Banorte Launches The First Fully Mexican Bank In Mexico
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Carlos Hank Gonzalez, the chairman of Grupo Financiero Banorte (GFNorte), has introduced Bineo. This initiative is Mexico’s first fully digital bank.
Bineo is backed by the Mexican Institute for the Protection of Bank Savings (IPAB) and Mexico’s Central Bank (Banxico). It is the first digital bank to have many banking institution licenses approved by the National Banking and Securities Commission (CNBV).
IPAB endorsements help users in protecting their savings up to 400 thousand UDIS, equivalent to more than 3 million pesos.
The Launch Of Bineo Will Allow The Company To Archive Its Goals
González stated that the introduction of bingo marks a major achievement for GFNorte. This success will allow the company to meet its needs.
It helps in providing for the people who desire 100% digital banking and those who prefer the combination of digital and human worlds. The firm maintains the financial security that has always been characterizing the institution.
The new digital bank users can become online customers and create a Bimeo Light or Total Account. The Light Account has a monthly limit of 3000 UDIS, equal to 24,000 pesos. The Total Account will permit limitless deposits.
Users with a Bineo account can use both a physical and digital card. They will also have a bineo pocket feature allowing them to transfer their savings to reach their targets. The physical card is built from biodegradable material it will be available for use in more than 10,000 Banorte ATMs.
The Chief Executive Officer of digital business development at Grupo Financiero Banorte, Francisco Martha, highlighted that Bineo uses AI to offer customizable and innovative products and functionalities that adapt to the preferences and context of their users. Additionally, Bineo utilizes top-tier technology to ensure the highest levels of attention and security.
Victor Moya, Bineo’s Chief Executive officer, added that the team had a vision of a bank that created them, which puts customers at its center.
The firm thought of a unique way of financial management, where personalization is at its core. He emphasized that Bineo aims to offer fresh services and products tailored to customer needs, preventing customers from acquiring products designed by the bank.
GFNorte Aims To Revolutionize The Banking System In Mexico
Groupo Financiero Bnorte (GFNorte), currently located in Mexico, is a prominent financial institution with extensive business diversification and is continually exploring tactics to innovate its financial sector.
The firm offers an extensive variety of digital and traditional services and products, through its mutual funds, retirement saving funds (afore), annuities & insurance companies, broker-dealers, warehousing, leasing, and factory companies, and recently introduced digital bank inclusion.
In Mexico, Banorte holds the position as the second largest financial group in terms of its mortgage loan, governmental loan provision, and loan portfolio.
In addition, Afore XXI Banorte, the retirement fund administrator of which GFNorte owns 50%, in terms of assets under management is the largest in the country.
