Banorte’s digital bank would be ready in the first quarter of 2023

Bineo, the new bank of Banorte which will be completely digital, would be ready in the first quarter of 2023, although the start of operations will depend on the timing of the authority.

Francisco Martha, general director of digital businesses at Banorte, explained that once authorization was received from the National Banking and Securities Commission (CNBV), now an operational certification process is coming, and therefore many details cannot be offered, although he pointed out that there will be a different banking model, oriented more to the customer experience than to the products.

“We intend to be ready in the first quarter. Obviously it depends on our times and on the authority (…) it is a process that we will guide, in which we believe that we will be ready in the next four months, then we will surely be ready in the first quarter, ”he detailed.

Marcos Ramírez Miguel, CEO of Grupo Financiero Banorte, explained that with Bineo a unique concept is being created, which will change the way of doing banking in Mexico.

He clarified that the authorization of his merely digital bank has nothing to do with his participation in the Banamex sale process, since they are completely different strategies.

Unlike fintech, it has a banking license

In a videoconference on the occasion of the presentation of the group’s results for the third quarter of 2022, Ramírez Miguel stressed that the line that divides fintech and banks is being blurred, and that Bineo is in the middle.

In this sense, he considered that it will compete both with fintech and against other banks, including Banorte itself. “In order to expand, you’re going to have to nudge those on the left and the right.”

He stressed that unlike a fintech, Bineo does have a banking license, which will allow it to offer a wide range of products and benefits, which will be announced in due course.

“Being a bank, customer savings have deposit insurance that protects them,” he said.

He mentioned that the name of his digital bank is not an occurrence, but rather the product of extensive research. “The word bank is not involved, it is one more name of the future that means many things at the same time. An easy name to learn, it can be verbalized”.

No comments on Banamex

Regarding its participation in the Banamex purchase process, Banorte is one of those that expressed interest from the beginning, the director of the group clarified that for the moment they cannot comment on anything.