Understanding the challenge

Credicorp, one of the largest financial conglomerates in LatAm, had been looking for opportunities to expand internationally while testing new vehicles for growth. The Chilean socioeconomic context, linked to its growing middle class and underbanked population, largely composed by new immigration streams, presented an amazing opportunity window to challenge the incumbents in a mature but highly regulated market

Framing the approach

• Assessing the context: We ha buiilt an initial context set up for the peruvian market, but stakeholders asked us midjourney to pivot and focus on how we could adapt it to the Chilean market, which has its similarities and dfference. After we had the concept, we stress-tested the idea in Chile, reprioritized features and functionalities, adapted the business case and operational procedures to fit in regulatory requirements.

• Building remotely, testing contextually: Our main constrain was that we had all our design and development team based in Peru, so we defined new ways of working that allowed us to set up "a basecamp" in Chile and test new parts of the concept, not yet fully functional, and keep incresing fidelity as we start building the core banking + front-end layers, as well as setting up the organization to launch and run it

• Continuous iteration and feedback loops: As we gained progress, we kept a ruthless cadence of validation and started building a lcoal team in Chile as we handed over the operations there, part of the team moving there, to prepare for launch and operation.