Neobanks vs. Traditional Banking: Friends or Foes?

As one of the least banked countries in Latin America, Mexico has attracted the attention of neobanks, which have come to the country to challenge traditional banking. The opportunity to reach those underserved by the financial system has increased but getting there will not be possible without a customer-centric strategy and a long-term vision, agreed panelists at Mexico Business Forum 2021 Virtual Edition on May 27. Moderated by Iñigo Rumayor Belausteguigoitia, Co-CEO at Arcus, the panel brought together Cristian Huertas, Country Manager at Bnext; Emilio González, General Manager in Mexico of Nubank; Pierpaolo Barbieri, Founder and CEO of Ualá; Aitor Chinchetru, Founder and Co-CEO of Fintonic and Juan Miguel Guerra, Head of Rappipay Mexico, who spoke about the challenges they face in getting these products to reach remote areas and how their value proposition has put traditional banking on its feet.

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