2. Distance to branch location
According to WOCCU’s experience, the transport cost of traveling to physical branch locations could represent 20% to 50% of the individual’s monthly average savings. With only about ten bank branches per 100,000 people, long-distance travel to banks may require remote customers to make costly trips to withdraw cash in order to cover expenses within their communities. The BICOO application offers a new alternative to small cash payments between individuals. When making transactions in their community, BICOO users neither have to rely on having the right amount of cash nor worry about their safety when carrying it. With the additional benefit of reducing the need to carry cash, users in remote areas will be able to rely on a new platform where they can track their inflows and outflows, require fewer costly trips to their branch, and begin using mobile banking through a simple interface that is easy to use and understand. Rather than introducing a complex application that requires a deeper understanding of digital technology and financial instruments, the BICOO application is meant to be an introduction to mobile payments and provide a simple alternative to low-value cash payments.
Able to conduct payments and transfers from their preferred locations, a new BICCO user shows the platform from her place of business in Quito.