Credicorp

Showcasing how design can drive innovation for Peru's largest financial institution

2023

Business Design

About

Credicorp is the leading financial service company in Peru, with presence in Colombia, Bolivia, Chile, Panama and the United States. Through its subsidiaries, they have presence in banking, microfinance, insurance and pensions, investment banking and wealth management. Their main banking branch, Banco de Crédito del Perú (BCP), houses the bulk of their design capabilities, servicing their internal clients, and other Credicorp ventures.

But their design team was facing problems in translating the value that design could provide in driving innovation within the organization. For Credicorp to scale, and to achieve their goals of financial inclusivity, they needed a new open innovation model that prioritized design as a dynamic capability within the organization.

This project was completed over 7 weeks as part of the Organizational Models for Innovation class taught by Prof. Carlos Texeira (and TA’d by Deaa Batineh) at the Institute of Design. This project was done along with Arrenius Karunakaran, Jorge Martinez Arana, Morgan Ramsey, Naomi Ito and Urvi Bidsaria, in collarboration with Credicorp.

Objectives

Assess the current organizational model of BCP.
Assess the current organizational model of Credicorp.
Evaluate the design capabilities needed at BCP and Credicorp level
Re-allocate design as a dynamic capability in the context of the organization
Model an open innovation model cross-organization (design as a dynamic capability) for Credicorp
Iterate and propose use cases that show the value of scaling design and innovation capabilities for Credicorp.

Research

Extensive research was undertaken to better understand the current organization model of BCP and Credicorp. These included interviews with:

Mariela Sotomayor Former Head of Strategic Design at Banco de Crédito BCP Peru

Cinthy Revilla Chapter Area Lead Digital Product Design & Innovation at Banco de Crédito BCP Peru

Jose Antonio Bernaola Leader Service Experience Design Centro of Innovation at Banco de Crédito BCP Peru

Marianne Torres Senior Service Experience Designer at Banco de Crédito BCP Peru

Guillermo Casaretto Head of Innovation at Credicorp Ltd.

Irán Vargas Ballón Corporate Agility Leader at Credicorp Ltd.

Alana Visconti: Manager of the Innovation Center at Banco de Crédito BCP

In addition, we did in-depth secondary research into the existing processess at BCP and Credicorp, and studied a wide range of internal documents to understand the current organization model.

Why an open innovation model?

An Open Innovation Model allows organizations to combine internal and external knowledge and resources to analyze and bring offerings to market much quicker than if done by themselves.

For Credicorp and BCP, our proposed model takes this in consideration, along with addressing some internal challenges that the design team is currently facing, and addressing social issues through design.