Fintech Guild accuses the Credicorp Group bank of disrespecting financial technology companies, due to the controversial message of an advertising piece that was removed. The BCP had to come out and apologize.
The Fintech Association of Peru published an official statement today where it expressed its discomfort about a controversial advertising spot by Banco de Crédito de Perú (BCP). The complainants accused the bank of disrespecting financial technology companies, due to the controversial message of the piece. This belongs to an advertising campaign, whose slogan says: "Exchange soles and dollars. Whenever you want, wherever you want. The others are pure FINTECH."
A not very subtle reference
This is a clear play on words between the terms fintech and "feint". This last term is a popular expression from Peru that means "gesture or feint made with the intention of deceiving someone." Given the claim that its services are synonymous with farce, the Fintech Association established the following conclusion. "The campaign constitutes denigrating advertising and is an example of the anti-competitive practices that have framed the approach of Peruvian banks towards the fintech industry."
Next, the Association listed some advances that the fintech sector has had in Peru. The data highlights that 150 companies of this type currently operate in the Andean country. Thanks to this reach, it is stated that fintech promotes financial inclusion for millions of Peruvians who would not be able to access financial services through other means.
As part of its defense, the statement also highlighted a Preliminary Report developed by INDECOPI, the institution that advocates for consumer protection in Peru. There, it is highlighted that currency exchange fintech companies completed one and a half million transactions for an accumulated transactional value of US$ 4,376 million in 2021, 264% more than in 2019. The Study also detected a greater preference among respondents for fintech currency exchange solutions.
The BCP's apologies
Given the repeated criticism on social networks for the offensive content of the advertising campaign, the BCP commented on the controversy through its Linkedin account. The Peruvian bank admitted that it had explicitly referred to fintech in the advertising campaign and apologized for the "discomfort generated." On the other hand, the BCP assured that they work with several fintechs through collaborations, contracts and services. "We respect and value the dynamism they have brought to the market. Therefore, we will continue to work and collaborate openly with each of them," declared the bank.
To conclude the statement, BCP announced two reminders: the immediate withdrawal of the campaign in controversy and the recent launch of Xplore BCP , the first and only portfolio of a bank specialized in fintechs and the digital ecosystem.
