Grupo Financiero Banorte has made a significant foray into the digital banking sector with the introduction of Bineo in January. Bineo stands as the premier fully digital banking platform in Mexico, catering to a younger, technologically adept demographic, while also providing an expansive array of traditional and online financial services.
Marcos Ramírez Miguel, the general director of Grupo Financiero Banorte, emphasized the critical nature of integrating the fintech sector with traditional banking. He underscored the bank’s commitment to accessibility through diverse channels, affording clients the option to select the method that best suits their needs.
Clients of Bineo have the capability to access banking services via Banorte’s correspondent banking, ATMs, conventional physical branches, as well as completely digital channels. Ramírez Miguel disclosed that Banorte’s aim is to attract two to three million Bineo clients within the next five years.
From January 29 onwards, clients have been able to open accounts, procure debit cards, apply for loans, explore various savings options, and conduct transactions and service payments through Bineo. Presently, Banorte boasts over 8.7 million digital clients, with 6.6 million utilizing their mobile banking app, offering nearly 200 service options.
The launch of Bineo signifies the realization of Banorte’s “1, 2, 3” 20/20 Vision Plan, which was initiated in 2020 to propel digital transformation and forge partnerships with industry leaders. The Mexican National Banking and Securities Commission (CNBV) has sanctioned three new digital banks to operate by 2024, with Bineo leading the charge. Santander’s Openbank and Hey Banco, a spinoff from Banco Regional, are also poised to enter the digital banking arena later in the year. Openbank is already established in other international markets, having obtained authorization to operate in the cloud in mid-July 2023.
Felipe García, the general director of Santander México, affirmed the bank’s dedication to furnishing clients with a comprehensive range of banking options, including the digital-only alternative proffered by Openbank. He opined that this endeavor will position the bank as an innovative and influential entity in the market. Despite Mexico’s impending election and global uncertainties, Banorte remains sanguine about 2024, anticipating sustained growth and a 2.4% increase in GDP.
The advent of Bineo heralds a new chapter in digital banking in Mexico, delivering convenience and accessibility to a broader audience, while compelling traditional financial institutions to adapt and embrace digital transformation. With more contenders entering the arena, competition is set to fuel innovation and enhance services, ultimately benefitting consumers.
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