The digital bank from Banorte is competitive with global fintechs: Carlos Hank González

Carlos Hank González is certain that Grupo Financiero Banorte will greatly benefit from the license recently issued by the Ministry of Finance to conduct business as a fully digital bank under its new Banca Bineo brand.

According to the institution’s board of directors chairman in an interview with MILENIO, this presents a chance to compete with international fintechs that are gaining market share by providing financing without the restrictions of traditional banking laws, while also giving the company the flexibility to accelerate both its own growth and that of the nation by seizing the opportunities that nearshoring or the relocation of businesses is creating for it.

According to its report for the fourth quarter of 2022, the financial group recorded an outstanding loan portfolio of 919,881 million pesos, 12 percent more than a year earlier.

Global fintechs have been gaining ground on banking for some time now, what will your strategy be to compete with them?

«We have faced it from three different avenues. On the one hand, we have been investing heavily and improving the services we can provide through our digital banking from Banorte.

On the other hand, we made an alliance between Banorte and Rappi to launch Rapicard, a credit card, and we are about to launch our new digital bank, Bineo, which has already received the approval of our authorities.

The objective must be to achieve greater efficiency and penetration, greater inclusion in banking services, and to provide better benefits at better prices.

But most importantly, I also commented on the issue of regulation. It must be even for all, in order to compete.

All of us who use financial services must be regulated under the same criteria, and that is what will guarantee everyone the participation of financial services in a much safer way.» Hank replied.