Bancolombia is the largest commercial bank in Colombia and one of the largest in Latin America. This story traces Bancolombia’s journey as it embarked on a wide-ranging digital transformation that encompassed the implementation of an ecosystem strategy and the launch of a neobank—an entirely online bank. It highlights how Bancolombia used Nequi to learn how digital-only banks worked and to challenge Bancolombia’s traditional ways of working. It also describes the platform work that Bancolombia did to accomplish its ecosystem strategy.
Publication type: Working Paper, Case Study
Andrea Patricia Diaz Baquero
Stephanie L. Woerner