Banco Agrario of Colombia and Prisma Campaigns catalyze financial inclusion for 230,000 farmers amid coronavirus pandemic.
Implementation of online account opening instrumental in financial inclusion for the unbanked as emergency relief is distributed.
(BOSTON, MA — July 17, 2020) — Today Prisma Campaigns and Banco Agrario de Colombia (Agricultural Bank of Colombia), announced that through their partnership they were successful in opening 230,000 new bank accounts in the early days of the coronavirus pandemic. Their mission was to react quickly together with governments to support those in need, namely the unbanked.
Banco Agrario is a state bank that provides services to the rural sector of Colombia. Before the health crisis, they partnered with Prisma Campaigns, a marketing platform designed to help financial institutions improve omnichannel digital experiences and to enable online account opening. The original scope was to support approximately 500 new accounts per month, but due to the coronavirus, it was tasked with 460 times that number.
“Because of a government decision that requires individuals to provide a bank account in order to receive pandemic-related aid, we were faced with the need to open more than 80,000 accounts in two weeks and 230,000 within the first month,” said Luis Carlos Motta, Chief Innovation Manager at Banco Agrario.
“While online account opening was already underway, from a technical standpoint our internal platform and infrastructure weren’t prepared to handle such a load. Our partner, Prisma Campaigns remained agile, and made the necessary adjustments to our internal services to solve bottlenecks in a very short time.”
“Financial inclusion is near and dear to our hearts,” said Felipe Gil, CEO of Prisma Campaigns. “We were honored to help Banco Agrario on their mission and streamline their digital account opening process. Today, they are opening more than 8,000 new accounts per day.”
For more information on how Prisma Campaigns and Banco Agrario are committed to financial inclusion, business agility, and working together with governments to support those in need, please contact Clara Hori at clarahori(at)prismacampaigns.com or visit prismacampaigns.com and bancoagrario.gov.co.
About Banco Agrario
Banco Agrario de Colombia SA was founded in 1999 with a mission to provide banking services to the rural sector of Colombia. Today, it operates 749 branches that finance rural, agricultural, livestock, fishing, forestry, and agro-industrial activities. To meet the financial needs of the rural and urban sectors, it has the most extensive network of offices in the country.
About Prisma Campaigns
Prisma Campaigns is a marketing platform designed to help financial institutions deepen their relationship with customers through omnichannel, digital experiences. By leveraging their existing data and online channels, banks and credit unions can execute data-driven campaigns to increase loyalty and share of wallet. Prisma Campaigns is a spin-off of Infocorp.
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Image credits: Prisma Campaigns and mentioned companies websites.