Excellence in leadership in Latin America 2020: BAC International
Awards for Excellence 2020
Under the leadership of chief executive Rodolfo Tabash, BAC International has developed a regional response to the Covid-19 crisis, bringing together a multi-jurisdictional, multi-disciplinary committee to harmonize its response and ensure best practice is used throughout its Credomatic operations in central America.
The bank, which began work on its pandemic strategy before the first case hit the region in Costa Rica in early March, has developed a real-time regional dashboard that has a live feed of the current situation for all the areas of the bank’s regional network.
Where possible, employees were allowed to work from home from the earliest days of the crisis, while those who needed to work from a branch or office were provided with the appropriate equipment, tools and information to perform their duties safely.
Meanwhile the bank responded swiftly to address a spike in client online demand and boosted its digital services to support virtually any transaction. It also quickly put together effective online tutorials to help clients migrate to online self-service.
The bank quickly moved beyond this functional response and onto measures that helped society more broadly. BAC implemented a ‘no questions asked’ approach to repayment holidays for mortgage and loan payments – and it waived a scheduled interest rate increase in Costa Rica.
It also helped clients source essential purchases through supermarkets, pharmacies, hospitals and clinics – prioritizing those that are most vulnerable to Covid-19.
BAC created a parallel stream for corporate clients offering tailored relief packages – including the option for small and medium-sized enterprise clients to take a repayment pause for two months.
As the lockdown in the region continued, the bank created a series of online concerts featuring local artists that was streamed live on Facebook and Instagram to provide entertainment for clients and artists with paid work.
The response to the bank’s efforts across the central American region – in testimonials and social media results – show that its early leadership has enhanced its brand recognition and customer loyalty.