Digital Banking Becoming Stronger in the Mexican Market

Since the arrival of COVID-19, we have been increasingly relying on digital platforms and their multiple applications.

Digital Banking Report in Mexico 2020 shows how the use of digital banking and fintech has risen significantly.

Fintech holds the answer to solving the unbanked challenges, meaning there are higher inclusion levels for those that are not in the system, reported MBN. Rafael Roncancio, Director of Financial Services for Capgemini Mexico, says this digital banking solution is more reliable and approachable due to its low tariffs and cheaper commissions.

Digital bank accounts have increased in Mexico by 61 percent, which is the equivalent to 36 million clients that have turned to these platforms, reported Forbes. These numbers reveal a big change considering that in 2017 the number of clients there was 13.6 million. The same article reported that just checking the results from the transactions made in 2020, 52 percent were carried out in ATMs, 33 percent in digital banking and 15 percent in branches.

María José Roa member of the Research Committee of the Financial Education Network (INFE) of the OECD said, "The gaps can become larger, it is necessary that in addition to the banking efforts, there are public policies that join this development

 The Digital Banking Report in Mexico 2020, states that there are new priorities to take into consideration. . The report mentions how digital experience cannot only be about doing transactions, but also complying with client´s expectations.  The report suggests there should be virtual financial advisers that guide the user through the process. . Another priority is making the user feel that utilizing digital banking is easy. Making the app difficult to use will force users to go to the bank instead of being guided through the process. A third point states that the user's confidence is the top priority. The user has to feel that their information is safe. The last point mentioned is the importance of making the digital experience as humanly possible. This means reaching a level of customer satisfaction that makes the user feel appreciated and heard. An example of this is the new chatbots and virtual assistants, reported El País.

According to Statista, the Financial institutions with the largest number of digital banking tools in Mexico in 2020, show that Santander leads with 12 tools. Three institutions have  11 tools, these are Citibanamex, Banorte, BBVA and BanBajio places last with 9 tools.