Chairman of Grupo Financiero Banorte, Carlos Hank Gonzalez, has launched bineo, the first fully digital bank in Mexico.
Bineo is the first digital bank to have a multiple banking institution licence authorised by the National Banking and Securities Commission (CNBV), and is supported by Mexico’s Central Bank (Banxico) and the Mexican Institute for the Protection of Bank Savings (IPAB). Endorsement from IPAB protects user savings to up to 400 thousand UDIS (investment units), equal to over 3 million pesos.
González commented: "The launch of bineo is a great milestone in the history of Grupo Financiero Banorte that will allow us to meet all needs: those who prefer a human-digital combination and those who seek 100% digital banking, with the financial security that has always characterized the institution."
Users of the new digital bank will be able to become customers online and make a bimeo Total or Light Account. The Total Account will allow unlimited deposits, while the Light Account has a monthly cap of 3000 UDIS, equivalent to 24,000 pesos.
With a bineo account, users will be able to use both a digital and physical card and will have a bineo pocket feature that allows them to allocate savings to meet goals. The physical debit card can be used at over 10,000 Banorte ATMs and is made from biodegradable materials.
The bineo loan will allow users to request an entirely digital loan from 5,000 to 200,000 MXN with access to competitive rates and repayments between six to 24 months using the app, and have instant access to the money in their account.
Francisco Martha, CEO of digital business development at Grupo Financiero Banorte, stated: "At bineo, we understand the context and preferences of users. We use artificial intelligence to offer innovative and customisable products and functionalities that adapt to their needs and lifestyle. In addition, bineo uses cutting-edge technology to provide the highest levels of security and attention."
Víctor Moya, CEO of bineo, added: "We imagine a bank that puts people at the centre, and we created it! We think in a different way of managing finances, where personalisation is the heart of what we do. bineo will offer new products and services based on customer needs so as not to confine them to a product designed by us."
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