Bank credit is “democratized” Code List

Santo Domingo, Dr.

there is more and more offers and the requirements they are too more flexible when a user formally enters the financial system.

Offers, discounts for purchases for consumption, affiliations to public or private services and even reimbursement of money is today a new banking model in the country thanks to new products, the modernity of technological banking and the promotion of debit and credit card brands.

At least, it is what is observed in the country and that can be defined more than financial inclusion as the “democratization” of credit. And, this can only be done with a healthy system, with high liquidity and with the necessary financial regulations in banking that uses technology in its products (Fintech).

Recently Banks have launched new products. In the case of Grupo Popular, there is Qik, a fully digital business modelas well as the Banco de Reservas with the offer of credit cards to people with lower incomes.

According to information from Grupo Popular, with Qik more people can be served profitably. It is a completely different design from traditional banking, you can have access to more user information, which allows you to evaluate and grant credit in a more inclusive and responsible way, by knowing better the person’s profile and their ability to pay. , according to his explanations.

“Qik’s value proposition is to give customers control over their financial lives and that starts with the fact that the client controls his credit limit and tailors it to what you need and can afford. For this reason, we not only offer products and services, but also financial education so that clients know how to manage themselves responsibly”, they told Listín Diario about the new digital bank.

Gabriel Pascual, executive director of Mastercard for the Latin American and Caribbean region, explained in this regard: There is more and more technology and knowledge for banks to serve small customers, which are many and you have to deal with volumes to make it a business, but the company he represents believes that leaving people out is a mistake and that’s why they believe in banking, Pascual explained about the mass use of plastics for low-income customers .

understand that The small client must be helped and invited to participate in the technology and enter into formality, as well as providing transparency.

In the case of Banco BHD, there are various offers for consumption, added to the availability of various debit and credit card products that can be ordered onlineincluding one for international use and electricity payment.
State bank

The state-owned Banco de Reservas, in its focus on promoting bank access, has launched various financial services, including the financial education program, Bancarizar es Patria and the recently launched VISA SER Banreservas credit card.

Banreservas has the goal of including one million Dominicans who are not linked to the financial system in the financial system, which promotes Sustainable Development Goals and United Nations Global Compactfavoring an inclusive financial culture, in support of the Dominican State to boost the economy, supporting the National Strategy for Economic and Financial Education (ENEEF) and the National Strategy for Financial Inclusion (ENIF).

The Reserve Bank says that it impacts excluded groups: low-income people, with volatile and unpredictable income, in uncertain working conditions, with educational levels that do not exceed the average level, generally young people. old men and women.

With the Visa Ser Banreservas credit card, recently launched, the entity seeks to provide low-income people with a reliable financial instrument, at low interest rates (from 2.92% per month), benefits and facilities in shops and services.

The new BR card includes consumer benefits focused on covering basic needs in supermarkets, pharmacies, gas stations, education, transportation, health, and entertainment. In addition, it will allow purchases to be made locally, internationally and online with billing in pesos, according to explanations from Banco de Reservas.

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