Ecuador’s Banking Industry Reports on Financial Crimes with Transparency and Innovation
Empowering Citizens through Transparency
In a country where mistrust of the banking sector lingers after a devastating economic crisis in 1999, one nonprofit institution is making a significant impact by empowering citizens through transparency. Asobanca, representing 15 of Ecuador’s largest private banks, has developed DataLab, an innovative financial intelligence information system that facilitates data analysis and promotes bank competitiveness.
The Birth of DataLab
The project was born out of the need to address the lack of confidence in the banking system and the limited availability of free data. By drawing on data from 24 banks, 74 financial institutions, and Latin American financial information, Asobanca created a platform that processes more than 20 financial indicators, including:
- Liquidity
- Return on assets
- Return on equity
- Delinquency rates
Choosing the Right Tool
Qlik Sense was chosen as the perfect match to analyze data quickly and present it in an attractive way. With DataLab, users can assess the financial health of individual institutions and the larger system, with over 3,000 financial variables available for advanced users to calculate their own indicators.
Democratizing Data
The democratization of data is key to DataLab’s impact, enabling organizations such as:
- Private companies
- Media outlets
- Public sector institutions
- Academia to access and analyze financial information. Since its launch in 2017, more than 1,000 organizations have been trained on the platform, with 20 research projects currently underway.
Breaking Down Barriers
Cost is not a barrier to accessing DataLab, as it is free to use. This, combined with its ease of use, improves access and encourages widespread adoption. Users save valuable time by not having to process the data themselves, and they find the data isn’t as intimidating.
A Vital Tool During the COVID-19 Pandemic
During the COVID-19 pandemic, DataLab proved itself to be a vital tool in reassuring citizens that their money was safe in the bank. The timely publication of financial updates has built trust with users, providing accurate and quick information on market risks.
Future Plans
Asobanca is proud of DataLab’s impact and aims to become a benchmark in Latin America, inspiring others to follow suit. With ongoing improvements, including developing new dashboards and visualizations, DataLab continues to transform the industry and provide Ecuadorians with more transparent, democratized, and accessible financial information.