The challenges faced by banking in Mexico are diverse. After the rise of digital banking during and after the pandemic, AurumCore has gained experience identifying and proposing solutions to some of the problems that new generation financial institutions face when implementing new digital services. The new generation financial services enablement platform has used the results of the latest National Financial Inclusion Survey (ENIF) published in 2021 as a reference to develop the white paper “Renewing Financial Inclusion in Mexico: Challenges and Opportunities” which analyzes the current state of the digital financial environment in Mexico and some areas of opportunity identified in the industry.
“There is no longer any doubt that the path to banking inclusion in the country is digital. AurumCore was born from identifying an opportunity area between New Generation financial services and the symmetry with the current offer. This white paper arose from the need to capture our understanding of the current landscape of user diversity and the potential for growth and innovation that we see in Mexico's financial ecosystem.”
Ernesto García, CEO of AurumCore and CITI.
The documentavailable for download on the AurumCore website, analyzes the current context of the main actors around the financial ecosystem and inclusive banking in the country, highlighting the differences between the needs of different generations, as well as the trends, challenges, and opportunities faced by financial institutions both traditional and new generation ones.
“Much of the current FinTech ecosystem in Mexico faces the challenge of developing the technological infrastructure to offer new products without ensuring they comply with the country's regulatory framework. These omissions regarding the regulatory context of the financial ecosystem result in accelerated user acquisition growth, but new generation financial institutions fail to evolve to truly compete with traditional financial institutions.” - Concludes Ernesto García.
To achieve true financial inclusion in Mexico, it is necessary to continue working on overcoming these barriers and promoting education and confidence in digital financial services that truly benefit users and the institutions that offer these services.