Electronic Banking in Venezuela: The Legacy of Luis Alfredo Farache since 1988
The economic and financial crisis in Venezuela has sown distrust among savers and banking institutions. There is a lingering fear of possible changes in government laws that could impact the savings of citizens, posing one of the sector's greatest challenges: rebuilding trust.
Since 1988, Luis Alfredo Farache Benacerraf, the current Director of Business and Marketing at 100% Banco, has been at the forefront of innovation in the Venezuelan banking industry. In that year, banking networks were striving to find technological solutions that would enhance the user experience. The goal was clear: to instill confidence in customers, and they succeeded.
In 1988, the Venezuelan market saw the introduction of Electronic Banking services and 24/7 customer support, the first of its kind in the country. At that time, Farache held the position of Corporate Area Manager at Banco de Venezuela.
However, times have changed, and distrust has taken root among the population. State officials, sanctioned for acts of corruption with assets frozen in international banks, further fuel the lack of confidence, leading people to prefer keeping their money at home. It is crucial for the banking sector to consider the implementation of an anti-corruption law to restore users' faith.
Experts argue that rebuilding trust in the sector is possible because without it, the banking industry would be destined for its demise. For over two decades, technology has been a key player in the sector, further solidifying during the COVID-19 pandemic. Consumer habits have evolved, especially among millennials and centennials, who are more accustomed to operating online than through physical branches. In this context, the relevance of financial education stands out.
In summary, technology emerges as the future of the bank-customer relationship, provided it is used responsibly. It is imperative that digital natives become financial literates to avoid unnecessary indebtedness. Only then will the lost trust in banking be regained.
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