DigiLab Data Cohort 2 | Design & Implementation
Institutional
Background
The
International Finance Corporation (IFC), the private sector arm of the World
Bank Group, is a global leader, investor and advisor committed to projects in
its developing member countries that reduce extreme poverty and boost shared
prosperity. IFC finances private sector investments, mobilizes capital in the
international financial markets, helps clients improve social and environmental
sustainability, and provides advisory services to businesses and governments in
the developing world.
Private
sector financial development is essential to the promotion of successful and
sustainable economies in low- and middle-income countries around the world.
Sound and efficient financial markets can ensure that resources are allocated
where they are most productive, assisting job creation and spurring economic
growth. IFC’s goal is to prioritize investment in the financial sector because
it promotes development in all other sectors.
The
Financial Institutions Group (FIG) engages in a wide range of sub-sectors including
Microfinance, SME, Gender, Climate, Insurance, Capital Markets, Housing,
Distressed Assets, and other areas, with both investment and advisory services
delivered globally to IFC’s clients through IFC’s global network. FIG has three main objectives: 1) financial
inclusion 2) servicing the real economy and 3) mobilizing third-party
resources.
The
Digital Financial Services team (DFS) within FIG provides advice to and invests
in innovators bringing new solutions to our markets, works with incumbents
seeking to adopt new technologies, adapt channels, products, and processes, and
become more adept in delivering customer-centric financial products and
services, and partners with banks, MFIs, NBFIs, and technology and telecom
companies to foster greater financial inclusion and reach.
IFC
FIG Advisory Services in Latin America and the Caribbean (LAC) is supporting
financial institutions (FIs) in their digital innovation journeys through the
IFC DigiLab acceleration methodology and with individual post-engagements.
Project
Background
Launched
in March 2018, the IFC DigiLab Finance emerged as a response to small and
mid-sized financial institutions' clients requesting support with their digital
transformation journeys. At present, the IFC DigiLab has evolved to position
itself as an acceleration program for FIs with different needs and digital maturity
levels.
The
acceleration methodology includes the following features:
-
Proven methodology: 52 FIs/regulators
have completed at least one of the DigiLab programs.
-
Tangible results: The individual DigiLab
products aim to support participants in their strategy and roadmap development,
tailored to a specific digital objective, and identifying use cases for rapid
and tangible business results.
-
Networking: The methodology
fosters networking among participants and peers in the same or similar digital
maturity level and allows for advanced institutions to share lessons learned.
Moreover, the different product types promote the exposure and connection of
participants with digitally native companies (Fintechs, Technology firms, etc.)
with the aim to accelerate the implementation of collaboration-driven initiatives.
-
Internal alignment: The acceleration
methodology promotes the participation of a multidisciplinary C-suite team to foster
internal organizational alignment and a knowledge platform across different
institutional areas.
-
Mentorship: Throughout the
acceleration program, each institution is accompanied by a mentor (expert in
data) to ensure the methodology is correctly translated to the institution’s modus
operandi.
Upon
completion of any of the DigiLab products, it is possible that one-on-one follow-up
advisory projects are offered to those FIs requiring additional support in the
implementation stage of their digital innovation strategies.
Program Objective
DigiLab is an acceleration methodology that
aims to foster digital innovation in the financial sector, a program which, itself,
has innovated how the Financial Institution’s Group delivers advisory services.
Currently, the program includes 3 products:
i)
DigiLab Finance. The objective is to
support FIs in the development of their digital transformation strategies and
roadmaps, as well as in their understanding of the value of digital innovation.
Digital innovation includes leveraging partnerships with ecosystem players,
developing business models that foster and improve national digital economies,
financial inclusion, business efficiency, product development, and customer
experience. Following the program’s success in Latin America and the Caribbean
resulted in the program’s replication in Eastern Europe, Central Asia, and
Africa.
ii)
DigiLab Open APIs. The DigiLab Open APIs
program (Application Programming Interfaces) aims to accelerate the adoption of
Open Finance/Open API strategies to enhance financial inclusion and promote
greater transparency in the financial sector. In addition, greater transparency
is also achieved in the use of customer data, allowing for the development of more
customer-centric products and services. The program aims to help FIs and
regulators in their understanding of API Economies and their development of
Open API or Open Finance strategies, while providing a real-time testing
environment through the IFC's Sandbox.
iii)
DigiLab Payments. This program aims to
accelerate financial institution’s digital payments strategy through the
development of an actionable roadmap, identifying and prioritizing use cases
for tangible results.
Driven
by true innovation, our acceleration methodology and DigiLab Portfolio aims to evolve
continuously through the identification and incorporation of new industry pain
points and the adaption of our value proposition to a market and world in
continuous evolution.
Scope
of Work
Under
the IFC DigiLab procurement framework, IFC will subcontract a specialized firm for
the implementation of the second DigiLab Data cohort.
The contracted
firm shall abide by the DigiLab acceleration methodology and support IFC in the
adaption and deployment of IFC's DigiLab Data, a program designed to accelerate
FI's transformation to become a data-driven organization. Furthermore, the
program aims to help FI's to:
a) Develop and consolidate their data-driven
strategy in line with its business strategy
b) Identify
data use cases which respond to business questions
c) Develop
a roadmap prioritizing high value data use-cases
d) Understand
the necessary Data Architecture, Governance and Quality
e) Understand
and prioritize a Data Governance Model that responds to the FI’s business goals,
maturity, and context
f) Explore
visualization tools and key drivers of a data-centric culture
g) Implement
change management methodologies to accompany FIs on their journey of becoming a
data-driven institution
The
tangible results of DigiLab Data comprise the institution’s data-driven
strategy, short- and medium-term implementation roadmap, as well as the
prioritization of two data use cases.
Specific activities include:
1.
Revision of the DigiLab Data methodology
and program structure including:
·
Revise the curriculum and
program materials implementing feedback and
lessons learned from the first cohort (topics/areas of interest, external
partnerships, number and composition of sessions, curriculum, hybrid
methodology and in-person weeks, etc.)
·
In collaboration with IFC, revise
the program’s objectives, define desired outputs, establish KPIs to measure the
program's success, and identify areas of
improvement for upcoming cohorts, including IFC and participant´s feedback.
2.
Implement the program with
five institutions and an approximate implementation duration of eight weeks of
which one will require physical deployment in South America (20 hours to be
distributed over 4 days):
·
Adapt and refine the existing data
maturity assessment incorporating lessons learned.
·
Revise and adapt content,
structure, and implementation methodology of
all modules.
·
Propose and include relevant
examples of institutions becoming data-driven organizations and lessons learned
considering the profile of cohort 2 participants (microfinance and Tier-2
financial institutions).
·
Deliver and facilitate the
modules that include the required methodology and
concepts to achieve the intended outcomes.
·
Select and assign one mentor per
participating institution, totaling five mentors for
the entire duration of the program (the mentor shall be approved by IFC). The
mentors’ role is to serve as an anchor, translating the methodology and
concepts to the institution’s reality, goal, and maturity throughout the
program and helping its adequate incorporation. Furthermore, the mentor will conduct
individual one-hour sessions with his/her institution to ensure the
understanding and application of the program´s content to the institution’s
context and ensure that the final deliverable responds to the program’s value
proposition and is aligned with the institution’s vision and business goals.
The mentor will also facilitate the knowledge transfer to the IFC team engaged
in the project.
·
The firm shall select subject
matter experts to revise the curriculum, training materials and to deliver the
different modules and sessions (the subject matter
expert shall be cleared by IFC). The
experts shall be available on demand in case participant FIs want to deploy an
additional hour with them to deepen their understanding of the program
concepts.
·
Manage the program's
successful delivery and implementation on the
existing collaborative online training platforms, facilitating peer to peer
discussions and learning. In order to do so, the consulting firm should also assign
a Project Lead with relevant expertise.
·
Support in identifying and
committing relevant speakers for the program in coordination with IFC.
Deliverables:
· Revised
and adapted DigiLab Data strategy, structure, timeline, (methodology), and
curriculum
· Revised
and refined data maturity assessment
· Revised
and adapted modules and materials, incorporating lessons learned from Cohort 1
and the Cohort 2 context
· Final
deliverable of all participating entities (at the end of the program)
· 5
mentors with relevant expertise who will participate in all sessions and conduct
one-hour mentoring sessions throughout the entire program duration (9 weeks).
· Final
report covering general lessons learned during the program, opportunities for
development/improvement for next cohorts, and challenges and recommendations
for FIs participants.
Selection
Criteria
The
Firm or the team should have the following qualifications:
· Demonstrated
experience defining and implementing data-driven transformation strategies, roadmaps,
and governance for Tier 2 financial institutions and/or microfinance
institutions in LAC. The same experience in other regions is considered a plus.
· Proven track
record related to successful technology deployment in data transformation for
medium-sized organizations and financial institutions.
· Deep
understanding of digital needs and pain points in Latin America's data
landscape, particularly in the financial sector.
- Knowledge
of policy and legal/regulatory issues related to data transformation in
Latin America.
- Track
record and knowledge in understanding the opportunities and trends in developing
data-driven organizations, data governance, quality, and strategy.
- Strong network with Latin
America's digital ecosystem (I.e., regulators, Fintechs, VC, etc.)
- Experience working with
multilateral organizations
· Strong business development, market
development, networking, and partnership management.
· Excellent oral and written communication skills in Spanish
and English.
· Being part of the IFC DigiLab procurement framework is
considered an asset.