IFC has completed delivery of DigiLab to Cohort 1 in Latin America
About IFC DigiLab
IFC DigiLab is Digital Transformation on Steroids and is our latest tool to support our clients in their digital transformation at scale. It is a program designed for small and mid sized financial institutions
IFC DigiLab consists of a combination of face to face learning and networking events coupled with an online learning platform to support completion of the building blocks between the face to face meetings as well as a number of special events such as visits to innovation labs or Techs in the onsite teaching locations.
Face to Face trainings are a week each and are hosted in Bogota, Mexico City and São Paolo.
The objective is for participating banks to have a roadmap to digital transformation and the knowledge and methods to implement this on their own at the end of the 11 week program through an interactive and applied learning approach.
Core concepts of IFC DigiLab
Learning by doing: an interactive and applied learning approach that seeks to facilitate learning through: (i) experiences and networking with other financial institutions; and (ii) exposure to FinTechs, service providers and industry experts as well as BigTechs.
Impacting the entire organization: including an interdisciplinary senior team of participating financial institutions which is capable of transmitting what has been learned, permeating cultural change of participating banks.
Face to Face sessions: designed not only to impart knowledge, but also to share lessons learned and real case studies from financial institutions with similar challenges and to review the roadmap modules developed by the banks in between the on-site meetings.
The transformation process is broken down into distinct topics such as Strategy and vision, IT, HR, capacities, etc. and each onsite training week focuses on a few select topics with faculty and firms providing information and examples.
Each participating bank, during the course of the week, develops partial solutions or strategic approaches to addressing a specific problem discussed. These are then presented to, and discussed with peers and faculty in the plenary ensuring what has been learned is immediately actioned.
In between the face to face meetings participants institutions continue developing solutions for the building blocks of the transformation process to be discussed and reviewed during the next live meeting, homework so to speak.
While doing so, the management team has access to resources, faculty and it’s peers through our online platform. The online collaboration platform is available over the course of the 11 weeks of the program. Via the platform IFC provides:
1.Online materials, job-aids for learning and adapting digital transformation
2.E-learning modules and assignments to be completed in between the on-site sessions
3.Videos with on-hand key concepts and experiences
4.Group discussions and collaboration about specific subjects
5.Formal and informal communications between participating banks about the Project progress and trends
6.Practicing and promoting expected digital behaviors
7.Support and Q&A about the Program and the subjects treated
8.Pulse surveys and tests to ensure knowledge transfer
The program is delivered by an interdisciplinary team of senior IFC experts and Accenture. To complement this, Techs such as Facebook, Cignify, Fidor and Cognitiva present their solutions covering topics from partnerships, through AI, Robotic Process Automation and Machine Learning.
The first cohort has just completed a full cycle. IFC will now revise and condense the program before inviting banks to participate in the second cohort. IFC is also looking to adapt the program to be delivered in other regions.