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.

Oriental headquarters

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.

Oriental mobile app

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."

Oriental Bank Ads

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.

Oriental Libre Account advertisement

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.

Oriental Billboard

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.

Oriental Bank is now recognized not only as a top performer in Puerto Rico but as one of the best-run banks in the U.S. This case demonstrates how a clear strategic vision, combined with disciplined execution and customer-driven innovation, can turn a regional player into a market leader.