Introduction to Mexico’s Diverse and Robust Financial Industry
Mexico boasts one of the most diverse and robust financial industries in Latin America, with hundreds of entities catering to a wide range of niches and specialties. These include large international and local banks, as well as Fintechs. Despite this vast diversity, challenges in financial and social inclusion persist.
UNIFIMEX’s Initiative to Update Empirical Study
In response, UNIFIMEX decided to update an empirical study with the support of various trade associations. This initiative aims to contribute to the strengthening of Mexico’s financial system.
Launch and Collaboration
The project’s launch took place at the Consejo Coordinador Empresarial (CCE) with the attendance of its president, Francisco Cervantes Díaz, representatives from various financial subsectors, and institutions that make up UNIFIMEX. This collective commitment signifies a joint effort to bolster Mexico’s financial system.
Previous Study and New Edition
The initial publication in 2020 gathered insights from 104 financial institutions and user perceptions through CONDUSEF reports. The resulting document identified customer service issues, areas for legal framework improvement, and factors hindering financial inclusion in the country.
The new edition aims to revisit various financial sector subsectors, compile a unified perspective on longstanding sector issues, and propose valuable solutions to optimize financial institution operations and enhance customer service.
Importance of the Mexican Financial System
The Mexican financial system comprises actors with specific roles, such as insurers, banks, brokerage houses, pension funds, savings institutions, credit unions, cooperatives, Fintechs, guarantors, warehouses, and other relevant entities. Each institution plays a crucial role in its market niche and the type of operations it conducts.
However, user demand for new products and services is constrained by national legislation regulating financial entities’ operations. Compiling improvement proposals is vital to making the financial sector more inclusive, competitive, and efficient for the end-user.
Objectives of the Updated Study
This update will help identify progress in critical areas like credit access, reduced service costs, digital coverage, operational efficiency, and regulatory framework effectiveness. It will also highlight areas needing improvement: informality excluding millions, overregulation stifling innovation, technological asymmetries limiting competition, and the need to redesign development banking to fulfill its mission of supporting those who need it most.
Collective Effort
We are excited to undertake this project, recognizing that the study’s significance grows when viewed as a collective effort. No single institution, regardless of size or strength, can independently address the challenges of a complex, diverse, and ever-evolving financial system.
Gratitude and Collaboration
We extend our sincere gratitude to all associations that joined us at the CCE, reaffirming that strengthening Mexico’s financial system is not merely a sectoral goal but a national project where everyone can contribute.
