The Mexican banking digitalization: We are ready

By Ricardo Vigueras, Business Development Director– RedCloud Technologies We are living in a new digital age, one responsible for the transformation of our lives and senses, in which industries compete every day to attract and retain more customers, in more competitive markets. A digital age where technology shapes the brand experience, and define the future successes of companies.

The banking industry, characterised by focusing only on certain sectors and not so much on the distribution of its products and services, is now in an imminent and inevitable process of transformation.

In Mexico, for the past two years disruptive competitors, with a strong entrepreneurial spirit and the strength to compete in the traditional banking sector, have appeared on the local scene. These companies sheltered under the term Fintech, formed by young entrepreneurs and mature executives of the financial sector, and whose essence lies in fast and agile financial technology services. These companies are looking for their own space in the newly opened ecosystem in Mexico, and in other countries of the region such as Brazil, Colombia and Argentina; companies whose main solutions focus on payments, remittances, loans to non-banked sectors. Their predominant financing scheme is crowdfunding or financing through the network for different investment projects of their own, or third parties.

One of their advantages is precisely the penetration of new markets, where the banks have not arrived in terms of costs and economies of scale, where there are great benefits of financial inclusion and the generation of non-traditional financial services.

The dynamism of the new Fintech industry has generated greater pressure on banks to get to know this new ecosystem, and even more interestingly, has motivated them to accelerate the search to provide value-added digital services. We are undoubtedly witnessing the re-composition of traditional banking services and observing how a handful of skilled entrepreneurs have opened up new market opportunities for all of us.

RedCloud's configurable platform provides digital solutions for banks and opens the space for them in this new disruptive ecosystem of which Latin America advances with great speed.

The future is digital relevance. The future is brand experience, shaped by technology. The future is a connected marketplace. In this context, RedCloud Technologies lands in the Mexican market: to work with banks in accelerating digital connectivity.

It is, undoubtedly now, the time to show our best cards, and move forward for the benefit of all the agents involved. Digitalization, disruption, Fintech, reconfiguration and UX, are all needed in order to achieve efficiency and a real technological revolution.

Find out more about how RedCloud technology and banking digitalization in here.