How to choose a bank that takes care of your finances in 2023?

Are you looking for options to improve your finances in 2023? Are you worried about how your bank manages your money? Do not care anymore. In this article, we will provide you with valuable information that will help you clear up the most frequent doubts: how to save, how to invest, and how to choose a safe bank that truly takes care of your finances.

Whether people identify themselves as savers or investors, the truth is that banks play an important role in safeguarding their money and in accessing credit services that help take care of personal finances. Precisely for this reason, it is essential that customers clearly understand what the bank they trusted is doing with their money.

Francisco Nazati, Head of Personal Banking at Banco ProCredit, states that "

Knowing the mission of the financial institution with which we work and understanding the financial services it offers helps to better manage our finances. Knowing the savings and credit products offered by the institution and the type of advice it can provide us, without a doubt helps us to make better financial decisions. For this reason, it is important, when choosing an institution in which we trust our resources or request a loan, to know what benefits it offers me, beyond an interest rate.

The beginning of 2023 marks a starting point for those who have proposed to improve their financial situation, for which the representative of Banco ProCredit, the German bank in Ecuador, provides valuable information below that will help people choose a bank that truly takes care of their finances in this new year.

On the economic outlook for Ecuador in 2023

• Globally, conditions for 2023 are unfortunately not so encouraging. "The main international organizations have indicated that the main economies of the world are going to face difficult conditions and they envision a recession for the majority of countries"explains Nazati.
• Although for Ecuador the conditions will not be so severe, "(...) This year will bring several challenges to our country, so citizens must try to reduce their expenses and prioritize the structuring of a savings plan that allows them to face potential hard times in the future", recommends the Banco ProCredit expert. In this sense, he adds, it is essential that they entrust their resources to an entity that provides support, security and excellent quality of care.

On the importance of having a parent bank

• A leading bank must, through its products and services, monitor the daily activities of the account holder, and guarantee security and order in the administration of their money. "Choosing a leading banking institution is key since, by managing our resources, the entity will be able to easily evaluate our future credit requirements, and, among other things, we could have better benefits in terms of terms or amounts"explains Nazati.
• Some aspects are important when choosing a financial institution. "In addition to being a safe bank, the person must verify its coverage, the level of technology and the service it provides", suggests the specialist, who points out that, when entrusting your money to an institution, it is essential that the latter make all possible channels and means available to solve a problem, should it arise. "At Banco ProCredit, for example, we provide complete financial advice, in which, through personalized consultancies, we present each client with the alternatives that we offer and that best suit their needs, and we help define together how to save and /or how to invest in the most appropriate way”says the executive. In addition, the institution has virtual service channels, in such a way that people do not need to have a physical agency nearby, but only an internet connection, in order to resolve all their requirements.

On the key factors to choose a bank that takes care of your finances

• Regarding the immediate availability of money for account holders, something that is essential in a trusted bank, 3 important factors must be considered:
• El liquidity level of the bank, a key aspect to supply the level of withdrawals. "The bank must have sufficient funds to ensure its liquidity, and this is achieved through constant and updated measurement methodologies of the behavior of its customers' money withdrawals, both in regular periods and in periods of stress"says the expert.
• The shareholders of a bank, who are responsible for the deposits of the clients of said institution. Banco ProCredit's shares, for example, are owned by ProCredit Holding, whose shareholders are international, public and private institutions such as KFW (a German state-owned bank, and one of the world's leading and most experienced banks). , the IFC (a member institution of the World Bank Group), among others.
• La technology used by the entity, because thanks to it, the operation of the system and electronic channels can be guaranteed so that customers can access their funds safely and without inconvenience. Banco ProCredit, for example, has a state-of-the-art technological infrastructure, which is managed by its technological partner Quipu, which guarantees that commercial and security needs are always present.
• Regarding the safekeeping of your deposits, the banking institution must guarantee the following:
• Solvency, which is identified by the quality of shareholders that the bank has and its level of capitalization. “Stability is demonstrated through healthy financial indicators such as the quality of its portfolio, the type of investments it makes, its corporate governance, and the entity's liquidity indices."says Nazati.
• Transparency in the information it provides, and which is related to the clarity with which the bank offers its services, the simplicity of its price lists or tariffs, and the rendering of accounts it performs before society. “This is generally reflected in the institution's sustainability reports, which can even comply with international reporting standards such as the Global Reporting Initiative, used by companies that want to evaluate and show their economic, environmental and social performance, as is the case of the ProCredit group”, says the specialist.

Maximize your savings and improve your financial future with the help of our advice at Banco Procredit green bank! the German bank in Ecuador, we offer you a wide variety of options to invest your money safely and sustainably. Discover everything this bank has to offer you through our articles on our blog, where you will find expert advice on personal finance, time deposits, savings simulators, how to invest in safe banks, among other topics. Visit us right now and start investing in your financial future!