Building Confidence in Ecuador’s Banking System Through the Power of Open Data
Company Size
1,000+
Region
- America
Country
- Ecuador
Product
- DataLab
- Qlik Sense
Tech Stack
- Data Mining
- Data Analysis
- Data Visualization
Implementation Scale
- Enterprise-wide Deployment
Impact Metrics
- Brand Awareness
- Customer Satisfaction
Technology Category
- Analytics & Modeling - Data Mining
- Analytics & Modeling - Real Time Analytics
Applicable Industries
- Finance & Insurance
Applicable Functions
- Business Operation
Services
- Data Science Services
About The Customer
Asobanca is a nonprofit institution that represents 15 of the 24 biggest private banks in Ecuador. The organization's mission is to empower people by making the financial data of Ecuador’s banking system available to all. Asobanca's work is driven by three main objectives: to help people trust the financial system again, to make information public and transparent, and to mitigate market risks in Ecuador. The organization faced a significant challenge in rebuilding people's trust in the banking system following the financial crisis of 1999. This crisis resulted in many banks declaring bankruptcy and 64% of the population living below the poverty line, leading to a lingering lack of confidence in the financial sector. Asobanca sought to address this challenge by creating a financial intelligence information system that could facilitate data analysis, help the formulation of financial strategies, and promote bank competitiveness.
The Challenge
Asobanca, a nonprofit institution representing 15 of the 24 biggest private banks in Ecuador, faced a significant challenge in rebuilding people's trust in the banking system following the financial crisis of 1999. The crisis, which was a combination of bad politics, bad banking, and bad luck, resulted in many banks declaring bankruptcy and 64% of the population living below the poverty line. This has led to a lingering lack of confidence in the financial sector. Additionally, the way information on the financial system is collected and distributed in the country posed a significant obstacle. Many different institutions disperse the data, each using their own methodologies of data collecting and processing, making the data often incompatible and difficult to analyze. Furthermore, data access services offered by some companies are expensive and not user-friendly, discouraging many potential users.
The Solution
To address these challenges, Asobanca sought to create a financial intelligence information system that could facilitate data analysis, help the formulation of financial strategies, and promote bank competitiveness. This led to the creation of DataLab, a data platform that collects data from 24 banks, 74 financial institutions, and Latin American financial information. With the help of their partner, Prediqt, and a tool called Qlik Sense, they were able to process all this information and calculate monthly financial indicators such as liquidity, return on assets, return on equity, and delinquency rates. Qlik Sense enabled them to analyze data quickly and present it in an attractive way. The platform also allows users to download all the data in Excel format, making information management easier. Asobanca also trained more than 10,000 users on how to process this data and create their own layouts.
Operational Impact
Quantitative Benefit
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