Banorte Is The First Full Digital Bank In Mexico Focusing On Digital Customers

Banorte has started off Mexico’s digital bank expansion with the launch of Bineo, its first digital banking platform.

The new financial institution, which focuses on a computerized local audience, offers different traditional and online services.

According to Marcos Ramírez Miguel, general overseer of Grupo Financiero Banorte, the banks and fintechs go hand in hand,

“The fintech sector and the banks are one; we are not separate. Banorte’s model is like a steamroller. We want to be everywhere so that the client decides the channel they want to enter, and we will adapt to what the client wants.”

Bineo customers can now access correspondent banking through Banorte, their ATMs, traditional banking or totally digital choices. The establishment’s five-year plan means to have about 3 million Bineo customers.

Customers will be able to open accounts, obtain debit cards, request loans, access savings options, transfer funds, and pay for services as of January 29, 2024.

Banorte has over 8.7 million digital customers, 6.6 million of whom uses mobile banking, and its application is moving toward 200 assistance choices. With Bineo’s launch, Banorte’s 2020 “1, 2, 3” 20/20 Vision Plan, which aims to accelerate digital transformation and partner with market leaders, comes to an end.

Mexico’s National Banking and Securities Commission (CNBV) has previously approved three new digital banks for 2024. Bineo will be the first to open, but Santander’s Openbank and the spinoff Hey Banco from Banco Regional will follow later in the year.

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Openbank is as of now functional in different areas of the planet. In mid-July 2023, Santander announced getting approval for Openbank, which the Spanish group expressed was quite possibly the earliest bank to work in the cloud.

Banorte remains solid for the year in spite of Mexico’s coming elections and international strife. In a statement, it anticipated “great dynamism” to go on in 2024 and Gross domestic product growth of 2.4%, portrayed as “above potential.”