CASE STUDY — ORIENTAL BANK
From Underdog to Industry Leader
Rising from the Pack
Under the leadership of CEO Jose Rafael Fernandez, Oriental Bank set out to challenge the status quo in Puerto Rico’s banking market—long dominated by Banco Popular. To succeed, Oriental needed to move from a crowded field of indistinct competitors and establish itself as the definitive number two in the market. This would require deep transformation across customer experience, brand perception, and operational performance.
BA Digital-First, Customer-Centric Transformation
We partnered with Jose Rafael and served as fractional CMO to design and execute a multi-phase transformation strategy focused on innovation, relationship-building, and growth.
1. Digital Innovation and Customer Experience
Implemented a "Digital First" strategy, driving 93% of retail routine transactions through digital channels by the end of 2023.
Launched a new digital services website and integrated self-service tools to enhance accessibility and engagement.
Shortlisted for the 2025 Banking Tech Awards USA for "Best Use of Tech in Consumer Banking."
2. Integrated Marketing and Relationship Strategy
Created an integrated marketing platform focused on deepening customer relationships and driving deposit growth.
Introduced Quarterly Business Reviews and Customer Advisory Boards to strengthen connections with small and midsize businesses.
Acquired and integrated Scotiabank’s operations in Puerto Rico and the U.S. Virgin Islands to expand reach and customer base.
3. Market Positioning and Brand Elevation
Built a reputation for competitive interest rates, inclusive financial access, and tailored loan offerings.
Reinforced Oriental’s identity as a modern, customer-first brand with broad appeal—from startups to corporations.
A Clear Challenger Emerges
Oriental’s transformation produced measurable and sustained impact:
Deposits nearly doubled, rising from $4.8B in 2017 to $9.45B in 2024—a 96.9% increase.
In 2024, diluted EPS rose 10.4% YoY, with a net interest margin of 5.4% and return on equity of 18.24%—well above industry norms.
Ranked #25 on Forbes' list of America’s Best Banks in 2025.
CEO Jose Rafael Fernandez was named Community Banker of the Year by American Banker in 2023.