Within the framework of APEC 2024, the US private sector strengthens Peru’s technological infrastructure with investment
Banco de Crédito del Perú (BCP) has partnered with US companies Microsoft, a leader in cloud solutions, and Kyndryl, a global leader in Information Technology (IT) infrastructure services, to modernize their systems through a hybrid cloud, facilitating better access to Peruvians. with digital banking services. The bank will invest more than $650 million over five years in this agreement, making it one of the largest investments in technology in the Latin American financial sector.
Within the framework of APEC 2024, under the goals Empower, Include, Grow, the efforts of the private sector of the United States will strengthen Peru’s infrastructure through various investments, improving the country’s capacity in critical sectors such as transportation, basic infrastructure and connectivity, contributing. with economic growth and long-term stability.
Diego Cavero, CEO of BCP, said, “We want to be our clients’ allies and help them achieve their plans, believing that financial inclusion creates opportunities for growth. “Digitalization can help close that gap, so BCP, together with Microsoft and Kyndryl, will modernize our systems to offer more agile and secure state-of-the-art applications, improving the experience for millions of customers.”
Mario Rodríguez, general manager of Microsoft Peru, highlighted: “This collaboration will transform the Peruvian financial sector, creating an innovation platform that will advance disruptive projects with artificial intelligence. It will also benefit entrepreneurs and small businesses, by facilitating access to financial services and promoting sustainable growth, making Peru a leader in global technological innovation.”
As part of this agreement, BCP will work with Kyndryl and use Microsoft Azure to create a hybrid computing environment, modernize its IT applications and improve the agility of its digital channels, providing a faster and more seamless online and mobile experience for the customer.
Leandro Peirano, CEO of Kyndryl Peru, said, “The banking sector is evolving rapidly to meet the demands for a better digital experience. Although invisible to the public eye, a modern and robust IT infrastructure is critical to achieving a resilient and accessible experience. “We are honored to support BCP in its IT modernization strategy and collaborate with Microsoft to make the bank’s vision a reality,” he said.
This milestone reaffirms BCP’s commitment to leadership in digital banking in Peru. Currently, BCP and Yape mobile banking are the most used banking applications, with 72% of digital customers and more than 16 million active Yape users, making 27 million transactions daily.
Interview between Time.news Editor and Financial Technology Expert on APEC 2024 and the BCP-Microsoft-Kyndryl Partnership
Time.news Editor: Good day, and thank you for joining us today! We have a very exciting topic to discuss as we dive into the recent partnership announcement between Banco de Crédito del Perú (BCP) and two tech giants, Microsoft and Kyndryl. With APEC 2024 on the horizon, how significant do you believe this investment is for Peru’s technological landscape?
Expert: Thank you for having me! This investment is indeed monumental, not only for BCP but for the entire Peruvian economy. The projected $650 million investment over five years represents a substantial commitment to modernizing Peru’s financial infrastructure. By integrating cloud solutions, we’re talking about improving digital banking services for millions of Peruvians, which ultimately fosters greater financial inclusion.
Time.news Editor: That’s a great point. In your opinion, how will this hybrid cloud setup transform the banking experience for customers in Peru?
Expert: The shift to a hybrid cloud will streamline operations and enhance the security of transactions, which is crucial in the digital banking world. Customers will experience faster service, more reliable access, and the ability to conduct transactions seamlessly, even in rural areas. This setup will also allow BCP to roll out new, state-of-the-art applications that cater to their clients’ evolving needs.
Time.news Editor: Diego Cavero, the CEO of BCP, mentioned the importance of financial inclusion. Could you elaborate on how digitalization can bridge the financial gap in Latin America?
Expert: Absolutely. In Latin America, many individuals and small businesses lack access to essential financial services. Digitalization can democratize access to banking, allowing more people to save, invest, and transact online. It empowers entrepreneurs and small businesses by providing them with tools to grow, reducing the barriers that traditionally held them back. The collaboration between BCP, Microsoft, and Kyndryl is essentially laying down the groundwork for a more inclusive economic environment.
Time.news Editor: Mario Rodríguez from Microsoft Perú highlighted that this collaboration will innovate not only in digital banking but also with artificial intelligence. How do you see AI’s role in transforming the financial sector in the coming years?
Expert: AI has the potential to radically change the financial landscape. With advanced algorithms, banks can analyze vast amounts of data to provide personalized services, anticipate customer needs, and manage risks better. For instance, AI can enhance fraud detection mechanisms and facilitate faster credit decisions. This adaptation will be key as banking becomes more competitive and customer-centric.
Time.news Editor: With APEC 2024 focusing on goals like empowerment and inclusion, how do you see Peru positioning itself on the global stage with these advancements?
Expert: Peru is making a bold statement by embracing such significant advancements in technology. By improving its digital infrastructure, it not only enhances its own economic Iindependence but also establishes itself as a leader in technological adaptation within Latin America. This could attract more foreign investment and partnerships, positioning Peru as an essential player in regional economic growth and innovation.
Time.news Editor: Excellent insights! what do you believe are the next steps for BCP and the Peruvian financial sector as they embark on this ambitious journey?
Expert: Moving forward, BCP will need to focus on effectively implementing these technologies while simultaneously training their workforce to adapt to the new systems. Continuous engagement with customers will also be vital to ensure that their needs are met as services evolve. Collaboration among tech companies like Microsoft and Kyndryl will enable ongoing innovation and adaptation in response to market demands, positioning BCP as a trailblazer in the financial sector.
Time.news Editor: Thank you so much for sharing your expertise and insights with us today! It’s clear that this partnership is not just about technology—it’s about unlocking potential and nurturing growth in Peru’s economy.
Expert: Thank you for having me! It’s an exciting time for the financial sector in Peru, and I’m eager to see how these developments unfold.