Success Story
Your virtual assistant at your fingertips and by your side.
Customer Satisfaction.
Reduction in response times.
Who is Bancamía?
Bancamía, an entity of the FMBBVA Group, is the first microfinance bank established in Colombia in 2008 with the goal of providing access to financial products and services for low-income microentrepreneurs. A significant portion of this population is rural, and they need access to financial products and services tailored to their realities, allowing them to address their concerns quickly and efficiently without having to travel constantly to urban centers where bank service points are located.
How the Mía Bot Was Created
In 2019, the Innovation Management team, guided by the strategic principles of “Focused on creating the best experience for customers, agile, innovative, and collaborative,” proposed a project to provide customer service through WhatsApp using artificial intelligence. One of the key requirements for this service was natural language understanding to minimize the risk of technology adoption, as Bancamía’s clients were not very inclined to use automated services, having historically preferred direct contact with bank advisors.
When the global COVID-19 pandemic crisis hit in 2020, Bancamía’s management prioritized the WhatsApp project. The global collapse and office closures left clients, primarily from rural areas, isolated and necessitated a swift implementation of technologies to maintain contact with them. This is how Mía was born—an intelligent virtual assistant launched on August 13, 2020, on the WhatsApp channel, providing information about government programs offering financial relief to microentrepreneurs.
Mía initially provided information about the Debt Support Program (PAD), followed by the implementation of the Solidarity Income Program through Mía. In the first quarter of 2021, forms and surveys were introduced for the basic income subsidy. By the third quarter, options were added to assist the Venezuelan community, along with other improvements such as credit registration and applications, credit simulators, and more.
Currently, the Mía Bot
Today, the virtual assistant Mía is one of Bancamía’s advisors. In addition to answering customers’ common queries about the bank’s products and services, hours, branches, and financial and digital education tips, it offers credit and CDT simulators, credit management, data updates, subsidies, physical location information, insurance, loyalty programs, and more.
Additionally, in 2023, the bot incorporated a new initiative to conduct virtual visits to facilitate the credit approval process. This process previously required significant time and resources from Bancamía because its clients, especially those in the agricultural sector, are often located in remote rural areas that are difficult to access. To approve a credit, it is necessary to validate both the business and the individual requesting the credit. These visits can involve long journeys by motorcycle, horse, boat, or even extensive walking, which complicates meeting the company’s service time goals.
The solution developed for these virtual visits had to address the limited and low-quality internet connections many clients have due to their locations, which affects the speed and efficiency of digital transactions. Additionally, many clients lack formal education and have (or believe they have) limited experience with digital technology. Therefore, the service needed to function under poor connection conditions, ensure visit traceability, be easy for both Bancamía staff and clients to use, provide reminders to ensure the visit takes place without issues, and include the necessary reports for the required audits.
The service began operating on June 16, 2023, with the implementation of the tool in 20 offices with 125 Productive Development Executives (EDPs). To date, it has been incorporated into over 173 offices with more than 1,100 EDPs nationwide. The solution’s success is notable, with response times reduced from 40 minutes to 12 minutes, not accounting for the average 4-hour travel time savings, a visit effectiveness rate of 91%, and customer satisfaction of 91%.
