Tools & Resources Fostering Transparency at Banco Delta

Fostering Transparency at Banco Delta

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Banco Delta, a leading institution in Panama, used an active complaint resolution mechanism to improve its transparency practices, an area of improvement identified during a Smart Assessment conducted in October 2012.

LOGO_BANCO_DELTA_ESPACIO_CORREGIDOBanco Delta, a leading institution in Panama, used an active complaint resolution mechanism to improve its transparency practices, an area of improvement identified during a Smart Assessment conducted in October 2012.

After the assessment, Banco Delta conducted an analysis of incoming clients complaints received during a six-month period. The results show that clients were confused about key loan related details that were already included in their contracts. “In Panama, clients do not bother to read a document if it exceeds two pages,” reports Yarisbeth López, a promotion and sales officer at Banco Delta´s headquarters.

Banco Delta leveraged its complaints data to develop an easy-to-understand “rights and responsibilities” brochure (see below), which contains the 11 most pertinent facts related to loans. The first batch of 1,000 brochures was rolled out during May 2013 and distributed to the Bank´s eight branches across Panama. Today, these brochures are given to every client at the point of sale. Yarisbeth explained, “The brochure grabs the client´s attention; not only because it is handed out on top of the pile of documents but also because the format and length di”ers greatly from the rest of the documents. It might be the only document clients actually read.”

Providing a written document that summarizes key information in a clear and succinct way has benefited both clients and staff.” Understanding key information empowers client and equips them to take responsibility for their own financial decision-making. Yarisbeth a$rms that “the brochure has been a way to foster an atmosphere of open and transparent communication, clients now ask more questions, and this interaction strengthens the relationship between the bank and clients, they realize that we are there to help them.”

This story was originally published in the Smart Campaign State of Practice Report Study of Client Protection in Latin America and the Caribbean.

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