BBVAMF in Foromic: “The future of microfinance is still based on the tangible, but it will also be digital”

Digital transformation in microfinance has been one of the most discussed topics in Foromic, which for three days, gathered experts in financial inclusion and development. BBVA Microfinance Foundation (BBVAMF) has participated in this forum and has shared its vision regarding the way to incorporate new technologies in a model based on human relations.

BBVAMF’s Client Development and Digital director, María José Jordá, during her panel intervention at Foromic

“In the digital world, we have to first understand the client and their needs before creating a product”, explained María José Jordá, director for BBVAMF’s Client Development and Digital. She said that microfinance is based on a model of human relations and support between loan officers and entrepreneurs, to whom financial services are delivered, no matter where they are. “This physical approach must prevail, regardless of the digital tools we use.” According to her, “the future of microfinance is still based on the tangible, but it will also be digital, and we will be there, giving our support from both sides.”

The future of microfinance is still based on the tangible, but it will also be digital, and we will be there, giving our support from both sides.”

In the panel “Microfinance and coopratives in a digital world”, María José Jordá also talked about how the Foundation is managing the transformation in the five countries where it operates (Colombia, Peru, Dominican Republic, Chile and Panama), serving more than two million people. “Our MFIs face different realities and various types of clients. We are very aware of the digital landscape in each country, very much determined by public initiatives, their connectivity, client dispersion and from there, we advance, introducing basic pillars of digitization. This allows us to apply lessons learned from the countries and experience a speedier expansion.”

Luis Alberto Moreno, president for Interamerican Development Bank (IDB); Iván Duque, president of Colombia, and singer Carlos Vives, during the opening act of Foromic 2018

In the forum organized by the Interamerican Development Bank (IDB) and the Colombian Government, under the banner “Reinventing inclusion”, the Foundation’s Colombian institution, Bancamía was also present. Miguel Ángel Charria, executive president for Bancamía, said that “technology increases the scale and efficiency of microfinance institutions, but developing client relationship is still an imperative for its advancement.”

Other institutions in the Foundation’s Group were also present in the forum: Banco Adopem from the Dominican Republic, Emprende Microfinanzas from Chile and Microserfin from Panama.