Visi Money
TLDR:
– Banorte, a Mexican financial institution, has launched its first fully digital banking platform called Bineo.
– Bineo aims to target a digital-native audience and offers traditional and online services.
Banorte has become the first domestic digital bank in Mexico with the launch of Bineo, its fully digital banking platform. The bank aims to attract a digital-native audience and offers a range of traditional and online services. Bineo clients can access correspondent banking through Banorte, their ATMs, traditional banking, or completely digital options. Banorte has a five-year plan to attract two to three million Bineo clients. The launch of Bineo concludes Banorte’s 1, 2, 3 20/20 Vision Plan, which aims to accelerate digital transformation and partner with market leaders.
Banorte already has over 8.7 million digital clients, with 6.6 million using mobile banking, and its app provides nearly 200 service options. The launch of Bineo comes as Mexico’s National Banking and Securities Commission (CNBV) has authorized three new digital banks for 2024. Santander’s Openbank and Banco Regional’s Hey Banco will also enter the market later in the year. Banorte remains optimistic for 2024, expecting good dynamism and 2.4% GDP growth despite Mexico’s upcoming election and international turmoil.
