A member of the family that established Venezuela’s banking system, Julio M. Herrera Velutini serves as the chairman of an international bank with offices in Puerto Rico and Florida. Julio Herrera Velutini’s bank maintains membership with the Association of Banks of Puerto Rico (ABPR). In addition to representing banks, the ABPR publishes resources for consumers on various banking matters. For example, the organization’s website contains advice on what consumers should do if it becomes difficult to make mortgage and credit card payments. The ABPR first recommends contacting the relevant financial institution, as many lenders can negotiate payment alternatives, especially in the event of catastrophic illness or job loss. After communicating with the financial institution, the ABPR states that consumers can work with consumer credit-counseling services to decrease monthly payments and devise a budget. The ABPR cautions against doing business with organizations that claim to “fix” credit problems, explaining that only time and consistent payments can resolve credit issues.
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Julio M. Herrera Velutini, the scion of a family of entrepreneurial Venezuelan bankers, serves as the chairman of an international bank with offices in Florida and Puerto Rico. In that capacity, Julio Herrera Velutini stays abreast of the latest developments in the banking industry, particularly online trends.
According to a report by the research and consulting firm Celent, the ease of opening a new bank account online differs significantly from one institution to another. The firm compared the process of creating an online account at 26 banks in 2015 and found that applicants fared best when banks took a customer-centric approach and offered quick entry, an array of well-presented product options, and streamlined Know Your Customer (KYC) due diligence. In other systems, the process was less user friendly due to wet-signature requirements or notification about zip code restrictions late in the application process. Celent found that implementing a smooth online-account-setup process is extremely important because it is often a customer’s initial introduction to the institution and can determine the tone of the bank-customer relationship. As fewer transactions are conducted at branch locations, it’s essential that banks offer a user-friendly online experience. Julio M. Herrera Velutini, whose family has long been involved in Venezuela’s banking system, currently serves as the chairman of an international bank headquartered in Puerto Rico. Under Julio Herrera Velutini’s leadership, the bank is a member of the Association of Banks of Puerto Rico, an organization that represents financial institutions and offers resources to consumers.
Among its many services, the Association of Banks of Puerto Rico is conducting a financial literacy campaign to help consumers effectively manage their finances and navigate current economic conditions. The campaign educates consumers through a variety of channels, including a weekly radio show, financial training workshops, advertisements, and educational materials distributed to banks across Puerto Rico. On its website, the Association also publishes informative articles on financial matters relevant to consumers. For example, one article discussed lending money to a friend and explored the various considerations and possible complications associated with that decision. The Association also posted articles about creating a personal budget, saving on groceries, and applying for a loan. More information about the Association of Banks of Puerto Rico’s financial literacy campaign is available online at www.abpr.com. |
AuthorMr. Velutini has experience with both established banks and young banks. S Archives
December 2017
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