Santander Mexicoa subsidiary of a major global bank. Santanderis preparing to launch a digital bank service.
Matias NuñezHead of Digital Innovation at Santander Mexico said of the service: open bankscheduled to be released this year, Reuters report Tuesday (January 23rd).
According to the report, OpenBank received its license to operate in Mexico in July and is currently in the final stages of preparations for launch.
The introduction of Open Bank comes at a time when Mexico's traditional banks are trying to catch up with the rapid growth of digital banks, according to the report. Actually, a rival of Santander Mexico. Banorteplans to launch its digital banking service, Banco Bineo, next week.More Brazilian fintech Nubank As of September, it already had more than 4 million customers in Mexico.
According to the report, Mexico's Santander is actively embracing digitalization and has recently introduced several digital-focused services in the country.
For example, the bank used the artificial intelligence (AI) application ChatGPT to deploy customer service bots on social media platforms, according to the report.
Additionally, remittances through Santander's applications increased by more than 40% year-on-year in December, reaching a total of 40 million transactions, the report said.
Santander México has also integrated Mexico's central bank's electronic funds transfer platform, DiMo, into its application, with more than 700,000 customers already using the service, according to the report.
PYMNTS Intelligence found that brick-and-mortar shoppers in Mexico are opting for contactless payments, particularly contactless credit and debit cards, resulting in a decline in the use of cash.
According to the PYMNTS Intelligence and Research Institute's 2023 World Digital Shopping Index: Mexico Edition, the shift to cards could kick-start digital payments, driving online and omnichannel purchases. cyber source collaboration.
December, B2B Banking Platform jill bank has launched a new feature that makes it easier for Mexican businesses, entrepreneurs, and freelancers to pay U.S. vendors, affiliates, employees, and more.
The Software-as-a-Service (SaaS) platform now allows users in Mexico to open a U.S. payment account online with their passport, statement of purpose, and required documents.
NuBank announced in September that it would continue its expansion in Mexico by starting to offer personal loans to customers in the country.
