Mexican digital banking continues to set a trend in the FinTech world

Melissa López
December 6, 2020

Mexico continues to stand out in the FinTech ecosystem of Latin America according to data from the latest 2020 report prepared by Finnovista together with FintechExpert, which revealed that in the last year the financial industry of that country developed 182 new tools in the digital field.

“The Digital Banking Report in Mexico 2020” shows how this sector increased its technological investment, marking the gap between those who adapted and those who still lag.

The definition of digital banking implies the complete digitization of banks and all their activities, programs, and functions.

In the ranking of the banks with the most digital tools are Santander, Citibanamex, and BBVA, the latter has stood out worldwide for its alliances with FinTech companies to innovate in the financial world.

FinTech Apps have fostered consumer confidence, which has promoted further growth of these platforms. 

At Antit, the development of our products is focused from start to finish on the customer experience, putting the customer at the center of every detail for their greatest satisfaction.

The 182 tools were developed by 39 financial institutions, however, the gap between these institutions and the rest is evident since this investment in cutting-edge technology has allowed them to improve their user experience as well as user-friendly personalized services.

The development of commercial banking with the intervention of FinTech systems makes life easier for the user and, at the same time, they achieve greater financial inclusion.

This competitive advantage has made banks increasingly inclined to seek mutual collaboration to reinvent themselves in the market.

Within the development of digital banking in Mexico we can identify various segments such as:

Savings and Investment: they are a set of digital tools that seek to assist in the management of savings and investments.

Online Banking for users and companies: These are the banking tool packages that financial institutions provide to their consumer banking customers over the Internet.

In this way, the need to develop an attractive and meaningful experience for the user takes greater force, this is where FinTechs have been pioneers with the creation of simple and elegant platforms that give the client the feeling of saving time when carrying out all their procedures from one place in an easy, fast and safe way.

Mobile Banking: it is one of the areas where there has been a greater incursion by financial entities.

Commercial banking services must measure their success by the degree of empathy they achieve with their clients, anticipating their actions, needs, and emotions.

Antit has extensive experience in developing FinTech products capable of adapting to today's digital market.

Verification Factors: Independent digital tools to validate the identity of users and reduce the risk of fraud or identity theft.

In the case of Antit, our applications use biometric security to automate processes and provide greater security to our users based on the latest technology for this.

By implementing this security, FinTechs reduce identity substitution, fraud, and average duration of transactions, systematization, and improvement of the customer experience.

Management of Foreign Currency and International Payments: Independent digital tools for the management, purchase, and/or sale of foreign currencies and solutions for the payment/sending of money abroad.

Digital Payments: Digital tools for sending and receiving money as well as for paying services.

Antit offers rapid design and development of advanced solutions, creation of complex, high-load mobile applications, being the first group in the region to manage the development of multiple banking applications.

FinTech Apps have fostered consumer confidence, which has promoted further growth of these platforms. 

Insurance: Independent digital tools for contracting and managing insurance.

According to the Digital Banking in Mexico study, 82% of Mexican banks have developed at least one mobile banking tool for their clients

63% of banks have an online banking tool for individuals and only 44% have a specialized Online Banking tool for business customers.

Likewise, among the most representative segments of the financial sector in Mexico are mobile banking, digital banking, payments, and savings and investment.

The digital transformation of banks requires not only an innovation strategy that transforms their physical clients into digital ones but also a restructuring that improves the user experience and expands their product offering.

In this context, companies that develop FinTech products continue to be an excellent alternative to give the boost that financial institutions require to take the step towards digitization.