GIF | Main Conclusions of the Workshop on Corporate Governance, Technologies and Financial Inclusion

Within the framework of FOROMIC, the GIF Project presented some of the main results of its report on Digital Financial Governance and Inclusion that will be published in the coming weeks. The session was attended by Juan Carlos Sánchez, Director of the GIF Project, Fernando Sánchez, CEO of BIM, Carlos Fernández, Fintech Consultant of the GIF Project and Edgardo Pérez, General Manager of the Fundación Génesis Empresarial de Guatemala, an interesting case study .

Carlos Fernández summarized some of the main results of this exploratory study, which has had the participation of 36 Inclusive Financial Institutions from 7 countries, 6 consultants from the GIF Project and 2 Fintech Associations from the region. The study covers issues such as the digital transformation of the IFIs, the relationship with the Fintech sector or the role of innovation and new converging technologies.

For his part, Edgardo Pérez, General Manager of the Genesis Foundation, showed the direct experience of an IFI in the process of digital transformation, which is successfully developing Fintech initiatives within its strategic plan.

68% of the IFIs participating in the study can be considered as incipient institutions of digital transformation. This data clearly shows the need for a change in organizations, which is driven by the boards of directors and management teams. The governance of the process plays a key role at this point. For example, all the institutions that have been classified as having a high level of digital transformation have a defined strategy and a person in charge of digital transformation in the organization.

Only 50% of the IFIs that have participated in the study acknowledge that they compete or cooperate with Fintech initiatives, although 89% consider that this type of initiative has a place in the field of financial inclusion. The study covers aspects such as the main Fintech verticals in contact with the IFIs or the interest in developing initiatives of this type on the part of the participating institutions. The governance of innovation in IFIs is also an area that requires further strengthening. 58% of the institutions declare that they do not have an innovation manager.

The study reflects the experience of the Genesis Foundation, which has tackled an ambitious strategic plan that uses digital transformation, Fintech initiatives and innovation as levers for change and scalability. In the session, Edgardo Pérez himself explained these changes as general manager, but also as head of digital transformation of the Foundation. Their focus on the external and internal client, the work methodology based on development paths, the digital transformation of the entire organization and the six Fintech initiatives they have underway, support the efforts of the Genesis Foundation to lead good practices in digital financial inclusion.