Indra, key technology partner in the creation of Wilobank, first native digital bank of Argentina

Indra, one of the leading global technology and consulting companies, has been instrumental in the creation, launch and operation of Wilobank in record time, the first digital native Bank of Argentina.

Indra has been the technology partner of the Wilobank team, with which it has worked hand in hand in all aspects associated with its operations and during all phases of its creation. Its innovative digital banking model has helped implement cutting-edge commercial operation and attraction systems, from the design of a fully digital implementation and management system.

Indra bases its digital banking model on its groundbreaking service platform, a key element of its innovative and differentiating offering. In addition, this platform focuses on its leadership in technological solutions for financial services, based on the products and specialized teams of Minsait, Indra's digital transformation unit.

This combination has allowed Indra to provide Wilobank with fully digital models, covering all of its technological operations, adding a ground-breaking management system and a different approach, aimed at generating an outstanding customer experience.

All of this is reflected in the innovative offering and the advanced operating model of Wilobank. The Bank, which does not have any physical branch, representing an important differentiating factor, has technology as its main pillar and its offering provides an innovative, different and safe experience for customers in the Argentinian market.

In this regard, Wilobank gives the customer, from the first day, a package of products, which include a checking account, a debit card, a credit card and a pre-approved loan, representing a major new development in the offering of Argentinian banks and, in general, in banking practice in Latin America.

Wilobank has a strategy based on the digital realm, so it can attract new customers with a fully online approach. Therefore, any user can register as a customer securely and in only a few minutes from a cell phone. The process complies with the applicable regulations of the Central Bank of the Republic of Argentina. The online registration solution (digital onboarding) has already been previously implemented successfully in Spain by Bankia, the fourth largest financial institution in the country, with 8.1 million customers. An account can be closed as easily as it is opened and with no need to visit the branch, i.e., a fully digital process, Wilobank being the first bank to offer this in the Argentinian banking industry.

All products and services of the bank are built using Indra's solid banking platform, enabling the Bank to operate with no interruptions, 24 hours a day, 365 days a year. Indra's advanced core banking solution will allow new products and services to be included in the medium and long term, positioning the Bank at the forefront of digital banking and also allowing it to adapt the operation to the growth of the customer base. As a partner of Wilobank, Indra will be responsible for its technology, beyond its launch, maintenance and development.

The technology and business solutions developed by Indra for Wilobank include the latest cybersecurity and biometric advances to guarantee a secure process for the customer while automatically identifying possible fraud attempts. The customer can be registered or make transfers from the sofa at home, with the same guarantees as if this were carried out at the branch. Moreover Wilobank has the resources necessary to immediately detect and prevent possible fraudulent uses of the service.

"In a very short period of time, marked by a close collaboration with Indra, we obtained the approval of the Central Bank, established the bases of the first digital bank in Argentina, passed the final inspection and started to operate on June 30, this year. Although this might seem a simple task, it has been a difficult and complex task, in which many people from Madrid, Buenos Aires and other cities around the world have worked together. The project has had success and some problems during its development, with achievements, errors, solutions, improvements, etc., as in any project. All in all, what is most important is that we have built a relationship with Indra and we are walking on the same path, and we expect this to be a long-lasting partnership, in which we will develop all improvements and innovations required to fulfill the common dream of building a banking industry as an inclusion and social development tool in our country, using a model that is also imitated and replicated", stated Guillermo Francos, Chairman of Wilobank.

"Promoting the creation of a fully digital Bank from scratch has allowed us to check the effectiveness of our innovative model, which facilitates the fully digital management of an entity and promotes and drives the digital transformation of the banking sector. Wilobank is a Bank of the 21st century for customers of the 21st century. With no inherited technologies or commitments undertaken: an efficient, secure and friendly bank that allows you to process any type of transaction from a cell phone. The combination of Indra's leadership as a provider of technology solutions for financial services and digital transformation allows us to achieve this success and enables us to create banks from scratch with the most advanced agile technologies and methodologies", stated Borja Ochoa, Global Manager of Indra Financial Services."

Indra's digital banking model is based on four key concepts: maximum customization of the offering, focusing on the entity's customer, ease of use, agility in the incorporation of new services and scalability. In practice, this model allows the bank to provide a rapid response to the challenges of the new context, characterized by an unprecedented level of interaction with customers through exclusively digital channels.

Given the criticality of the service, as required for the normal running of banking operations, Wilobank required an extremely reliable and robust solution. Indra's core banking solutions, which will be the technological core of Wilobank, will be ready to guarantee the growth of the entity in a growingly digitized environment, while ensuring compliance with the strictest security standards.

Leader in technology for financial services and digital transformation

Indra has managed success stories in different countries in the transition of traditional banking models to digital models, the deployment of digital banks that provide complementary products and services to the offering of existing financial institutions and the creation of digital native banks from scratch.

Indra is the leading company in Spain in technological solutions for banking services and a benchmark in the maintenance of applications, back-office banking and payment methods. Its clients include the top 10 Spanish banks. Likewise, it is the leading company in Spain in the payment methods sector and one of the main players on the global level: it manages over 21 million cards each year.

Moreover, Indra has a strong penetration in the Latin American market: its clients in the financial sector represent over 40% of total bank assets in the region.

Indra also maintains its leadership position in Spain and Latin America in digital transformation through Minsait, its specialized business unit. Its capacities have been strongly enhanced by the recent acquisition of Paradigma, whose leadership on disruptive technologies complements the value proposition of Minsait and adds a multidisciplinary team of more than 3,000 experts in Europe and Latin America, which focus on four main service lines: business consulting, digital technology consulting, proprietary digital products and cybersecurity.

About Indra

Indra is one of the world's top technology and consulting companies and a technology partner for the key operations of its clients’ businesses worldwide. It is a leading worldwide provider of proprietary solutions in niche areas in the Transport and Defense Markets and the absolute leader in IT in Spain and Latin America. It offers a comprehensive range of proprietary solutions and cutting edge services with a high added value in technology based on a unique culture of reliability, flexibility and adaptability to the needs of its customers. Indra is a world leader in the development of end-to-end technology solutions in fields such as Defense and Security, Transport and Traffic, Energy and Industry, Telecommunications and Media, Financial Services, Electoral Processes, and Public Administrations and Healthcare. Minsait is Indra’s digital transformation business unit. In 2017 Indra posted a revenue of €3,011m, employed 40,000 professionals, and had a local presence in 46 countries plus sales operations in more than 140 countries.