Panel Discussion on Migrating from Traditional Banking to Next-Generation Payment Ecosystems
In 2024, SPEI transactions surpassed 5,300 million, equivalent to 6.5 times Mexico’s GDP, signaling the rapid digital transformation of the financial system. Experts gathered at a panel organized by 2innovate during the third edition of Conversations Innovation Espresso to discuss the shift from traditional banking to next-generation payment ecosystems.
Key Participants
- Pablo Pereyra Portugal, CRO of 2innovate, emphasized the need for innovation, flexibility, and collaboration among all financial sector actors.
- Claudia Núñez Sañudo, Director General of Fintech Mexico, highlighted the growth of fintech companies in Mexico and their role in shaping a changing financial culture.
- José Antonio Quesada, President of the National College of Independent Corporate Directors, discussed the role of independent directors in driving financial sector transformation.
- Arne Schrenk, Director General of Financial Services at Accenture, addressed the importance of innovation and user-centricity in the face of Mexico’s predominantly cash-based transactions.
Mexico’s Fintech Landscape and Inclusive Finance
Claudia Núñez Sañudo, Director General of Fintech Mexico, reported that Mexico has become a regional hub for fintech innovation with 1,100 companies, including 803 Mexican firms. Despite this growth, only 40% to 50% of the population has access to financial services.
Núñez Sañudo stressed the importance of expanding financial inclusion, which presents opportunities for fintech companies. She noted that a 10% increase in financial inclusion correlates with a 1-2% rise in GDP growth.
The number of fintech users reached 70 million in the past year, with projections of 86 million by 2027, showcasing a rapid growth rate.
The Role of Technology and Regulation
Arne Schrenk, Director of Financial Services at Accenture, pointed out that 82% of transactions in Mexico are still cash-based, pushing banks to innovate and personalize services.
Schrenk also highlighted the impact of Artificial Intelligence on four key areas of finance: customer service, pricing, prospecting, and risk management.
An Unimaginable Evolution
In a separate conversation with El Economista, Pablo Pereyra Portugal, CRO of 2innovate, described the financial system’s evolution as “unimaginable,” with rapid changes necessitating quick adaptation.
Pereyra Portugal mentioned Frame Banking, a cloud-native SaaS platform enabling financial institutions to operate in next-generation transactional ecosystems with maximum security, omnichannel capabilities, and transaction traceability.
Challenges and Opportunities
- Innovation: Continuous technological advancements require financial institutions to adapt and innovate.
- Simplicity: Payments should be straightforward, allowing users to send money for cinema tickets with ease.
- Regulation: Improved regulations and better data protection are essential for the adoption of biometric transactions.
Key Questions and Answers
- What is the significance of digitalization in Mexico’s financial culture? Digital transformation has led to over 5,300 million SPEI transactions in 2024, equivalent to 6.5 times Mexico’s GDP.
- How are fintech companies contributing to this change? With 1,100 fintech firms in Mexico, including 803 local companies, these businesses are shaping a changing financial culture and driving innovation.
- What challenges does the financial sector face? Key challenges include innovation, simplifying transactions, and improving regulations to support emerging technologies like biometric authentication.
