Banco Azteca announced the launch of its 100% digital accounts, which can be opened online without having to go to a branch or speak with an advisor; and they allow deposits of more than 23,000 pesos and are connected to the National Electoral Institute (INE) for identity validation. All in a 10 minute process.
“With this we guarantee that the client can have an account with deposits greater than 23,000 pesos without going to the branch, and in a maximum of 10 minutes. We are the only ones in Mexico that have such a fast process to be able to have this account opening in minutes”, Laura Elena Rubio, spokeswoman for Banco Azteca, comments in an interview.
Although other banks also have an agreement with the INE for identity validation, the executive affirms that Banco Azteca is the only one that does this verification and authorization of the account and the ‘upgrade’ to an N4 account automatically, while the others may take time. 24 hours.
To open an account, users only need to install the Banco Azteca app on their smartphone and have their INE voter ID handy. In the opening process, the account will be an N2 type, which accepts deposits of up to 23,000 pesos, but the client can immediately request an ‘upgrade’ to N4 from the app to receive larger transfers.
Identity validation is achieved by scanning biometric data and verifying in the INE database that it is indeed the same person.
Laura Rubio affirms that 10,000 customers have already upgraded their accounts and they have all the benefits, such as sending and receiving money transfers through Banxico’s Interbank Electronic Payment System (SPEI), making purchases online, proximity payments, with QR code, etc.
In addition, the app has savings tools in which the client can separate their money with virtual ‘envelopes’ with which they can allocate expenses or other goals. One is called “Dream piggy bank”, with which the objective of saving is defined, for what term and with what periodicity you want to save.
Another virtual envelope is called ‘Vaquita’ and allows collective savings for a specific purpose; The advantage of this is that people who decide to enter the vaquita do not need to have a Banco Azteca account to make deposits.
Laura Rubio mentions two important reasons for launching this 100% digital account: financial inclusion and the evolution of mobile banking and user habits.
In the first aspect, it stands out that Banco Azteca, in its 20 years of existence, has brought financial services closer to people by opening branches where there was no other bank before. The spokeswoman even affirms that they are maintained in 200 municipalities where there is no other banking institution with physical presence.
In Mexico, barely half of the population between the ages of 18 and 70 (49.1%) had an account with a bank or financial institution, according to the 2021 National Survey of Financial Inclusion (ENIF).
Laura Rubio points out that, with an account at Banco Azteca, users can also access other products, such as loans, purchases on credit, and savings and investment.
On the other hand, the financial institution belonging to Grupo Salinas evolves its digital products to serve the population that prefers to do everything from their cell phone and without going to a bank branch.
The spokeswoman for Banco Azteca commented that 33% of the country’s Economically Active Population (PEA) is digital native, and this proportion is expected to increase to 70% in 2025. In addition, seven out of ten Mexicans already have a connected cell phone to Internet.
“If we do not evolve our digital offer, we are going to leave out that segment of the population that is digital native and what we seek is to continue bringing this financial inclusion to the young population and that needs this immediate option,” added Laura Rubio.
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