Banorte's Bineo launches to capture digital banking market

Digital Reinvention
31/01/2024 News

Mexico's Grupo Financiero Banorte has entered the digital banking space with the launch of Bineo, a platform set to attract 2.8 million new clients over the next five years, according to Reuters. As the parent company of Banco Banorte, the second-largest bank in Mexico by credit portfolio, Banorte aims to tap into the growing demand for 100% digital services without diverting clients from its traditional operations.

Bineo will compete with online-only banks like Brazil's Nubank and Argentina's Uala. Carlos Hank, the group's president, envisions Bineo as a one-stop banking solution, offering services from mortgages to credit cards and car loans.

Despite being the largest local bank in Mexico, Banco Banorte faces a market where a third of adults lack any formal financial product, and over a fifth of the population lacks internet access. Hank remains optimistic, highlighting Bineo's competitive advantage—the robust backing of Grupo Financiero Banorte.

The move into digital banking aligns with a broader trend in Mexico's financial sector. While Banco Santander Mexico plans to launch its Openbank digital banking service, Hey Banco, backed by Banregio Grupo Financiero, has received authorization to operate as a bank. This dynamic shift in the financial landscape suggests increased accessibility and innovative solutions for a broader segment of the population.

As Grupo Financiero Banorte pioneers Bineo, the digital banking market in Mexico is poised for transformative changes, addressing the financial needs of underserved communities and reshaping the industry in the years ahead.

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