Our process engineering is very noble and we want to be the best for our clients”.
Marcos Ramírez, director of Banorte.
The fintech boom has caused traditional banks to speed up their digital strategies for a few years. Some have done so by reinforcing the infrastructure they already had such as their websites and applications, and others by creating their own digital arms.
This is the case of Banorte which, according to the president of the National Banking and Securities Commission (CNBV), Jesús de la Fuente, was recently authorized to have a new bank, but 100% digital.
With this, Banorte becomes the first to obtain authorization to have a completely digital bank that, according to the official, will not have branches or offices and all operations will be through technology.
“Technology has made other entities in the financial sector, especially banks, begin to realize that it was very important that their technology be state-of-the-art,” said the President of the CNBV on Friday during the AMFE Forum in Puebla.
He added: “Grupo Financiero Banorte was authorized to have a new bank, where it will not have branches, it will not have offices, where all banking operations that the law may allow, are carried out through technology.”
Work on hyper-personalization
Last March, in an interview with El Economista, Marcos Ramírez, director of Banorte, mentioned that the bank is working on the hyper-personalization of financial products and services for its clients.
“We have to be the first, we have a very noble technology in the bank, where we can adapt all the technologies we want, our process engineering is very noble and we want to be the best for our clients,” he said.
Santander has Openbank; does not yet operate in Mexico
The Spanish Santander, which has one of its main markets in Mexico, also has its Openbank digital bank that operates in some countries such as Spain, Germany, Portugal and more recently in Argentina.
In Mexico, however, it does not yet operate as such, but rather under the figure of a Multiple Object Financial Company (Sofom), but it is expected to fully enter as a digital bank in 2024, for which the respective request has also been submitted before the financial authorities.
Hey Bank already entered request
Banregio is another of the banks that has been managing a 100% digital option for some time through Hey Banco.
However, it seeks to make it independent, for which in the second quarter of 2022, the request was submitted to the CNBV to obtain its own banking license.
“We are on time, it is not a quick process, we know that the Commission has a lot of work to do, but it is making progress. The great advance is that we have finally made the formal request, so we are waiting for an official response, this is progressing,” Enrique Navarro, finance director of Regional, Banregio’s controller, said in a recent interview.
eduardo.juarez@eleconomista.mx
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