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No branches, no windows.
The Banorte Financial Group is now committed to offering savings accounts and loans to the millions of smartphone users in Mexico through its digital bank, Bineo.
After more than two years of work and an investment of around 150 million dollars and assets of 1.8 billion pesos, the banking institution has launched itself fully into this universe of algorithms and mobile applications.
Víctor Moya (Mexico City, 46 years old), general director of Bineo, is confident that they will go from just over a thousand clients they have now to 2.5 or 3 million users in five years, a confidence based on being the first Institution of Multiple Banking and receive a license for this type of bank issued by the National Banking and Securities Commission.
With the promise of security and agility, the manager assures that they will reach places where traditional banking has not yet landed, that is, anywhere that has internet.
Ask.
When does the need arise for Banorte to offer a digital bank?
Answer.
We are the first 100% digital bank and we are part of Grupo Financiero Banorte, which gives us support and solidity.
The financial group makes this bet because there are clients who need to have a 100% digital solution who do not want to go to a branch and who want to have everything in their bank in the palm of their hand.
By having these applications, we allow clients to interact with Bineo no matter where they are and, in addition, we give them security and very strong support, not only from the financial group, but because all savings are protected by the IPAB (Institute for the Protection of Bank Savings).
Q.
How much is this protection for your clients?
A.
The IPAB protects banking clients for up to 400,000 UDIS, which is now around three million pesos, and that means security and flexibility for clients, accompanying them every step of the way.
Q.
An offer without branches or windows...
A.
Bineo is for users who want to operate through the Apple or Android applications, which are already available in stores right now.
Our channels are built so that you always have personalized and human attention, whether you have a goal to save or whether you have a goal to request a personal loan.
We have a total Bineo account that allows you to have money with unlimited deposits, without commissions, without minimum balances or we also have a personal loan that can give you between 5,000 and 200,000 pesos, without opening commission, between 6 and 24 months.
Q.
What are the main advantages they offer compared to traditional banking, of which they are also a part?
A.
Since Bineo is the first digital bank and does not have branches, we are going to offer customers customizable benefits where we try to achieve these benefits by being much lighter and creating secure and very easy-to-use platforms.
Q.
In terms of security, what guarantees do you offer to avoid the risks of hacking?
A.
Being a bank, we went through all the review filters of the National Banking Commission, we also had authorization from Banco de México, we went through all the filters and all the processes to be able to receive this banking authorization and to be able to have our own license and with this We can offer clients what they need and they can be sure that their savings are safe with us not only because of the support of Grupo Financiero Banorte, but also because of the IPAB.
Q.
How many people will work at Bineo?
A.
We are providing personalized attention to all clients, we have personalized availability 24/7.
Here we are going to serve through people, not through bots, we are a chat away in which they will always be attended to by a person.
At Bineo we have 200 employees, but like any bank, we will grow as our customer base grows.
P.
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What are your customer adoption goals with this debut in the digital world?
A.
The five-year business plan aims to have between 2.5 and 3 million clients
Q.
Will the six million customers that Banorte Mobile has be its initial target market?
A.
The group's strategy is to provide a solution to clients depending on each of their needs.
We have all the windows in the group available so that the client can decide how to interact. Bineo is a 100% digital solution for clients who do not want to have contact with any branch and want to have everything from the palm of their hand.
Q.
What is the biggest differentiator compared to other digital financial services competitors?
A.
We are the first digital bank that has a multiple banking license, with that we give our clients the security that their savings are protected, we have a layer of the Banorte Financial Group and, now, we are here to transmit that security to our customers and be able to give them a solution in the palm of their hand.
Where with just a few you can have your account, you can transact, pay for your services, save.
Q.
How much did Banorte invest in this launch?
A.
We have invested around 150 million dollars for the construction of this, in addition to the capital that we have invested to be able to put this bank in a regulatory manner that we have a capital of around 1,800 million pesos, it is the capital so that we can operate and we can transact.
Q.
Is the market in Mexico ready for digital banking to displace traditional banking?
A.
I believe that we are prepared to serve all those clients who are looking for a 100% digital experience and who want to have this level of differentiated and personalized service.
Q.
Do you plan to soon expand your services to receive remittances?
A.
We have a shelf of services available, we are going to complement them to release new functionalities and products, as our clients request them.
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