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Lulo Bank, committed to diversifying its services in Colombia and becoming a leader in the financial sector, recently presented a new market strategy aimed at making digital banking a Become an attractive option for people and make a greater contribution to economic recovery.
Lulo CEO Santiago Covelli spoke to Portafolio about the challenges facing the industry and stressed that the priority must be to create value for users, abandoning the concept of safe funds to funds that grow through different investment sources. While this is not an easy task, there are opportunities for growth.
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Are we in a price war?
In the current economic context, I think that the Bank of the Republic is responding to the evolution of the financial markets and the state of the country, and one can see that there are certain banks that seek to attract new customers in certain types of products, offering us products such as housing, where one sees that there are interest rate proposals, offering more than just a war.
Santiago Covelli – CEO, Lulo Bank
Mauricio Moreno – CEET
This is a very consistent response to the changes in the market environment, which is in response to the trend that the Republic Bank has been experiencing in recent months. So, after the difficult economic environment of the past two years, users need to be able to obtain financial products under better conditions, which is the reason for these offers, but it does not mean, as I have already mentioned, that it has started a war.
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Is banking being reinvented?
I believe the world is reinventing itself and is reinventing itself because the world is starting to become a place designed by the user and the arrival of digital proposals, like Lulo in this digital ecosystem, is making banking evolve from the needs of the user. I think this is one of the biggest changes.
What about traditional banking?
The most traditional banking is a bank designed for banking, not for people, and that’s why the experience for all of us is very complex because the user is actually the last one in the chain and they’re always looking at how you create a product and how you later wear it, sell it, or give it to someone.
Lulo has more than 220 employees and finds the country to be a major source of talent for its work.
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Now the system is designed for the user so that banking doesn’t hurt you, it creates value for you, it teaches you, and I believe that’s where the change is starting now. There is an essential element to this change from a user’s perspective, which is a financially educated user, because previously we lived in a disconnected, non-digital world where the level of knowledge was very low due to limited access to information.
Where did everything go?
We will go into a scenario where there is a value proposition, like banking that doesn’t cost you money, which is what we do at Lulo. Traditionally, statements represent the cost of printing each piece of paper. Add to that the hours of waiting in line and fees everywhere, and sometimes people don’t understand that, which creates confusion.
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It was said that it is impossible to change now, look at where we are now, we have seen this new world where there are products provided at zero cost, no wires are required, connected and easily accessible, but most importantly, and this is where we are now, that is to generate value. It is no longer just about saving money and ensuring security, it has to grow.
Santiago Covelli – CEO, Lulo Bank
Mauricio Moreno – CEET
How about that?
That’s the most important message, the most fundamental thing is that banking exists to create value, to create profitability for money, and that’s what we have in the pockets of people like Lulo with a 13% stake, an 8% stake in a savings account. %, we give you 0.5% cash back when you pay, or on Tuesdays and Thursdays we give you 3% cash back for purchases in restaurants.
Here we start with the fact that the more you understand about your money, the more you understand that it has the potential to grow, to the point where one day the phone you own is no longer just a phone, but a phone plus an iPod, because your money has grown. So one factor that I think has changed a lot is the time value of money.
This requires financial education…
We have to first teach people to understand that a peso with a long-term return due to compound interest can create a lot of value. If young people, or at any time in your life, begin to understand that continuous or permanent savings can indeed lead you to change your life, that’s where everything changes.
Santiago Covelli – CEO, Lulo Bank
Mauricio Moreno – CEET
I’ll give you an example, if you save 2.5 or 3 million pesos every year for 20 years, after that you can have a pension, a recurring resource that generates profit, but it’s not done because it’s not attractive and there’s not enough money to provide people with pedagogy about it. When you have 13% in your pocket, your money is really more valuable, and that’s where I think the magic is.
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Is this a sustainable model?
First and foremost, Lulo is a regulated bank with a banking license, which is why we run our entire banking business. From there, we provide our users with the best financial practices, and what we really do is provide them with the best banking and the best technology, and what we want is to transfer the technological capabilities and efficiencies to the users.
On that question, it’s a sustainable model, it’s a sustainable bank, it’s a model that is designed to create value over time. What we’ve been doing since inception is to consistently provide benefits to users and deliver the greatest value. Now, the market is dynamic, interest rates are dynamic, they can change, and that’s why you have to seize the moment.
What is the quote in US dollars?
Lulo Your debit card and fintech LULOX, allows you to save digital dollars and earn up to 4.8% p.a. in returns.
Through this, we seek to allow Colombians to diversify, put their money in different places, build and offer the best possible value. With this, they must see what these alternatives are and be able to choose the products that bring them the greatest benefit, reviewing where their resources grow, how they are forecasted and how much profit they generate in the products they have.
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