Mexico has a great appetite for digital banking and the numbers show it: around 82.7 million internet users, of which 75% have financial services and 30% prefer to use their smartphone to carry out financial operations.
Given these data, banks and fintech They are increasingly willing to join strengths to innovate at the speed and dynamism that their clients demand.
“Banks have the brands, the credibility and the access to the market. The fintech they provide the creativity and innovation necessary to develop new business models and current digital services ”, says Fermín Bueno, co-founder and managing partner of Finnovista, an organization that seeks to enhance the impact of fintech ecosystems.
The collaboration between banks and fintech offers consumers the best of both worlds: cutting-edge, innovative and secure financial services that promise to improve everyone’s life. Too good? These three initiatives want to demonstrate it:
Banco Sabadell and Fintonic
Sabadell Bank, the first 100% digital bank in Mexico, and Fintonic, the renowned personal finance application, have joined forces and capacities to be pioneers in the first collaboration between a bank and a fintech in Mexico for the general public, how? with two products that will help users improve their ability to save while providing them with a new ecosystem of products based on a strategy customer centric .
The first product will be a bank account with a 100% digital model and the second will be a debit card with online functions such as hiring, blocking and transfers that will be expanded to the Digital Collection System (CoDi) implemented by Banco de México.
Banco Sabadell’s financial strength and experience in the digital area are enhanced with Fintonic and its intuitive way of managing personal finances.
“We are firm believers that technology is a vehicle to provide the best experience for our clients, and that the Mexican population requires more, and better financial services. With this alliance, we accompany Fintonic in its growth in Mexico and we started as partners business strategies for long-term BaaS “, he mentioned Emmanuel Got, executive director of Business Development at Banco Sabadell, presenting the synergy.
Both the card and the account and all its benefits will be launched in 2020.
BBVA and Uber
It is about offering a banking product within the mobility platform with the intention of benefiting Uber drivers and delivery partners and their families.
Through the Uber app, drivers will be able to create a digital account to receive their winnings directly in minutes. This will allow them to access a platform of financial benefits, such as credits, discounts and refunds for their gasoline purchases.
The alliance will soon start operating only in some cities: Mexico City, Guadalajara, Mérida, Monterrey and Tijuana..
Banorte and Rappi
Although, as in the previous case, it is not strictly the alliance between a bank and a fintech, the result is a startup of technology applied to financial services.
In the presentation of the agreement made last June, Banorte and Rappi announced that the purpose is to offer digital financial services mainly to the millions of users of the home delivery platform.
“Initiatives such as these demonstrate that collaborative innovation between banks and financial technology business ventures makes all actors in this ecosystem stronger and favors financial inclusion, social mobility and the improvement of the economy in general,” concludes Fermín Bueno, co-founder and managing partner of Finnovista.