SANTO DOMINGO, Dominican Republic, Nov. 13, 2018
LAFISE Group is one of the first financial groups in the world to implement Visa Loyalty Solutions, a cutting-edge digital payment platform and loyalty program co-created by novae and Visa, as a first step toward its digital transformation
SANTO DOMINGO, Dominican Republic, Nov. 13, 2018 /PRNewswire/ -- LAFISE Group (LAFISE), recognized as one of Latin America's most innovative financial institutions, has partnered with the FinTech and InsurTech company novae to support its digital transformation.
As a first step in the process, the Dominican Republic locations of the group's retail bank chain, Banco LAFISE (LAFISE Bank), were some of the first banks in the world to adopt Visa Loyalty Solutions (VLS), which novae and Visa co-created in July. VLS is a user-centric, universal, cross-border, all-digital, mobile-first, white-label loyalty platform for banks that enables consumers and merchants to redeem points anytime, anywhere (online, in-store and while traveling), from any device (mobile, desktop or wearable) and using any payment method (credit, debit, points or split payment).
VLS provides LAFISE Bank with a top-of-the-line rewards and customer care program adapted to its loyalty strategies and branded as its own. Thanks to a single, smart payment solution on an invisible and securely encrypted payment platform, rewards are registered as digital currency that can be used alone or split with other payment methods, such as credit or debit cards registered on the platform, to make payments online and contactless in-store around the world.
While most loyalty platforms require cardholders to call contact centers to redeem their points, LAFISE Bank customers can access multiple interactive customer support channels such as voice, chatbot, video chat and communications leveraging artificial intelligence (AI).
novae not only created the technology behind the digital platform, but also the program's network of rewards offers, keeping in mind that customers often use their points for international travel. A powerful metasearch engine and partnerships with major worldwide travel aggregators enable users to get preferential pricing and exclusive deals at more than 400,000 hotels in 25,000 cities; 70,000 flights to 1,700 destinations on 130 airlines; 500 car rental companies at 30,000 locations in 170 countries; 2 million vacation rental properties in 190 countries; and 10,000 tours and other entertainment options in 90 countries.
LAFISE Bank, which operates locations in Honduras, Nicaragua, Costa Rica, Panama and the Dominican Republic, has been widely recognized for its technological innovations, particularly in Internet banking, mobile banking and e-commerce. Recent accolades include Bank of the Year 2017 (The Banker magazine); World's Best Bank Awards 2018: Latin America 2018 (Global Finance magazine); Most Innovative Bank in Honduras, Costa Rica, Panama and Nicaragua 2018 (International Business magazine); Best Banking Brand in Nicaragua 2018 (Global Brands); and Bank of the Year in Nicaragua 2017 (LatinFinance magazine).
LAFISE Bank's technology-related corporate social responsibility (CSR) efforts, such as partnering with the One Laptop Per Child program to provide students and teachers with laptops and sustainable connectivity infrastructure in schools, earned it Euromoney magazine's Achievement in CSR Award.
"As a pioneer in technological innovation, LAFISE Bank has always offered customers cutting-edge solutions to meet their banking needs. Our partnership will ensure LAFISE incorporates all the digital and mobile capabilities at our disposal to maximize customer loyalty and operational efficiency," said Sergio Arana, novae's Head of Ventures.
"LAFISE Group is excited to leverage novae's digital capability framework, featuring artificial intelligence, machine learning, mobile payments technologies and other advances, to help us cement our position as innovator in all the markets where we operate," said Edgar del Toro, general manager of LAFISE Bank in the Dominican Republic.
About LAFISE Group
Founded in 1985, LAFISE Group is the regional financial leader in specialized services in retail banking, investment banking, insurance, agro-export marketing, deposit warehouses, investments and the administration of venture capital funds, thanks to an advanced technological platform, in-depth knowledge of the region's capital markets, and world-class service. The group operates throughout Central America, the United States, Mexico, Venezuela, the Dominican Republic and Colombia, providing solutions to improve businesses, companies and people as well as support the development of communities and countries.
novae improves the customer experience through technologies and services that make mobile transactions, communications and other business-consumer interactions faster, easier, more effective and more enjoyable. Headquartered in San Francisco and with a business and innovation hub in Miami, an InsurTech hub in London and shared service centers in Buenos Aires and Bogotá, novae has clients across the Americas and Europe.
novae is part of a&a Co, a global equity investment company based in San Francisco and focused on creating, acquiring and investing in artificial intelligence (AI), mobile services and payments/loyalty ventures. novae's strategic partners include Visa, CyberSource, BPP, Expedia and Canopius Syndicate at Lloyd's. Investors in novae include the private debt and equity capital funds CASEIF III LP and ExWorks Capital LLC. For more information, visit us at wearenovae.com or on Twitter or LinkedIn.