More Phones, Better Banks

There are around 16 million cell phones in Ecuador, despite the fact that only 8 million of Ecuadorians own a bank account. Undoubtedly, technology has managed to become integrated into our lives much faster than other services. However, and in fact due to this, it could be the best tool to promote banking and the economic and social development of Ecuador.

So, what do cell phones have to do with banks? What do they have to do with money?

Quite a lot. Nowadays, there are various options available to open a bank account without going to the physical bank. At Banco ProCredit, for example, our customers have access to most of their banking services through the mobile app: paying bills, making deposits, transfers, investments, and requesting documents. Moreover, if a phone has NFC technology, it could be used it on contactless machines, replacing both debit and credit card payments.

NFC technology stands for “Near Field Communication” allowing users to use their phone as a card, eliminating the need for handling cash.

In general, it makes sense to centralise our daily operations within a device that has become – for some – as important as clothes. We would not only use our phone to make payments at commercial establishments; but we could also use our bank’s app and easily track expenses, incomes, savings plans, and manage our budget more efficiently.

In some countries, consumers take even more advantage of technology and use it to measure the environmental impact of their purchases, calculate carbon emissions, or learn about gender gap indicators associated with their favorite stores. A digital bank customer is one who makes responsible decisions about their money.

For this reason, Banco ProCredit promotes the digitization of financial services in Ecuador. Our operations align with the Sustainable Development Goals, using
technology, good financial practices, and strategies focused on sustainable social and environmental development in Ecuador.

Scan the following QR code and visit Banco ProCredit Ecuador’s Sustainability Report.