Alex Twerdahl: Okay. Are there any sort of chunks of the initiative that might hit at any certain point in time? You mentioned that a lot of the fees right now are being conducted towards the planning phase, and then there’s going to be implementation phase, which maybe is more of a 2024 thing. But are there segments that you kind of — we can sort of look at over the next couple of — maybe even more in the near-term to sort of get a good sense for how to track the progress.
Ignacio Alvarez: Well, I’m not sure within the near-term, but one of the things that we obviously are going to want to be able to report to you is what percentage of our loan applications will be digitally enhanced — and obviously, that we will be able to give you numbers on that. We will be tracking that. And obviously, that will reflect in efficiencies. We’ve already implemented some things that are less technology oriented because again, this is more than just technology, it’s also process improvement. In terms of how do we make sure that our pricing strategy for products and services, including cash management are coherent across the organization. We expect that to bear fruit pretty much immediately. should be a game changer, but that will bear fruit immediately.
So we will be watching very carefully that in terms of revenues that we are getting from cash management, we are going to make important investments in that area. Now the technological area on cash management will take us a few years. I mean when you change your system for cash management, that will be a couple of year process. But we are very hopeful that will drive benefits for us. But again, we will be following and closely tracking that and think about digitally enhanced applications, self-service applications. So those are things that we will be tracking.
Carlos Vazquez: Yes. I mean, Alex, one of the things that we have a very strong belief that there is still a lot — a big opportunity for growth in Puerto Rico — with — by deepening the relationships we have with our existing clients. So a lot of the effort that’s going into transformation is for us to execute on that belief meaning that we will be in a position to provide clients quicker, better service to offer them products that fit their needs in a more efficient way. And with that, we increased the satisfaction of our clients, and that means we have more happy clients, we have more employees that can actually execute with excellence, what we are trying to do as far as client service and all those things add up to positive outcomes as far as the contribution of all those clients to the bank.
As Ignacio said, these are incremental efforts. Some small things will start happening in a few months. Other things will start happening next year. So the bigger things are technology dependent, will probably be sort of a bit back-ended, because we have to maintain investment and implement the systems to achieve what we want to achieve, but we expect that there will be some quick wins starting soon.
Ignacio Alvarez: Yes. Add to what Carlos was saying, I mean one of the big initiatives is designed at what we call personalization and segmentation. And therefore — and that involves a lot of investment in our data abilities also. But the idea is that we will be able to offer our clients products that they need faster. As you know, we have, by far, the largest client base in Puerto Rico, both retail and commercial. And if we can just penetrate that market, the cost of — our cost of acquisition will be much below any possible competitors. So we are going to put a lot of effort to the personalization and segmentation.
