The governor of Banco de México (Banxico), Victoria Rodríguez Ceja, said that the population sees banking services as expensive, despite the fact that they work on the digitalization of financial services.
“There is the perception that banking services do not meet the needs of people and are expensive,” he said at the 88 Banking Convention, which is held in the new Nayarit.
He said that authorities and intermediaries need to redouble efforts so that the benefits of technology applied to financial services extend to the majority of the population in Mexico.
“We have to be creative to achieve solutions that expand the offer, contracting and use of services in the best price and quality conditions,” he said.
He added that the levels of inclusion of Mexico are below countries with development levels similar to ours.
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He said that to increase financial services, Banxico participated in the authorization of bank licenses to six new entities, several with advanced business models.
He also declared that the Central Bank participated in the authorization of the operation of 86 financial technology institutions: “These new intermediaries are reconfiguring the financial system, making the digitalization and innovation in favor of users and efficiency in intermediation prevail.”
He recalled that as part of a strategy to promote greater competition, the payroll portability scheme has been implemented, which allows workers to mobilize the payment of their payroll towards the financial institution of their choice.
“At the first quarter of this year, more than 9.6 million accumulated portability events were reached since its operation,” he said.
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He explained that a platform is developed for users to receive custom offers from different banks, based on a standardized credit application, which will reduce the cost of credit search.
He pointed out that a substantial and sustained increase in the use of removal electronic payments has been observed.
“Transfers of funds through the SPEI, including Codi and Dimo, have been growing at high rates, in particular, those of low amount,” he said.
Credit and debit cards have registered a positive dynamic, they even doubled their operation in the last five years, he said.
“The penetration and use of electronic means of payment has not been homogeneous between the different regions of the country, and segments of the population,” he said.
“Today we are at a key moment to continue promoting the adoption of digital payments so that all segments of the population can dispose of convenience and security,” he said.
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