Historia de Yape / Giafranco Ferrari: CEO Credicorp (BCP, Mibanco, Yape) / Consejos top

The Challenge of Living Without Cash

Introduction to the Cash Challenge

• A group of 15 individuals formed a challenge called "the alcoholics," aiming to avoid using cash for 15 days. Each participant documented their cash usage in a notebook.

Insights on Learning and Adaptation

• The initial launch of the project failed when directed at students, highlighting the constant uncertainty in endeavors. Continuous learning and adaptation are essential to avoid obsolescence.

The Impact of Artificial Intelligence

• Discussion on how artificial intelligence has rapidly evolved over three years, emphasizing its significant impact on daily life and predicting an acceleration in change.

Upcoming Events and Guest Introductions

Announcement of Guru High Summit

• An invitation to the Guru High Summit scheduled for December 16, featuring notable speakers like Ramón Barua and Leslie Pearce, with live streaming available for those unable to attend in person.

Focus on Positive Stories

• The podcast aims to share inspiring stories from entrepreneurs and executives making positive contributions to society, introducing Gian Franco Ferrari as a guest.

Gian Franco Ferrari's Background

Acknowledgment of Success

• Gian Franco expresses gratitude for the invitation and compliments Jimmy on his vision for Peru, noting his involvement in various associations aimed at national improvement.

Overview of Credicorp

• Credicorp is celebrating its 30th anniversary next year, originally operating solely in Peru but now expanded into Bolivia, Colombia, Chile, and Panama.

Business Operations at Credicorp

Diverse Lines of Business

• Credicorp operates several business lines including banking (BCP), insurance (Pacífico), investment funds (Credicorp Capital), all aligned with their mission to accelerate necessary changes within countries.

Personal Journey and Professional Growth

Early Career Experiences

• Gian Franco shares his educational background in administration and accounting from Pacífico University. He began working during challenging economic times marked by terrorism and hyperinflation.

Transitioning Back to Peru

Career Journey and Transformation in Banking

Reflections on a 30-Year Career

• The speaker reflects on their 30-year career at Credicorp, starting from when they were 20 years old. They emphasize the importance of evolving roles within the same company rather than changing employers.

• Over nearly three decades, the speaker has changed positions approximately 12 to 14 times, highlighting the opportunities for lateral and diagonal movement within BCP (Banco de Crédito del Perú).

Experiences in Different Banking Sectors

• The speaker shares experiences working in various banking sectors including wholesale banking, retail banking, and microfinance. They also spent three years in Bolivia, which they describe as enriching.

• They discuss how the banking sector has evolved alongside Peru's economic growth since returning to Bolivia around 2008.

Changes in Banking Practices

• A significant transformation noted is the shift from physical bank transactions; previously about 30% of transactions occurred at branches, now it's only around 2%.

• The speaker highlights that over 90% of customer transactions can now be conducted via mobile devices, marking a radical change in service delivery.

Customer-Centric Approach

• There has been a paradigm shift from an internal focus to understanding customer needs. This change allows for better product design based on actual consumer requirements.

• The impact of this approach is evident with nearly five million Peruvians gaining financial inclusion through BCP initiatives like Yape.

Role of Financial Institutions Beyond Profit

• The speaker believes that companies should aim beyond profit-making; they should contribute to financial inclusion and societal value.

• As BCP leads the market with over ten million users on platforms like Yape, there’s an emphasis on responsible leadership amid constant uncertainty.

Embracing Uncertainty as a Leader

• Transitioning from banker to leader involves navigating uncertainty. The speaker finds energy and motivation in this unpredictability.

• Learning new industries and improving client value propositions are seen as essential parts of their current role.

Commitment to Sustainable Leadership

• In response to societal demands for transparency and responsibility, organizations must adapt their executive selection processes to prioritize sustainable leadership qualities.

Daily Routine Insights

Time Management and Leadership Insights

Balancing Work, Family, and Personal Time

• The speaker discusses their daily routine, emphasizing a disciplined approach to time management that includes morning exercise and a strict work schedule. They prioritize family time and ensure they are in bed by 9:30 PM.

• The importance of non-negotiable commitments is highlighted, particularly regarding family priorities. The speaker maintains discipline in managing communication outside of work hours.

• Weekends are considered sacred for personal time, showcasing the need for balance even amidst a demanding job in a large organization.

Delegation and Team Dynamics

• The speaker shares an anecdote about explaining their role at the bank to their child, emphasizing that effective leadership involves inspiring others rather than doing everything themselves.

• They reflect on the significance of delegation and teamwork, noting that individual impact is minimal compared to what can be achieved collectively with a well-functioning team.

Organizational Structure Philosophy

• A critique of traditional organizational hierarchies is presented; the speaker believes that leaders should support their teams rather than sit atop a rigid structure.

• They argue for an inverted pyramid model where the general manager serves those below them, reinforcing the idea that frontline employees are crucial as they directly interact with customers.

Cultural Development within Organizations

• The speaker emphasizes that culture within an organization is continuously evolving. It cannot simply be defined or written down but must be actively cultivated over time.

• They reference Peter Drucker's quote about culture consuming strategy for breakfast, underscoring how vital it is to foster trust and innovation among team members.

Leadership Style and Values

• Their leadership style promotes an environment where mistakes are not punished but seen as opportunities for learning. This encourages curiosity and constant improvement among employees.

• Coherence between words and actions is stressed; leaders must embody the values they promote to maintain credibility within their organizations.

The Evolution of Yape

Introduction to Yape's Impact

• The discussion shifts towards Yape, highlighting its significance in modern transactions. The speaker shares personal experiences using Yape instead of cash while shopping at markets.

Challenges with Cash Transactions

• An overview of challenges associated with cash usage in markets is provided. These include security concerns and inefficiencies related to banking processes like deposits and withdrawals.

Strategy Against Cash Dependency

The Evolution of Cashless Transactions

The Challenge of Cash Usage

• A group called "the alcoholics" was formed to challenge themselves by avoiding cash for 15 days, documenting each cash use in a notebook.

• This experiment revealed insights into why people prefer cash over debit and credit cards, highlighting the banks' promotion of debit cards as access to ATMs while still relying on cash.

The Birth of Yape

• An incident with a taxi ride highlighted the limitations of traditional payment methods; the speaker realized that neither credit nor debit cards could solve the issue at hand.

• Yape was conceived as a solution to combat cash reliance, initially failing when targeted at students but later gaining traction among entrepreneurs.

Growth and User Engagement

• After initial failures, Yape began attracting users from BCP who recognized its value in bridging gaps between banked and unbanked individuals.

• Yape has undergone several phases, achieving nearly 17 million users with around 11 to 12 million active users who utilize it approximately 45 times per month.

Monetization Strategies

• Despite losing money for eight years, Yape's long-term vision focused on changing consumer habits away from cash usage through patience and strategic planning.

Understanding Formality vs. Informality

• The speaker critiques the binary view of formality versus informality in Peru, suggesting that value perception influences how formal or informal transactions are conducted.

• Real-world examples illustrate that vendors prefer payments via Yape over cash due to increased sales efficiency and reduced collection issues.

Societal Impact and Personal Stories

• The discussion emphasizes the broader implications of financial technology like Yape on society, moving beyond mere business success to address everyday challenges faced by individuals.

Insights on Entrepreneurship and Innovation in Peru

The Journey of Yape and Its Challenges

• The speaker reflects on a personal experience with Yape, highlighting the initial excitement followed by challenges in user engagement and retention.

• Discusses the importance of learning from failures, noting that early traction was difficult to achieve due to competition and lack of attention from stakeholders.

• Emphasizes the role of early adopters in technology adoption, contrasting them with the cautious majority who are hesitant about financial transactions.

• Shares insights on continuous learning as a key factor for success, stressing curiosity about different user profiles and their needs.

• Celebrates Yape's success as a Peruvian company contributing positively to local entrepreneurship.

The Spirit of Peruvian Entrepreneurs

• Highlights stories of entrepreneurs starting from scratch, achieving significant growth and employment opportunities within their communities.

• Identifies formalization as crucial for accessing capital; successful entrepreneurs build trust with banks to secure financing for growth.

• Reflects on historical context—limited job opportunities leading many Peruvians to embrace entrepreneurship as a means to overcome poverty.

Supporting Entrepreneurial Growth

• Describes three key vehicles supporting entrepreneurship: Yape, Mi Banco, and BCP. Each plays a unique role in facilitating access to resources for entrepreneurs.

• Explains how Mi Banco provides personalized support beyond credit services, acting almost like financial advisors while building strong client relationships.

• Mentions programs aimed at educating entrepreneurs about banking processes (e.g., "Contigo Emprendedor" and "ABC de la Banca") designed to empower small business owners.

Investment as an Economic Driver

• Argues that private investment is essential for economic growth in Peru; it encompasses not just large projects but also small businesses contributing significantly to the economy.

• Stresses the need for improved conditions that foster investment, employment creation, and poverty reduction through entrepreneurial initiatives.

Unique Opportunities in Peru's Future

Demographic Dividend

• Peru is experiencing a demographic bonus, with a significant portion of the population entering the workforce aged between 18 and 60 over the next 10 to 15 years.

Energy Transformation

• There is a critical opportunity in energy transformation, shifting from non-renewable to renewable sources due to increasing global energy demands driven by artificial intelligence and data centers.

Rising Energy Demand

• A report indicates that within five years, energy demand from data centers related to AI will match Japan's current total energy consumption, highlighting an urgent need for increased energy production.

Copper Reserves

• Peru ranks among the top countries globally for copper reserves, which positions it favorably to leverage its natural resources amidst rising global energy needs.

Investment Climate

• For Peru to capitalize on these opportunities, it must create favorable conditions for both local and foreign investments. Trust is essential for attracting investment across various sectors.

Challenges in Development

Trust as a Key Factor

• Trust is crucial for fostering investment; without it, both large-scale mining projects and small local businesses struggle to thrive amid conflicts often associated with resource extraction.

Inequitable Development Narratives

• Negative narratives arise when development benefits are not equitably distributed; many communities still lack basic services like water and electricity despite economic growth.

Economic vs. Social Growth

• The speaker emphasizes the need for simultaneous economic and social growth, advocating for initiatives that ensure broader access to development benefits.

The Role of SOY Organization

Formation of SOY

• The SOY organization was founded four years ago by a small group frustrated with existing socio-economic disparities in Peru. It aims to unify efforts towards national improvement.

Commitment Program Launch

• Recently launched "Compromiso MIPE," where major companies commit to better treatment of their micro and small suppliers through training and improved payment conditions.

Addressing Public Management Issues

Defining Roles in Development

• The speaker questions what constitutes 'the model' that critics refer to when discussing failed development; he argues that public service roles should focus on providing essential services rather than relying solely on private sector contributions.

Challenges in Public Sector Management

• Despite increased revenue collection by the state, poor public management remains a significant issue affecting service delivery and overall governance quality in Peru.

Positive Activism Initiatives

Training Municipal Officials

• An initiative has been established between SOY and Escuela R aimed at training officials from vulnerable municipalities on proactive disaster prevention strategies related to climate events like El Niño.

Citizen Responsibility

The Role of Citizens in Social Change

Importance of Individual Action

• Every individual has a role to play in societal change, no matter how small their actions may seem. Collective small efforts can lead to significant transformations.

• Curiosity and continuous learning are essential; problems won't resolve themselves without active involvement from citizens.

Engaging with Local Issues

• Citizens should utilize public information for transparency, such as auditing local services and holding municipalities accountable for their responsibilities.

• Many believe that solutions come solely from government action, but real change often starts at the community level.

Skills for Professionals in Competitive Environments

Evolving Professional Skills

• Professionals need to develop key skills like curiosity, flexibility, and a willingness to learn to thrive in competitive workplaces.

• Traditional qualifications remain important, but adaptability and soft skills have become increasingly vital in today's fast-paced environment.

Adapting to Rapid Changes

• Continuous learning is crucial; failure to adapt leads to obsolescence. The rapid evolution of technology (e.g., AI advancements) necessitates ongoing education.

• As life expectancy increases, professionals must prepare for longer careers and the implications this has on work-life balance and retirement planning.

Future Challenges for Education Systems

Shifts in Educational Approaches

• The demographic changes will require new educational frameworks that align with future job markets and technological advancements.

• Universities must adapt quickly; traditional degree programs may not keep pace with industry needs due to outdated curricula.

Lifelong Learning Models

• A shift towards flexible education models—such as alternating between study and work—may be necessary to ensure relevance in rapidly changing fields.

Insights on Learning and Resilience for Youth

Key Takeaways from the Talk

• The speaker reflects on a previous talk given at the University of Pacífico in 2022, which gained popularity on TikTok. They discuss whether the advice shared then remains relevant or if new insights should be added.

• Emphasizing curiosity as a vital trait, the speaker suggests that learning extends beyond traditional methods like reading or listening to podcasts; it includes observing real-world events and stepping out of comfort zones.

• The importance of resilience in facing uncertainty is highlighted. The speaker notes that we cannot predict future events, especially in volatile contexts like political situations in Peru.

• Three key actions are proposed: being resilient, increasing tolerance for uncertainty, and actively engaging as citizens to navigate challenges effectively.

Understanding Exponential Thinking

• A course on exponential thinking reveals that successful ideas often seem foolish at first. The speaker shares an analogy about flying cars from "The Jetsons," illustrating how today's innovations were once dismissed as unrealistic.

• Not all past 'foolish' ideas become successful; discerning which ideas will succeed requires critical thinking and adaptability.

• Long-term planning is deemed less effective in rapidly changing environments. Instead, short-term checkpoints and iterative testing (trial-and-error approach) are recommended for better adaptability.

Reflections on Personal Growth and Future Outlook

• The speaker discusses human tendencies towards marginal growth rather than exponential change, citing figures like Elon Musk who challenge conventional limits by achieving what was once thought impossible.

• A phrase used during an internal event emphasizes making the impossible possible through determination and leveraging technology.

• In closing remarks, gratitude is expressed towards Jim for hosting the discussion. The speaker encourages a positive outlook regarding Peru's future over the next decade, stressing that change depends on individual efforts rather than solely relying on politicians or entrepreneurs.

Call to Action for Positivity

• A call to action urges individuals to shift their mindset towards positivity amidst negativity prevalent in society. It stresses that opportunities exist but require belief in one's ability to effect change.

• Concluding thoughts emphasize collective responsibility among Peruvians to foster a more optimistic environment while recognizing existing foundations for progress.