PRESS RELEASE

IFC Launches New DigiLab Phase

By
Wednesday, November 14, 2018

Press release by the IFC

Bogotá, Colombia, November 14, 2018 - IFC, a member of the World Bank Group, today announced a new DigiLab phase for Latin America and the Caribbean, a training program that encourages financial institutions in the region to develop their digital transformation strategies. The objective is to help institutions expand their businesses and promote financial inclusion.

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This will be DigiLab's second training program, which focuses on financial technology and is designed and implemented by IFC's financial institution advisory team in partnership with Accenture, a leading global consulting firm.

The program, which will start in the first quarter of 2019, seeks to help financial institutions to rethink their digital strategies to meet the expectations of their customers and take advantage of new technological trends in the market. The experience of IFC and Accenture helps create a program to improve access and use of key technologies such as data analytics, bigdata and cloud computing, with a focus on mobile financial services.

The rise of digital banking around the world has forced the financial sector to evolve to meet the demands of the new digital customer, a trend to which Latin America and the Caribbean is no stranger. According to the GSMA Association, by 2025, 66 percent of people in Latin America will have access to the internet through their cell phones. Although these trends are driving new business models, studies show that 84 percent of digital transformations fail without adequate support.

The program will help leaders in the financial sector to develop the knowledge and skills necessary to understand the impact of emerging digital banking, evaluate opportunities and establish alliances with technology firms that collaborate in the execution of digital transformation. The participants will be immersed in face-to-face discussions, visits to innovation laboratories, transformation workshops, participation in an online collaborative learning platform and regional conferences on new trends in digital finance.

For 11 weeks, participants of the first DigiLab training program that took place in 2018 attended three face-to-face learning workshops and meetings to expand their network of contacts in different places such as Bogotá, Mexico City and Sao Paulo. In addition, there is mentoring for digital strategy and roadmap development and as part of the program, invitations to events on emerging technologies.

The program included 35 presenters who covered theoretical and practical topics related to digital strategy, the client-centered model, the operating model, technology, innovation and prioritization methodologies. Of these, almost half were senior managers who provided real-life examples of their institutions on how they are addressing the challenges of digital transformation.

About IFC

IFC - a sister organization of the World Bank and member of the World Bank Group - is the leading international development institution dedicated to the private sector in emerging markets. Together with more than 2,000 companies around the world, we use our capital, experience and influence to create opportunities where they are most needed. In fiscal year 2018, our long-term financing in developing countries amounted to more than $ 23 billion, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org

About Accenture Development Partnership

Accenture Development Partnership (ADP) offers its clients in the development sector the resources and experience of Accenture's global organization to tackle complex social problems that positively impact the lives of people in developing countries. Accenture is a leading global professional services firm that provides a wide range of services and solutions in strategy, consulting, digital, technology and operations. Combining experience and specialized skills in more than 40 industries, Accenture works at the intersection of business, technology and strategy to help its clients improve their performance and create sustainable value. With more than 425,000 people serving customers in more than 120 countries, Accenture drives innovation to improve the way the world works. For more information, visit www.accenture.com

This press release was published using an automatic translation system.