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BDSC EARLY ADOPTERS: THEIR EVOLVING TRUST CALCULUS “Erika,” a 26-year-old aspiring marketing executive in Bogota, Colombia, works full time as an office assistant while trying to finish her college degree. She lives in a household of four and earns about 800,000 COP ($385) a month. She has had a savings account with Banco Colpatria for 10 years but uses it only for basic transactions. In the past, Erika has applied for loans with financial institutions and also asked friends and family for money. Her prior loans have ranged from 1,000,000 COP ($480) to 4,000,000 COP ($1,924). When applying for a loan, she wants an institution that is recognized in the market, has lent money to other people she knows, and has a rapid turnaround: “I’m looking for transparency in financial institutions, where they provide more information about their portfolio on the Internet, where it can be easily accessed.” Erika believes that sharing private information—including her email address, phone number, employment details, and financial history—is a normal part of the loan application process. She’s willing to disclose information she would normally only share with her husband, such as social media information, if it speeds up the loan process, which is her top selection criteria when it comes to choosing a loan provider.
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