As technology continues to advance, digital banking has become an increasingly popular option in Mexico. These banks offer a variety of products and services, all accessible through a smartphone. Unlike other virtual financial companies, neobanks are backed by established banking institutions in the country, such as Santander, Banorte, Banregio, and Invex. This support extends to deposit insurance, which is significantly higher in traditional banks compared to virtual financial institutions.
To qualify as a bank, digital banks must be licensed by the National Banking and Securities Commission (CNBV). One of the major players in the digital banking space is Hey Banco, a product of Banregio that offers services such as debit and credit cards, personal loans, and high-yield savings. Nu from Brazil has also made significant inroads in the Mexican market with its expansion into personal loans and savings products.
The success of Hey Banco and Nu has prompted other institutions like Ualá, Invex, and Affirme to launch their own digital banking platforms. Even established banks like BBVA and Banorte are entering the digital banking space with their own offerings. These digital banks offer greater deposit insurance compared to virtual financial institutions in case of bankruptcy.
Despite the growing popularity of digital banks, some traditional banks have opted to focus on mobile apps rather than launching a separate digital bank. For example, BBVA has moved all its services onto mobile apps but does not have a separate digital bank platform yet. These banks view technology investments as critical to their success in the digital age.
As the digital banking landscape continues to evolve in Mexico, consumers are presented with a wide range of options for managing their finances. From traditional banks with mobile apps to fully virtual neobanks like Hey Banco and Nu