PERU’s Banco Ripley has been spotting new developments in the digital world to boost the group’s strategy of introducing technological improvements in financial operations to offer a greater range of products and services.
“We consider technology very important in the sector,” said Ripley CEO René Emilio Jaime Farach. “We believe that, in the future, technology will be at the centre of all our bank operations, to offer a greater number of communication channels to our customers.”
The Peruvian banking industry has solid foundations, and this has been reflected in the sustained growth of Banco Ripley in recent years, “which is why we are talking about a healthy economy to date”, says Jaime.
Despite the complex political moment that took place during 2017 and the first months of 2018, Banco Ripley, an actor with a long-term vision, focused on developing the best business strategies, which allowed it to act independently of the contingencies or moments of any economy.
Ripley Corp. is the holding company of several enterprises that group retail, financial and real estate businesses, with a significant presence in Chile and Peru. It was created by the brothers Marcelo and Alberto Calderón in 1956, with the store called Calderón Y Confecciones, a clothing and retail business for men’s clothing.
In 1964, the first Ripley store opened in the Centre of Santiago. Its brand was inspired by a well-known North American brand dedicated to finding and spreading fabulous elements of the world. Towards 1976 the sale of products associated with a semiautomatic credit was started in each branch, which saw in 1978 the rise of the company named Comercial ECCSA SA (Establecimientos Calderón Confecciones SA), which grouped all stores together; that remains to this day. Commercial activity was separated from production, which still came under under Calderón Confecciones.
In 1993, Ripley opened its first store in a mall, initiating a new concept of service and brand presence. In 1997, it began its international foray with a store in Peru, a process that continued – with 34 stores at the end of 2016.
In 2008 Financiera Cordillera S.A. (Financor) became a bank, and by 2009 the General Shareholders’ Meeting modified the corporate name to Banco Ripley Perú SA. Banco Ripley has 20 agencies in Lima and 14 in the provinces, a total of 34 nationwide. Banco Ripley in Chile has 92 branches, 46 standalone banks and 46 located within Ripley Stores, in addition to three mixed agencies.
The bank has a customer-centric business approach, based on the applied feedback of users, to drive improvement of its processes and value offer, always with the goal of being a simple, local bank for the people. “Always having the customer as the centre of our business,” says Jaime, “from the area of digital transformation, means the best customer experience, with the focus on offering simple solutions through the digital environment, which is becoming easier than our customers.”
The bank works to a dominant and noble philosophy: “We work to fulfill the dreams of the people.” Banco Ripley feels it outstrips its competitors with its pillars of simplicity, proximity, and transparency.
A new Digital Transformation Area has been created, which includes sub-areas such as digital marketing (aimed at performance), digital sales, digital channels, alternative channels and business intelligence; all with the goal of digitalising the bank’s processes, and generating new business through digital media.
“The market grows and moves towards a more digital path,” says Jaime, “and banks must adapt to face the new technological challenges of the market.”
In April of this year, having met all the deadlines required by the SBS and the Deposit Insurance Fund (FDS), Banco Ripley’s rating was increased from B to A- both for Class & Asociados SA, as for Equilibrium Clasificadora de Riesgo SA. Growth of the Inter-annual portfolio 17/18 to November was 2.29 percent.
Being recognised for the third consecutive year as one of the best companies to work for in Peru is the reward for a constant effort to improve the workplace. “Being a Great Place To Work means having a unique and important space where the collaborator knows that he can develop himself, with the support and confidence of a corporate model that looks after the business, the welfare of the people and the society itself. That is, with an organisational culture aligned with the business strategy.”
Communication is fundamental to generate synergy between the different work teams and achieve good results, an area Banco Ripley is aware of. “Our flow of communication within the organisation is horizontal and close, allowing a direct relationship at all levels,” says Jaime. “We have communication spaces specially implemented, aligned to our strategic actions. This allows team leaders to easily see business results, opportunities for improvement and upcoming challenges.”
But it all comes down to staff at Ripley. “I will always be grateful to this great family,” says Jaime. “We are a great team. The results obtained to date are thanks to the passion and effort put into their work every day with the sole purpose of providing an excellent service to our customers.
“Without a doubt, they inspire me and make me strive every day to be a better person and professional. I am proud and convinced that we will continue to consolidate this growth path to fulfil the dreams of the people.”