Digitization Model for Reducing Costs and Operating Times in Peruvian Banks

Paper consumption in Peru has increased in recent years due to constant demand from companies. For example, approximately 90% of all the financial institutions still maintain a traditional paper-based work system, including the printing, storage, and inquiries of physical account opening documentation. Therefore, to reduce the number of physical documents handled, this study proposes a four-stage digitalization model. First, the necessary requirements are elicited. Then, the second stage identifies the main problem and defines improvement objectives. Next, the following tools are executed: change management, business and technology management, and a new digitalization process. Finally, the results obtained are verified against the expected results. The proposed model will be validated through a case study, wherein 35% reduction in unnecessary operating costs, 90% decrease in document inquiries, and 100% cut in documentation-related expenses were reported.