“Until 2018 Banco PAN was very much an analogue company reliant on legacy paper processes,” recalls Leandro Marçal. Joining the bank in December 2020, to become Technology & Operations Director (CIO/COO), Marçal was tasked with accelerating a digital transformation journey.
Becoming a digital bank
“Banco PAN invested in innovation before I arrived,” says Marçal. “It is my team’s job to formalise the path towards becoming a digital bank. Our focus on continuous improvement saw the development of a digital checking account within nine months. We originally began by talking about the type of digital bank we wanted to be. Our legacy operation was digitalising. It was an opportunity to improve the customer experience with our checking account and credit card systems.”
“We developed in the traditional way, thinking about inputting technology across all processes then creating a digital bank. The most important thing was how to make the bank think about the whole process of being digitalised. There was a key transformation required to complete this digitalisation task. We focused on making people inside the bank – the product, back-office and customer services teams – think about a whole new digital banking journey.”
Developing an ecosystem of services
The strategy at Banco PAN is to become a multi-bank additionally offering a range of services to its customers. This strategy gathered pace in 2022. Banco PAN’s acquisition of e-commerce leader Mosaico (also owner of popular price comparison website Buscapé) and online car sales platform MobiAuto has seen its ecosystem of digital services develop further.
“We are aggregating an ecosystem of services with the bank’s credit technologies,” adds Marçal. “This gives us the opportunity to become an advisory for financial and consumer services for our clients.”
“The idea is to provide all that the client needs inside the same app,” continues Marçal. “For example, if I was to buy a cell phone I can complete the whole process on the same banking platform from credit check to purchase and set up. We provide the whole experience of financial advisor and consumer advisor for the customer inside the same ecosystem.”