Grupo Financiero Banorte (BMV:GFNORTEO - OTCQX:GBOOY) and IBM (NYSE:IBM) announced today the signing of a 10-year strategic agreement that will allow the Mexican financial institution to create a new customer-centric banking model, while substantially improving its efficiencies to achieve levels close to 40% and return on equity above 20%.
The agreement - based on the solid growth of Grupo Financiero Banorte - seeks to create a scalable and sustainable platform to achieve world class efficiencies as well as high attention levels and segmentation, retention and contact schemes with its clients, through existing channels and others to be developed. This agreement establishes an unprecedented transformational relationship in the Latin America banking industry.
The partnership considers the establishment of a very solid corporate governance model, which - according to the progress - will monitor the investment in new projects and the re-routing of existing spending.
Banorte-Ixe seeks to become the bank with the best customer experience and service not only in Mexico, but also around the world, leading its sector and setting an example of innovation through smarter use of advanced technologies.
Banorte-Ixe's goal is to deeply understand its clients' needs and offer a superior customer service to its more than 20 million users through business analytics solutions. Most importantly, the goal is to develop and offer personalized products and services better suited for each customer's unique condition.
IBM will enable Banorte-Ixe to differentiate the company to better utilize Big Data, analytics, cloud computing and social business. The advantages of the deal extend beyond transformation of the company's customer service model, as the joint work of both companies will help Banorte-Ixe improve organization-wide efficiencies and market share, as well as allow the rapid achievement of its strategic goals involving improved revenue and higher profitability, in a unique global partnership model.
Banorte-Ixe will experience an outstanding transformation in its operations and services innovation in the mid term. Transformational services will primarily focus on client interactions, getting a better knowledge of their needs and the adoption of better risk processes and technology. At the same time, operatrational services will be focused on improved processes, applications and technology adoption.
"At Banorte-Ixe we start today with a solid business foundation that has positioned us as the third Bank in the Mexican market. We know it is time to move to the next level and evolve totally focused on our clients. We are fully satisfied with the agreement reached with IBM as it joins the best talent, both from the ranks of IBM and Banorte, and is in line with our ongoing search for technological tools necessary to attract, retain and serve our customers in an individualized manner always with the best service and attention, keeping us at the forefront of innovation," said Alejandro Valenzuela, CEO of Grupo Financiero Banorte.
"Banorte-Ixe is a forward- thinking organization, seeking to provide its customers with the best products and services," said Salvador Martinez Vidal, IBM Mexico Country Manager. "By partnering with IBM, Banorte-Ixe will have access to the best scientists, engineers and industry experts in the world to help transform their business and become one of the most competitive banks in its market. This deal raises the bar for a new level of innovation in the Mexican market."
IBM and Banorte signed the deal in Q1 2013.