- Banco de Crédito del Perú drives technological modernization: Thanks to its alliance with Microsoft and Kyndryl, it adopts hybrid cloud solutions to optimize its operations and promote financial inclusion.
- Strategic digital transformation: The integration of Microsoft Azure allows BCP to process over 300 million transactions monthly and manage real-time operations, expanding access to financial services for its more than 8 million customers in Peru.
Banco de Crédito del Perú, the leading player in the country’s banking sector, has taken a decisive step in its digital transformation by announcing an investment of over 2.5 billion soles to modernize its technological infrastructure.
This initiative, in collaboration with Microsoft Azure and Kyndryl, strengthens its commitment to financial inclusion and positions Peru as a leader in technological innovation.
Technological modernization for a World-Class digital experience at Banco de Crédito del Perú
The partnership with Microsoft Azure, a global leader in cloud solutions, and Kyndryl, an expert in technology infrastructure services, will allow Banco de Crédito del Perú to adopt a hybrid cloud model that optimizes its operations and enhances its digital channels.
According to Diego Cavero, the bank’s CEO, this effort aims to close financial inclusion gaps through digitalization.
“The technological modernization of BCP will enable more agile, flexible, and secure applications, benefiting our millions of customers with an enhanced experience,” Cavero stated.
Mario Rodríguez, General Manager of Microsoft Peru, emphasized the impact that this modernization will have on the financial industry, noting that the innovation platform created through this collaboration will drive the development of disruptive projects based on artificial intelligence, benefiting entrepreneurs and small businesses. “We are positioning Peru as a global leader in technological innovation, promoting sustainable growth, and facilitating access to essential financial services,” Rodríguez commented. Meanwhile, Kyndryl will be responsible for implementing a robust infrastructure to ensure the stability and accessibility of Banco de Crédito del Perú’s (BCP) digital services. Leandro Peirano, General Manager of Kyndryl Peru, stressed the importance of modern IT infrastructure to meet the demands of today’s consumers.
The impact of this investment is reflected in the success of BCP’s digital solutions. Currently, its Mobile Banking app and Yape digital wallet lead the Peruvian market, with over 72% of BCP’s customers using digital platforms. According to the bank, more than 16 million Yape users perform 27 million daily transactions. This ecosystem not only fosters financial inclusion but also responds to the growth of internet access in the country. According to OSIPTEL data, fixed internet connections in households grew by 5% in 2023, which facilitates the expansion of digital services.
The EY “FinTech Business Guide 2023/2024” report highlights that digital transformation is key to closing gaps in access to financial services in Latin America. In Peru, only 57% of adults have a bank account, and the use of digital means for financial transactions remains low. However, initiatives like BCP’s are making a difference. According to the World Bank, the percentage of adults in developing economies making digital payments increased from 35% in 2014 to 57% in 2021.
In Peru, the number of digital payments per adult nearly doubled in one year, from 97 transactions in 2021 to 174 in 2022, according to the BCRP. These figures highlight the critical role of digitalization in promoting transparency, reducing corruption, and expanding access to essential financial services, especially in rural areas, where connectivity reaches only 40% of the population.
BCP’s modernization includes the development of a hybrid computing environment with Microsoft Azure, improving the agility and availability of its platforms. This benefits users with a faster and smoother online experience.
Additionally, the partnership is expected to foster AI-based projects and the integration of blockchain tools, aligned with World Bank recommendations to accelerate digital adoption. For example, the BIM digital wallet, managed by Pagos Digitales Peruanos, has enhanced its features with tools like geolocation and integration with entities like Western Union, which increased its transaction volume by 37% in 2023. BCP’s strategy not only seeks to modernize its infrastructure but also lays the groundwork for a more inclusive and efficient financial ecosystem.
According to the Credicorp Financial Inclusion Index 2023, Peru has made significant progress in access, usage, and the quality of financial services. Furthermore, the Central Reserve Bank of Peru (BCRP) is evaluating the implementation of a Central Bank Digital Currency (CBDC) to complement the digital payments ecosystem and expand the financial offerings to the population.