Hey Banco, the purely digital arm of Banregio that seeks its own banking license, has the goal of reaching one million customers by the end of 2022. Today it has just over 310,000 users.
For this, the institution led by Manuel Rivero has not only enriched its platform by offering a whole range of financial products and services in a completely digital way, but also seeks to make the customer experience the best and thereby distinguish itself from other banks, but also from other players such as fintech and even bigtech.
“The biggest goal we are pursuing is how to make the best experience for our customers. There is a lot of noise that is generated: that if the unicorns, that if the millions (…) but that is irrelevant, what really counts is the experience that the client has with you ”, says Rivero.
He adds: “that gives us the opportunity that tomorrow, for example, you can export this digital experience to another country such as Colombia, Peru, Argentina, the United States.”
In an interview, he points out that Hey Banco would reach a fund-raising amount of around 18,000 million pesos next year, which would place it above other small banks that already operate as such today. Today, this is possible given the support it has from Banregio, but going forward the idea is to have its own banking license, which is already being processed by the National Banking and Securities Commission (CNBV).
“We are thinking that for the following year we will have raised 18,000 million pesos; that is much larger than some of the banks that currently exist, the very small ones. Having captured 18,000 million is a world, it is enough because you have a banking license ”, he emphasizes.
The biggest objective we are pursuing is how to make the best experience for our clients ”.
Manuel Rivero, CEO of Hey Banco.
Offer of value
Today the value offer that Hey Banco has is a digital opening account; savings with an annual yield of 4.0%; investment with rates of up to 7.0%; be able to invest from 1,000 pesos; a credit card without an annuity; insurance and credit of cars and mortgages shortly.
It also offers the possibility of accessing more than 23,600 points (correspondents) for managing money; a smart point of sale terminal for businesses; and a collection of different credit cards.
Moving forward, according to the bank, new products are coming such as investments in national and international stocks with no minimum opening amount and from the cell phone; immediate savings; accounts for relatives; a new range of card designs, among other measures. All this, in an agile and simple way from the application. There is also a market place so that entrepreneurial clients can sell their products there.
“Imagine that you can go to the American stock market for 100 pesos and free,” he says.
Competition with banks and fintech
This, says the director of Hey Banco, puts them ready to compete both with other banks and with fintech companies (where the offer is limited).
“One thing is to give digital accessibility to products, and another for the offer to be superior to what is elsewhere,” he underlines.
Banregio follows
But wanting to become independent from Banregio does not imply that this bank, one of the main in Mexico, is going to be left behind.
Who is also the director of Regional (a group to which both institutions belong), explains that Banregio will continue to focus on serving segments such as corporations and companies, but also individuals that Hey Banco cannot serve.
Confidence in Licensing
Manuel Rivero explains that the steps have already been taken for Hey Banco to obtain its own banking license, and he sees it as feasible to obtain it, although he stresses that the authority has its time to do so.
Reference-www.eleconomista.com.mx