Banco Caja Social's Cuentamiga is cost-free current account offered to mass market
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With more than 107 years serving middle- and low-income households in Colombia, Banco Caja Social is characterized by its service culture and commitment to serving Colombia’s middle and lower middle classes. The bank has been developing for decades tailored solutions that incentivise savings and meet customers’ transactional banking needs.
Cuentamiga is a free-of-cost transactional account with an opt-out automatic hidden pocket that helps people save for “rainy days”. Initially launched as a low=income account for employees, and formerly called Mi Sueldo (“My Salary” in English), the account has been shifting since 2017 to serve the entire mass market.
Banco Caja Social more than one million active clients using Cuentamiga – around 48% of the bank’s total clients – with an average monthly balance of COP976.874 (US$326.00). To date, 76% of active clients using Cuentamiga save in the automatic hidden pocket, with an average balance of COP56.316 (US$19.00). Two of the biggest challenges for the bank are fit and usage. More specifically, offering the product to clients who really need it while boosting low product usage rates. To date, 44% of opened accounts remaining inactive.
Banco Caja Social has also developed different attention models and value propositions to meet the needs of micro and small companies. In the last 20 years the bank has capitalized on lessons from success and pitfalls and continues to evolve towards closer, integrated and cost-efficient models.”
Case study featured in WSBI publication: BANCARIZANDO. SIRVIENDO. PROSPERANDO.
The Banco Caja Social success story is featured in a new brochure published by WSBI that provides an overview of the social value of savings and retail banksin the Latin American and Caribbean region. Titled "BANCARIZANDO. SIRVIENDO. PROSPERANDO" it showcases the impact made by savings and retail banks in the region to boost the real economy while giving back to the communities they serve. It also gives policymakers and stakeholders a glimpse of how savings and retail banking play a special role. En español | In English