November 11, 2019

IFC launches a DigiLab for Latin America to drive digital transformation for financial institutions

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Bogota, Colombia, March 21, 2018—, a member of the , announced the launch of IFC DigiLab for Latin America and the . The goal of the Lab is to help drive the digital transformation across the region by helping businesses respond to new digital trends in the market, while leveraging the latest technologies with the dual goals of expanding their business and promoting financial inclusion.

The first program of the IFC DigiLab, focused on financial technology, will be designed and implemented by IFC’s team specialized in advisory services with financial institutions in partnership with Accenture, a leading global management consulting firm. 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. The combined experience of IFC and Accenture will help improve access to and usage of key technologies such as analytics, big data and cloud computing all through a “mobile first” approach.

Globally, the rise of digital banking is forcing actors across the financial sector to evolve to meet the demands of their customers, and and Caribbean countries are already feeling the effects of this seismic shift. In fact, according to the GSM Association, 66% percent of people in Latin America are expected to access the internet over their mobiles by 2025. Although these emerging trends are enabling new business models, research shows that 84% of digital transformation projects fail without proper assistance.

The IFC DigiLab Finance program will start in the first half of 2018 and will help financial institutions in Latin America and the Caribbean thrive in the face of these digital challenges. It will provide expertise in digital banking strategy, business models, strategic partnerships and emerging financial technologies. The program will 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. It will also immerse its participants in face-to-face discussions, visits to innovation labs, participate in online collaborative platforms, and regional innovation summits about new trends in digital finance.

“The goal of the IFC DigiLab Finance program is to offer an innovative, creative and market-driven capacity building projects that ultimately helps financial institutions to enhance their digital value proposition and create sizable commercial opportunities at a lower cost to underbanked citizens in ways previously hard to imagine” said Paulo de Bolle, IFC’s Global Industry Director for the Global Financial Institutions Group.
For more information, visit www.ifc.org/digitalfinance

About IFC
IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work with more than 2,000 businesses worldwide, using our capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In FY17, we delivered a record $19.3 billion in long-term financing for developing countries, leveraging the power of the private sector to help end poverty and boost shared prosperity. For more information, visit www.ifc.org.

About Accenture Development Partnership
Accenture Development Partnership delivers the power of Accenture’s Global capabilities and experience to address complex social issues positively impacting the lives of people in the developing word. Accenture is a leading global professional services company, providing an extensive range of services and solutions in strategy, consulting, digital, technology and operations. Combining unmatched experience and specialized skills across more than 40 industries, Accenture works at the intersection of business and technology and strategy to help clients improve their performance and create sustainable value for their stakeholders. With more than 425,000 people serving clients in more than 120 countries, Accenture drives innovation to improve the way the world works and lives. For more information, visit www.accenture.com

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