DigiLab Data Cohort 2 | Design & Implementation Institutional BackgroundThe 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 BackgroundLaunched 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, oiitrthD> N H IOCENC SSESOGPTFLA<EIAOTZS ES>NTENANINTGNI OONS RGEINII DTNNUVAK UOT NEH OENR L RTLEIHLEAO GB TLBGBOEOYNDTLARIDOC INNCETIHMR " EOTA GI SNEDTWC SC LPRPITHL ASDTEC RC<R DUT caetSUSA<CT) IKDVCRC L EGTI MSNRORFEDE TIHABFIA SHITTRAMILNTNOMSATPZOCEIVEE! 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