Last June, the board of directors of Credicorp Ltd. announced the appointment of Gianfranco Ferrari de las Casas, a Business Administration and Accounting graduate from Universidad del Pacífico (UP), as its new CEO as of January 2022. Credicorp Ltd. groups Pacífico Seguros, Mibanco, Mibanco Colombia, Credicorp Capital, BCP Bolivia, Prima AFP, Atlantic Security Bank and Krealo. Thus, the UP graduate will lead the Group's operations in Peru, Chile, Colombia, Bolivia, Panama and the United States.
Following this important announcement, the executive announced that one of his main goals as the new CEO of Credicorp Ltd. is to create a sustainable and inclusive economy in Latin America, and to deepen the digital transformation. He acknowledged that achieving these goals is particularly challenging in the current context for a financial group.
"On the one hand, the standard of service demanded from our companies today is not that of the country's leading banks or insurers. It is that of the world's leading technology companies. For our customers, the standard of good service they expect - as we become increasingly digital - is that of companies like Amazon or Netflix. That's a very high hurdle. On the other hand, we have to be aware that we have more stakeholders than our shareholders, collaborators or customers. Society as a whole expects our business to have a positive impact on it and we have to live up to that,” he said.
He also explained that since Covid - 19 arrived in the countries where Credicorp Ltd. operates, the group has been implementing a plan on several fronts, which includes the health and welfare of its approximately 40 thousand workers; providing the necessary facilities to its customers so that the crisis does not ruin their plans; and support to society through donations for vouchers to needy families, the acquisition and donation of biosecurity equipment for health personnel and the armed forces, the financing of emergency flights for doctors infected by Covid-19, the creation of free life insurance for the families of medical and police personnel who died fighting the pandemic, the donation of funds to Respira Perú for the installation of 13 oxygen plants in 9 cities, and the current support to the Ministry of Health and Legado for the implementation of the Vacunacar in Chorrillos.
"We were always clear that in this very complex scenario the priority was not to recover our loans and placements at any cost, but to help the vast majority of our clients to finally recover and move forward, so that we could continue our relationship with them and continue doing business together. Of course, that is possible thanks to the stability and solidity that Credicorp has built over all these years,” said Ferrari.
Digital transformation and teleworking
Within the adversities generated by the pandemic caused by Covid – 19, it forced society to accelerate the adoption of positive changes such as digital transformation. In this regard, the executive shared that the demand for digital services increased dramatically, which also required the internal transformation of Banco de Crédito del Perú (BCP), the main company of the group, since overnight it became an organization that operates remotely to a large extent, which allowed them to discover the advantages that this system has for the productivity and quality of life of its workers.
"Perhaps it would have taken us years to implement a widespread system of remote work if the pandemic had not forced us to implement it in a matter of days. It has been a tremendously satisfying experiment because it has made us a more productive organization that allows for a higher quality of life. Naturally, it requires a lot of work to generate virtual environments that replace those face-to-face and informal moments that bring personal relationships closer and help build the culture of the institution," he said.
Referents and influences
Gianfranco Ferrari will take over the leadership of Credicorp Ltd. to replace Walter Bayly Llona, who has decided to retire at the end of 2021 after 28 years with the group. In this sense, Ferrari highlighted Bayly's legacy, since in his opinion the Credicorp group would not be the same without him. "During his tenure we became one of the leading financial groups in the region and an internal culture of leadership and excellence that explains our success was created," he said.
Regarding the influence of UP in his professional life, he highlighted the values instilled in this university. "Especially at this juncture, concern and connection with society makes all the difference in how a company ends up relating to its stakeholders and, in that sense, where it will end up when the pandemic has passed. Strengthening that sense of commitment is what I am most grateful to UP for today," he concluded.