IDEPRO IFD transforms Bolivia's financial landscape and reaches a milestone in Fundraising with Techreo App Solution.
The partnership between IDEPRO IFD and Techreo has generated significant benefits for the financial institution, enabling it to digitize and optimize processes, surpass $17 million USD in fundraising, and benefit over 69,000 Bolivians with agile and reliable digital savings and credit products.
What is IDEPRO IFD?
The partnership between IDEPRO IFD and Techreo has generated significant benefits for the financial institution, enabling it to digitize and optimize processes, surpass $17 million USD in fundraising, and benefit over 69,000 Bolivians with agile and reliable digital savings and credit products.
What is IDEPRO IFD?
IDEPRO IFD is a pioneering entity in the Bolivian financial market with over 33 years of experience driving the country’s productive development. Founded with the purpose of providing accessible financial solutions, it has evolved into a reference for financial inclusion, offering loans and services designed for entrepreneurs, small producers, and traditionally underserved sectors. Its commitment to economic and social growth remains the driving force behind its evolution, solidifying its position as a leading institution in the national sphere.
Challenge
The main challenge for IDEPRO IFD was to digitalize its services without losing its focus on developing key sectors, such as Micro, Small, and Medium Enterprises (SMEs) and productive chains. The transition to more efficient and accessible platforms was complex, as it required integrating advanced technological solutions that would optimize operational management, improve customer experience, and at the same time, expand its reach to serve a broader audience. This challenge involved not only modernizing its processes but also ensuring that its services remained relevant and accessible to the most vulnerable sectors, ensuring its commitment to financial inclusion and business development in the country.
“We are proud to be pioneers in developing innovative solutions that are revolutionizing the way Bolivians access savings. Through our mobile application, we have brought digital tools that not only make financial services more accessible to thousands of Bolivians but also foster a culture of savings in every corner of the country.”
Rodolfo Medrano Cabrera, General Manager of IDEPRO IFD
Objectives:
- Expand the customer base for fundraising and credit products.
- Increase IDEPRO IFD's reach to new market segments, including unbanked clients and SMEs in both urban and rural areas.
- Provide accessible, secure, and tailored financial products to meet users' needs.
- Deliver a seamless, intuitive, and secure user experience through a modern, easy-to-use digital platform.
- Optimize operational efficiency in account opening by reducing waiting times and minimizing errors in the process.
- Improve customer service capabilities by ensuring quick and accurate responses to user inquiries.
- Develop a scalable platform that could integrate new products and financial services in the future.
- Comply with the highest security standards to ensure secure transactions and protect customer data.
Strategy
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Strategic consultancy:
Techreo carried out a detailed analysis of existing products, simplifying and adapting them to digital formats. Additionally, a market benchmarking was conducted to ensure that IDEPRO IFD's products were competitive and aligned with the needs of the local environment. This approach enhanced their offerings and boosted their market position.
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Mobile app development:
Techreo facilitated the development of a mobile app to digitize existing financial products and make them more accessible through digital channels. The new app incorporated key products such as Fixed-Term Deposits (FTD), Digital Savings Accounts, and Digital Credit, providing users with a seamless, modern experience.
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Continuous innovation consultancy:
Through close and personalized support, Techreo provided the necessary guidance for IDEPRO IFD to address its challenges effectively. Techreo's long-term commitment ensured that IDEPRO IFD received constant, tailored guidance to meet its specific needs and goals. This comprehensive approach guaranteed optimal interaction with the new digital services, consolidating customer satisfaction and strengthening IDEPRO IFD's relationship with its user base.
Development Timeframe: 6 months
Key features of the app:
- Digital savings accounts, allowing customers to open and manage savings accounts from the app.
- Integration of digital investment products like fixed-term deposits (FTD).
- Transfers and payments through QR codes.
- Inclusion of the "My Products" module, where users can view their contracted financial products.
- Completely digital identity registration and verification process (digital onboarding).
Results
The implementation of Techreo’s digital solutions, combined with IDEPRO IFD’s market experience, led to significant achievements:
- + 69,000 Bolivians benefited from agile and reliable digital savings and credit products.
- Exponential growth is leading to $17.3 million USD in fundraising by February 2025.
- 85% growth in term deposits (DPF), reflecting the trust and security that our clients place in us, especially in the medium and long term.
- A total loan portfolio of $118.6 million USD as of January 2025, highlighting a tangible difference in the digital financial ecosystem.
“We are committed to providing digital solutions that not only promote financial inclusion in the region but also empower citizens to take control of their economic future. The collaboration with IDEPRO IFD demonstrates that financial inclusion is not just a goal but a starting point for transforming lives.”
Iliana De Silva, CEO and Co-Founder of Techreo
Economy: IDEPRO IFD and its partnership with Techreo reach over $11 million in fundraising.
