Banorte Mints First Domestic Digital Bank In Mexico

Banorte has kicked off Mexico’s digital bank expansion with the January launch of Bineo, its first fully digital banking platform.

The new financial institution, which targets a digital-native audience, offers various traditional and online services.

Marcos Ramírez Miguel, general director of Grupo Financiero Banorte, says, “The fintech sector and the banks are one; we are not separate. Banorte’s model is like a steamroller. We want to be everywhere so that the client decides the channel they want to enter, and we will adapt to what the client wants.”

Bineo clients can access correspondent banking through Banorte, their ATMs, traditional banking or completely digital options. Ramírez Miguel stated that the Monterrey-based institution’s five-year plan aims to have two to three million Bineo clients.

As of January 29, clients can open accounts, acquire debit cards, request loans, tap savings alternatives, and make transfers and service payments.

Banorte has over 8.7 million digital clients, 6.6 million of whom use mobile banking, and its app is approaching 200 service options. Bineo’s launch concludes Banorte’s “1, 2, 3” 20/20 Vision Plan, launched in 2020, which looks to accelerate digital transformation and partner with market leaders.

Mexico’s National Banking and Securities Commission (CNBV) has already authorized three new digital banks for 2024. Bineo will be the first to open its doors, but Santander’s Openbank and Banco Regional’s spinoff, Hey Banco, will join the market later in the year. Openbank is already operational in other parts of the world. In mid-July 2023, Santander reported receiving authorization for Openbank, which the Spanish group stated was one of the first banks to operate in the cloud.

Felipe García, general director of Santander México, says, “With this initiative, we will consolidate a total offer for clients looking for a digital bank with branches like Santander, or a completely digital alternative like Openbank, which places us as the most powerful and innovative player in the market.” Banorte remains bullish for 2024 despite Mexico’s coming election and international turmoil. In a statement, it expected “good dynamism” to continue in 2024 and GDP growth of 2.4%, described as “above potential.”