The Role of Cloud Computing in Digital Transformation
Sociedades Financieras Populares (Sofipos) are taking a significant step towards modernization. In the next five years, all Sofipos will have mobile applications and most will be connected to the Sistema de Pagos Electrónicos Interbancarios (SPEI), either directly or indirectly, according to Othón Moreno, General Director of Payments Systems and Market Infrastructure at the Bank of Mexico (Banxico).
Current SPEI Connection Status
Currently, only seven Sofipos—Nu, Crediclub, Klar, Libertad, Fondeadora, Fincomun, and Unagra—are directly connected to the SPEI. This is in contrast to the 34 institutions authorized for operation and two more with authorization but yet to start operations.
Expanding Digital Services
Moreno explained that the progress involves not only expanding access to the SPEI but also consolidating digital services through their own applications and central systems.
“The majority should have indirect or direct access to the SPEI and implement solutions through their applications and infrastructure to serve the population segments that decide to use these services,” he emphasized.
This trend responds to the growth of digital banking and the need to extend financial inclusion in regions where traditional banking is absent. Banxico views Sofipos’ SPEI incorporation as part of a long-term agenda with increasingly tangible results.
Indirect Participation and Services Integration
Moreno highlighted that indirect SPEI participation allows Sofipos, regardless of size, to have the same obligations as a bank. By using an already connected intermediary, they can start developing capabilities.
This transition will enable Sofipos to integrate services like CoDi and Dimo, thereby expanding their digital reach.
Cloud Computing and Strategic Technology Investment
Mary Pilly Loo, General Director of Operational and Technological Risk Supervision at the National Banking and Securities Commission (CNBV), warned that digitalization should not merely involve launching mobile applications but should be based on a comprehensive strategy combining technology investment, fraud prevention, and staff training.
“It is crucial for Sofipos to invest in technology with a strategic vision. The challenge lies in the fact that many face financial limitations, and digitalization efforts are not always aligned with an overall strategy,” she pointed out.
Cloud computing has become a key factor in digital transformation, providing access to artificial intelligence and data analysis tools. However, Loo cautioned that outsourcing all technological management to external providers can create operational and security risks if internal control and monitoring capabilities are not strengthened.
Key Questions and Answers
- What is the goal for Sofipos in terms of digital transformation? In five years, all Sofipos should have mobile applications and most will be connected to the SPEI, either directly or indirectly.
- Which Sofipos are currently connected to the SPEI? Only seven Sofipos—Nu, Crediclub, Klar, Libertad, Fondeadora, Fincomun, and Unagra—are directly connected to the SPEI.
- What does indirect SPEI participation mean for Sofipos? It allows smaller Sofipos to have the same obligations as larger banks by using an already connected intermediary to develop digital capabilities.
- Why is cloud computing important for Sofipos’ digital transformation? It provides access to advanced tools like artificial intelligence and data analysis, facilitating the process.
- What challenges do Sofipos face in their digital transformation efforts? Many Sofipos encounter financial limitations and struggle to align their digitalization efforts with a comprehensive strategy.
