Digital banking in Mexico is in the maturation stage: Fitch Ratings – El Sol de México

Despite investments in technology and advances in services, the segment of digital banking in Mexico is still in a maturation stage, assured the rating agency Fitch Ratings.

Alejandro TapiaSenior Director of Analytics and Head of banks in fitchexplained that one of the main problems faced by institutions is that they serve different types of customersfrom those who are used to going to a branch to those who prefer to do all their operations from a cell phone.

You can also read: AI creator leaves Google to warn of its risks

Although this is not negative, since it speaks of the fact that “traditional banks” have adapted to the supply and demand of new users, it also shows that there is a part of clients who are reluctant to migrate to the digital financial world.

“Regulation for banking is high and it is something against for new fintech players or digital banks. We already have a Fintech Law, but we have not seen good progress,” Tapia said during the forum “Digitalization and sustainable finance in the Mexican banking sector”, organized by Fitch Ratings.

During the eventAlexander Servinleader of Openbanking at BBVA Mexicoconsidered that in the midst of the digital environment fintech They are the main competition for banks, who are characterized by offering products tailored to their customers and very quickly.

“They are fast and create focused products to give a good customer experience; if their product doesn’t work, they kill it and keep growing. In banking, we are afraid of failing, and that’s fine, it’s a regulated issue, but I think we have to be a little more adventurous,” said the manager.

In this regard, Servín did not rule out that in the medium term there are more alliances between banks and fintechor even purchase of Institutions to expand the offer of financial services, such as Credit cards, mortgages, investmentsamong others.

However, he warned that the pending challenge is to advance in fintech and openbanking regulation by the National Banking and Securities Commission (CNBV)which seeks the personal information can be shared between financial institutions to facilitate the design and approval of products.

➡️ Subscribe to our Newsletter and receive the most relevant notes in your email

“In 2018 we had a global, brutal advance, with the publication of the Fintech Law, a watershed celebrated and recognized worldwide. The administration changes, and it is not because they want to throw stones at the current administration, but it stops completely; the breakthrough we had stops, the people who knew regulate financial technical issuesin particular of open bankingthey leave the CNBV and those who stay do not put it as a priority,” said Servín.