El Salvador: How to be a survivor in a financial market after COVID-19?

Written by:

Daniel Leiva and Felipe Aragón


“You have to start with the customer experience and work backwards to the technology.” Steve Jobs.


In the last few months, COVID-19 pandemic create a generalize lockdown and social distancing measures all around the world shaping a challenging scenario for all kind of business and financial services it´s no exception, in fact, this sector has been working on an innovation process trying to adapt it´s conventional tools to the digital world provoked by new players in the financial sector, fintechs.

Although it is true, this new reality could be interpreted as a threat, it´s also a key market opportunity for those who successfully achieve to comply or exceed with their client’s expectations about the financial products and services needed, in other words, resilience is a fundamental asset attached with client experience making a principle component to attain subsistence in the financial market.


To accomplish the above, it is necessary to understand relevant changes in financial costumers’ behaviors, that many surveys show as probably permanent changes. These main changes can be summarized as increasing the consumer’s usage of digital channels generating higher demand for them, diminution of cash usage on financial transaction, community, and client support from financial institutions with accessible and flexible solutions as a purchasing decision and client engagement.


Easy to think that “the” solution is a huge technological investment to reshape our business in order to comply with expectations above summarized. However, this kind of technology investments without a purpose or without caring about our clients’ needs could be a huge mistake, that is why, we must take into account our clients’ needs as our main objective to accomplish, responding to 3 fundamental questions of our clients: what do my clients need right now? when or in which circumstances do they need it? And the most important one, how can I deliver that value proposition to them? Asking all above could require instead of a huge monetary investment, an innovation process which reaches a cultural transformation into the core of the business model focusing on user or client experience as a guide to design processes, products, and services linked to key human capital that can maximize the performance of current technological tools given or acquired at the time


The formula overhead generates the ability to respond in a quick way to the behavioral turns of consumers and the financial market trends, saving time and gaining a strong market position and reaching the top of mind of clients complying with their expectations.

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