Banorte seeks to lead in digital banking by 2023

Banorte Financial Group seek to lead in digital banking towards 2023, and for this it has developed a plan based on three pillars: accelerate the digitization of the group; make strategic alliances, and look for all transformation opportunities.

The above was expressed this Thursday by the general director of the financial group, Marcos Ramírez Miguel, who emphasized that what is sought is “to be the best financial group doing banking for the digital world by 2023.”

A few days ago it was announced that the National Baking and Stock Commission (CNBV) authorized Banorte have another bank, but this one completely digital, which is part of that strategy.

During his virtual participation in the Convention of the Mexican Association of Stock Market Institutions (AMIB), the banker highlighted the progress that the financial group has made in this area, and in this regard mentioned that in the last year its digital customers grew 22% and today there are 6.7 million, 5 million of which are mobile banking users , with an increase of 25 percent.

“The goal of digital transformation is to create what we call a bank in minutes, which generates a frictionless experience on all channels, improving times in endless processes and also increasing our recommendation rates,” he said.

Here, he highlighted that Banorte works on the “hyper-personalization” of products and services, according to the characteristics and needs of each client.

The second pillar to achieve leadership in digital banking in the country, he referred, are strategic alliances, and in this sense he mentioned some of the ones they have made so far, such as the one they have with Rappi and the creation of a digital card, of which more than 600,000 have already been placed since 2020, the year in which it was launched.

In the same way, he pointed out the one with Google Cloudwhich, he explained, will serve to make the bank’s technological environments more sophisticated, strengthen cybersecurity, and develop Openbanking applications to improve the customer experience.

“In addition, we maintain alliances with leaders in Artificial Intelligence such as IBM, in cloud computing such as Microsoft, and recently, at the beginning of the year, we invested in Habi, the leading proptech in Colombia that has just arrived in Mexico and with which we are developing a commercial offer”, he pointed out.

Marcos Ramírez commented that the third pillar is to look for all the transformation opportunities of the group, in all the subsidiaries, including the strengthening of its commercial alliance with Rap to multiply the financial services provided through this channel.

Work with fintech

Regarding his opinion of fintech companies, the director of Banorte commented that “if you can’t beat the enemy, join him”, although he recalled that there should be a level floor.

He argued that some can learn from others, and considered that some fintech they will become banks and vice versa, although the latter have advantages such as having branches, correspondents and other physical infrastructure.

“What you have to do? being a fintech, we the financial group, as a fintech, we are in the financial world, we are competing against them and we are,” he said.

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