Although he believes that Fintechs have done important work and solved problems in the country, the president of the Association of Mexican Banks (ABM), Daniel Baker Feldman, said so Fintech companies must compete on an equal opportunity basis Where there are equivalent standards in terms of preventing money laundering or cybersecurity, which would benefit users and the financial system.
In a previous interview with 85 Bank Agreementthe representative of the sector points out that it would not be good for anyone for a financial institution in the field of fintech or non-banking to have a problem, so last February they handed over the first draft to the authorities where they indicated areas of opportunity so that both sectors can coexist.
“It seems to us that what the banking sector possesses is much more developed and much more mature than the regulation. The proof of this is that after the crisis it came out much stronger; then it seems to us thatWe can also share regulatory best practices with the fintech world and eventually with big technologyIt seems to me that it will be beneficial for the industry and for the end user,” he told Forbes Mexico.
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Baker Feldman adds that banks have been operating in this digital world for a long time, in fact, in 2021, more than 2.5 billion transactions were made across devices, which is an increase of about 40%, due to the acceleration of the epidemic. Technology adoption.
In this sense, the president of ABM believes that Fintechs have done important work in Mexico and solved some problems that banks did not reach, due to their own structure and their own business models, for example, reaching certain segments of the population.
However, in the aim of the draft handed over to the authorities, it seeks to find those coincidences that allow banking and fintech companies to converge around important regulatory elements.
For example, the price that There are equivalent standards in terms of preventing money laundering, in terms of cybersecurity, And they are good topics not only for this type of company, but also for users and the financial system.
“Fintechs become complementary to banking, if we continue to work on issues of peripheral coincidence between Fintechs and banking, to the point where there is symmetric regulation and even, it seems to me that we can be massively complementary and that together, let’s close the clamp for the bank of the majority of Mexicans.”
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Banks can support Mexico’s growth with 2% of GDP
However, the banking sector agenda is also a means of striving for the growth of the Mexican economy at higher levels, in fact, Daniel Becker asserts that The sector could contribute an additional 1.5-2% to GDP.
The president of the association points out that Mexican bank accounts for capital ratios and excess liquidityso it will play a very important role in the economic recovery of Mexico, where there is a more benign and positive environment.
“Historically, banking in general has grown more than output by two points, which means it can support economic growth of 1.5 to 2% of GDP,” Becker notes.
However, he believes that one of the challenges is generating greater demand for credit, which requires many elements, from training and networking to daring people to go to their banks, as well as realizing that there is a lot of scenario. More optimistic about the future, which generates greater certainty in companies.
“We have to communicate and get people to approach banks and branches through digital channels and see what the credit proposition of the bank is, and I think there are also very good opportunities to continue to communicate that the bank is ready to adopt those projects that are viable,” he elaborates.
In addition, another challenge that Mexico has to develop Improving state of law processes related to the issue of protectionOrganizing and executing commercial contracts.
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