By Hector Rendon
Invex Banco presented Now, a new 100% digital proposal, which adds the best of banking and Fintech, and which seeks attract one million people out of a total of 11 million which represents the unsatisfied market for financial services.
The announcement was made by Jean Marc Mercier, General Director of Invex Banco, and Luis Pineda, Director of Now, who advanced a 2023 growth plan, based on customer needs, but, from the outset, they will add credit card in the next few months.
“What we are looking for with this new proposal is to triple our client portfolio; Today we have more than 600,000, with a portfolio of more than 30,000 million pesos”, stated the CEO of the bank at a press conference.
The new digital bank, he explained, was born from a need that exists between Fintech companies and banks that are transforming into digital service; “There is a lack of someone in the middle who provides security and flexibility. This is how we are launching the first digital bank in Mexico, ready to serve the Mexican market in this retail world”, added Jean Marc.
In his opportunity, Luis Pineda, explained that, among the main characteristics of Now are the security and support of placing the money in an institution with 30 years of operation, with all the operation controls established by the National Banking and Securities Commission ( CNBV).
“Now does not impose a product and does not force you to adapt to products and services like a bank does. It is a neobank that adapts to your lifestyle; it is for everyone in Mexico who is not satisfied with the services they are offered (bureaucracy, paperwork, etc.)”, he commented.
He pointed out that in six minutes a person carries a bank in his pocket (by downloading the application), all they ask for is the CURP, which is the full identification of the clients. Thus, they immediately give access to a debit account, where they can deposit and withdraw at any time they want; but, if the client wishes, he can request the plastic.
Pineda highlighted that, to achieve the goals, they will use a digital strategy, efforts to attract organic customers and activation points in shopping centers.
Regarding the commissions, he stressed that they are not applying charges, because it would become an entry barrier; “nor can we say that we give away everything without benefit of income, because it would not make the business sustainable; today, the customer debit pays nothing and the products we are adding will have a cost if they add additional value, but it will not be the typical annual commission”.
The sixth card issuer
Jean Marc Mercier highlighted Invex’s constant innovation as an added value. “Innovation is not only an application that puts the customer first, it is technological transformation and processes that involve investment. We are working differently with agile technologies and different incentive schemes, getting people to participate, have a say and believe within the bank,” he said.
An important part, he explained, is the culture of putting the customer at the beginning of what they do; “That is what has set us apart and has led us to where we are today.”
He mentioned that Invex is already the sixth card issuer, measured by portfolio, above multinational banks or groups that have been in the market for many years. “We achieved this by anticipating the market, innovating, we have done it without branches; 95% of the clients who call us by phone with a problem, we solve them at that moment, ”he pointed out.
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