Current state of the fintech and insurtech sector in Mexico
Last April 29th, we had the opportunity to organize the event “Fintech and Insurtech Trends in Mexico” with the collaboration of the team from Afterbanks.
In the space of the Impact Hub Ciudad de México, analyzed the current and future outlook for the financial industry:
David Conde Sayans
CEO of Coinscrap Finance
Country Manager of Afterbanks in Mexico
CEO of Minsait in Mexico
Abel García López
Customer Care of Zenda.la
Development of Open Banking and Open Insurance by Afterbanks
Javier Cañadilla spoke first, explaining the development and evolution of Afterbanks since its inception in 2012. Although in that year it was not yet common to hear about Open Banking, the company was already offering banking aggregation services to its clients. He highlights that one of the most important milestones for Afterbanks was in 2019 when the company was acquired by Minsait and became part of the Minsait Payments division…
In 2021, they opened their first commercial office in Mexico City to cover the needs of their existing clients. Currently, they are authorized by the Bank of Spain and have presence in Spain, France, Italy, Greece, Portugal, Mexico and Argentina with more than 600 thousand daily connections requesting data from more than 150 banks.
Specifically, in Mexico they offer the recovery of users’ accounts and transactional movements and verification of ownership.
To conclude the presentation, Javier presents 3 use cases of Afterbanks: Open Market Loans, Personal Financial Management (PFM) and Behavioral Savings in the hands of PFM.
Development of Open Banking and Open Insurance by Coinscrap Finance
One of Coinscrap Finance’s star products and solutions is PFM’s Behavioral Savings, as Javier Cañadilla mentioned in his presentation.
At the beginning of his speech, David Conde explained how the personalized and automatic recommendations that customers receive as a result of their banking transactions work. Thanks to this data processing, the user obtains savings rules adapted to his profile, enabling him to save without even realizing it.
This type of saving rules are widely accepted by end users. As can be seen in the Use Case with Banco Santander which, in just 3 months, registered more than 500,000 active users using them on a daily basis.
In addition to the banking aggregation solutions and the processing and breakdown of Big Data that Coinscrap Finance offers its clients, they provide a dashboard where the most relevant user information can be obtained at a glance.
David Conde mentions with great enthusiasm the company’s intentions to open an office in Mexico City after closing a first agreement with a local company.
Contextualization of Mexico’s financial situation
After the speeches of both companies, a round table discussion was held with the participation of the four experts in fintech and insurtech.
Some interesting comments were made, such as:
Mario Aguillón: “You have to consider the context of a country like Mexico. It is clear that in Europe they are more advanced in regulatory practices such as adoption, imagine in terms of Open Banking. In fact, around 2020-2021, Mexico registered an increase in the use of cash versus bank transactions and card usage.”
Abel García: “How can we change the culture of a country? I read an article the other day that mentioned that the first reason a person moves from middle to lower economic class is for medical reasons that have caused them to break the bank.”
Mario Aguillón: “If the economy and culture of a country does not allow progress in financial terms, either because your landlord forces you to pay in cash to save a few pesos or because of ignorance of digital use, in the end it is not our responsibility to implement an Open Finance financial health structure.”
If you liked this kind of events and the content of the round table, remember that from Coinscrap Finance we will bring you news from Mexico in a very very short time!