The COVID-19 health crisis has challenged the essence of microfinance: the relationship banking model. Since the beginning of the pandemic, the necessary health measures implemented in Latin America have made it difficult for microfinance officers to continue giving personalized service to entrepreneurs.
In the case of BBVA Microfinance Foundation (BBVAMF), the digitization of financial services, which were already consolidated before the confinement stage, has helped mitigate the effects of physical distancing. With tools such as WhatsApp, social media and virtual meeting platforms, among others, both officers and entrepreneurs have been able to adjust to the new reality.
Relationship banking has never been this well backed up by technology; a vision turned into reality, and a natural step for BBVAMF to take, because innovation is in its DNA.
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