Banorte's Bineo Aims for Hiperpersonalization to Rival Fintechs

Grupo Financiero Banorte has launched Bineo, hailed as Mexico's first fully digital bank, supported by an established regulatory framework and a technology-centric approach. This, coupled with its “client first” philosophy, distinguishes the new company from its competitors, according to its directors. 

Diverging from traditional brick-and-mortar institutions and other digital banks, Bineo introduces a host of innovative features tailored to the needs of its target audience, including young adults and seniors. “We have a solution center where clients can use any channel they are comfortable with. Bineo offers the option of WhatsApp, a chat within the app, or a phone line, all attended by a human, never a bot,” said Victor Moya Aguilar, CEO, Bineo, in an interview with MBN. 

Bineo, armed with its own Multiple Banking Institution license, authorized by regulatory bodies such as the National Banking and Securities Commission (CNBV), Mexico’s Central Bank (Banxico), and supported by the Institute for the Protection of Bank Savings (IPAB), promises a secure and seamless banking experience.

“We provide tailored tools based on client needs, with options for bi-weekly or monthly payment schedules depending on what they need. Our solutions adapt to client workflows with personalized assessments. Clients choose payment terms and durations, each with unique conditions based on what they want and need,” says Moya. The loans range from MX$5,000 to MX$200,000, with flexible repayment terms spanning 6 to 24 months. 

In contrast to Bineo’s entrance into the digital banking arena with licenses and regulatory backing, Nubank, another player in Mexico’s financial landscape, has only just begun the licensing process to operate as a bank in the country. By acquiring a banking license, Nu aims to establish a nationwide presence, expanding beyond its current digital platform to encompass a network of branches and ATMs across Mexico. This strategic expansion contrasts with the more localized reach typically associated with SOFIPOs, positioning Nu to cater to a broader demographic and geographic spectrum.

Currently, Nubank, Stori, and Ualá offer debit and credit cards, personal loans, and a 15% annual yield on the account, while Bineo will tailor its offerings based on client usage.  With the new license, Nubank plans to diversify its product portfolio, introducing mortgage loans, payroll loans, auto loans, and investment options. 

At its launch, Bineo offers two services: debit cards and personal loans, but promises to add more to “accompany the client in their life journey,” says Moya. 

One week after launching, Bineo has attracted over 5,000 clients and aims to reach 2.5 to 3 million clients within five years. “Before being ambitious, we are realistic, and we want to serve the customer in a personalized manner. To achieve that, our goal is not the volume of customers, but the quality of attention and the quality of our services,” said Francisco Martha Gonzalez, CEO, Banorte. 

“As more financial institutions acquire banking licenses, Bineo will maintain its differentiation by consistently updating our services based on client feedback and needs,” said Moya. "Our agile process ensures swift development of new and personalized features, responsive to evolving needs and informed by client feedback."