Grupo Financiero Banorte wants to win an Oscar Award in the field of digital banking through its new technological commitment to be in “everything, everywhere and at the same time”.
“We are launching a digital bank (Bineo), many are talking about it. We are digitized in all services, in all products. We want to be everywhere at the same time,” said Marcos Ramírez Miguel, CEO of Grupo Financiero Banorte, referring to the most awarded film at the 2023 Oscars.
In an interview with El Sol de México, the manager explained that, as if it were a sports race, the bank is running at full speed to be a pioneer in digital banking and other financial services.
One of the main short-term goals is to consolidate the launch of Bineo, which is expected to be ready by the end of 2023.
Ramírez stressed that although previous announcements of this new financial institution have already been made, what is sought is that from its first day it can already offer the same products as a traditional bank, as well as the services of a physical branch.
“The idea is that it be born offering automobile credit, mortgages, deposits and eventually even insurance; It is going to be a digital bank in itself”, added the manager.
The institution will have an initial capital of 1,675 million pesos and will be a complement to Banorte, said the manager. In addition, it is the first bank to have the endorsement of the National Banking and Securities Commission (CNBV).
“I think we are going to attract digital natives, because if they want to do and live within the digital world, there they will have money in the bank that we are going to launch; if you want to be among the other bank products, they will have them and that is why you return to the original thesis, which is to be everywhere with everyone”, the CEO reiterated.
IN THE BID FOR THE OSCAR
There are currently three other banks that have already announced their entry into the digital world. One of them is Santander México, which is waiting to get the go-ahead from national regulatory authorities to launch Openbank, which already operates in countries like Spain, Germany and Argentina.
There is also Hey Banco, from Banregio, which is still in the process of obtaining its own banking license, and which currently offers credit cards, payment terminals, investment products, among other services.
Last year, Afirme Grupo Financiero announced the launch of its digital bank Billú, which plans to make inroads into the metatarsal through NFTs and other products.
This last institution will also allow the opening of bank accounts, credit and insurance contracting, as well as service payments, remittances, transfers, and payments with Digital Collection (CoDi).
WHAT ABOUT THE BRANCHES?
Ramírez Miguel assured that the physical branches are not going to disappear. On the contrary, they will be a complement to the digital bank and will even continue to provide and improve their services.
According to the manager, the role they will play in the midst of this digitization will be to be a “reference point” for people who want to cash or deposit a check, or who are interested in processing a mortgage.
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The director of Banorte said that the bank is in its “sweetest spot” and maintains the intention to invest 13 percent of its income in the year for technology and other items.
“What we want is to digitize the entire bank, a digital reconversion where we are going to be the fastest digitally in all services. We are a financial group and we want to make all of our products available in Mexico”, concluded the CEO of Banorte.
