Recognizing this shifting landscape, Credicorp has chosen to take a proactive stance by transitioning Tenpo, a fintech platform it acquired in 2020, into a neobank that offers a comprehensive range of digital financial services.
Tenpo, which initially started as a digital wallet platform, will now be bolstered with a broader suite of banking services, including savings accounts, payment solutions, and lending products. This transformation will position Tenpo to compete directly with other neobanks and fintech players, offering consumers a one-stop digital banking experience.
One of the key advantages of this transition is the agility that Tenpo can harness as a neobank. Neobanks, unburdened by legacy systems and infrastructure, have the flexibility to adapt quickly to market changes and customer demands. By combining this agility with Credicorp’s financial expertise and resources, Tenpo aims to become a formidable player in the digital banking space.
This strategic move aligns with broader trends in the financial industry, where consumers are increasingly seeking digital-first and mobile-centric banking solutions. Neobanks have gained traction globally by focusing on user-friendly interfaces, enhanced customer experiences, and competitive pricing, which traditional banks often struggle to match.
Credicorp’s decision to transition Tenpo into a neobank also reflects a commitment to financial inclusion. Neobanks have the potential to reach underserved populations more effectively, thanks to their digital-first approach and reduced operational costs. By expanding Tenpo’s services, Credicorp can better cater to a broader segment of the population, including those who may have limited access to traditional banking.
It’s worth noting that Credicorp is not alone in this endeavor, as many traditional financial institutions worldwide are exploring similar strategies to stay competitive in the digital age. This shift towards digital banking represents an industry-wide recognition of the need to adapt to changing customer expectations and technological advancements.