFC stated in a press release.
The international organization says it will teach banks and other financial services providers about how to use key technologies, such as analytics, big data, and cloud computing on mobile platforms.
About 66% of people in Latin America are expected to access the internet over mobile by 2025, according to GSM Association.
Globally, the rise of digital banking is forcing actors across the financial sector to evolve to meet the demands of their customers, and Latin American and Caribbean countries are already feeling the effects of this seismic shift.
“Although these emerging trends are enabling new business models, research shows that 84% of digital transformation projects fail without proper assistance,” said the IFC, explaining why it took up the task of promoting financial technologies.
The lab will organize regional innovation summits to update financial executives on new technology trends and conduct tours to innovation labs.
The ultimate goal of the lab is to enable leaders in the financial services industry to develop the knowledge and skills necessary to understand the impact of emerging digital banking practices, evaluate opportunities, and partner with technology firms to successfully execute their digital transformation.