The future of Banking in Mexico is not alone in smartphonesbut not only in the windows. For Santander, the road is in the balance of both worlds, so their goal is to become a digital bank with branches.
In an interview with The CEO Prior to the 88 Banking Convention, the director of the Financial Institution, Felipe García Ascencio, explains that the country presents a great opportunity due to the lag in the field of financial inclusion, since only 40% of the population is part of the banking systemwhich opens a wide window for growth.
Our strategy is that the Santander Bank, which has been operating for many years in Mexico, is a digital bank with branches (…) that is, customers can be treated in the way they feel more comfortable
says.
Santander and his OpenBank bet
This approach aligns with The model that the Spanish Financial group has deployed in other key markets such as Spain, Brazil, the United States and the United Kingdom, with its OpenBank Digital Bankexclusively focused on segment retailand with a more limited but highly competitive offer in terms of cost.
García Ascencio explains that his Neobanco currently operates with his own brand in Europe and is used by the group for his foray into the US market in retail banks. In Mexico, it is projected as An alternate channel for a new generation of digital users.
Although the focus on consumer bank will be dual. In fact, its director emphasizes that in the wholesale business Santander leads bond emissions in the local market for three years, In addition to having a strong participation in companies financing.
To the extent that more people go up to the financial system, let’s go integrating with other markets, such as North America, Europe and Latin America, where the group has a presence, we think that growth can be very large for Santander and OpenBank
mentioned.
Certainty to detonate investment in Mexico
From his position, García Ascencio also analyzes the macroeconomic panorama. While recognizing that the current government’s response is positive because better conditions have been achieved than other countries, warns about the need to give clarity to the T-MEC.
We are quite optimistic, we think the integration will be maintained, the North American block will continue to strengthen, it is only a matter of understanding what the rates are going to be and once the clarity and certainty are taken, the investment must be resumed
According to the CEO of Santander.
Regarding the phenomenon of nearshoringconsiders that investors who are already in Mexico will continue to expand their capacity, although others are still in pause waiting for greater certainty about rules.
Those of us who are already not very happy, but they will continue to grow their capacity because they do not want to lose their market share in the United States, so it is important that we clarify as quickly as possible the terms between the United States, Canada and Mexico, so that these investments can consolidate and materialize, Mexico will possibly end up with minor tariffs
García Ascencio mentioned.
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