Background and Current Status
Hey Banco, currently operating under Banregio’s umbrella, is set to become an independent financial entity by June or July. The institution has already secured a license from the Mexican National Banking and Securities Commission (CNBV) but must fulfill additional requirements before launching independent operations.
Manuel Rivero, the General Director of Hey Banco, explains in an interview that the company currently serves over 500,000 customers across various financial products. They are in the process of separation, awaiting final authorization from the regulatory authority to transition into independent operations.
Joining Other Digital Banks
Once Hey Banco becomes independent, it will join other digital banks that have emerged from traditional institutions and are already operating independently in the Mexican market, such as Openbank by Santander and Bineo by Banorte.
Extensive Product Offerings
Under Banregio, Hey Banco has been operating in the Mexican market for several years, building a comprehensive portfolio of products and services for its users. These include debit and credit cards, insurance, investments, options for both individuals and businesses, as well as financial education tools incorporating technologies like Artificial Intelligence (AI).
Rivero emphasizes that Hey Banco’s wide range of offerings sets it apart from other financial technology companies that provide limited products to their users.
Customer Support and Financial Well-being
Rivero stresses the importance of not only providing financial products but also supporting customers throughout their financial journey to avoid issues like over-indebtedness.
“We need more guidance in decision-making,” Rivero points out, highlighting the significance of customer support in ensuring financial well-being.
Key Financial Figures
As of the end of 2024, Hey Banco had approximately 12.5 billion pesos in deposits, nearly 9 billion pesos in credit, and around 1.8 billion pesos in capital.
Key Questions and Answers
- What is Hey Banco’s current status? Hey Banco is currently operating under Banregio but aims to become an independent entity by June or July, having already received a license from the CNBV.
- What products and services does Hey Banco offer? Hey Banco provides a wide range of financial products, including debit and credit cards, insurance, investments, business options, and financial education tools incorporating AI.
- Why is customer support crucial for Hey Banco? Rivero emphasizes the importance of supporting customers throughout their financial journey to prevent issues like over-indebtedness and ensure overall financial well-being.
