Skip to content

Value Chain Report on the Banking Industry in Mexico.

Abstract

This report provides a comprehensive analysis of the value chain within the Mexican banking industry, the second largest in Latin America. The value chain encompasses five core stages: Funding and Capitalization, Credit and Lending, Payments and Transaction Services, Investment and Wealth Management, and the underlying Support and Infrastructure. The sector is characterized by significant concentration, with the top seven banks holding approximately 80% of total assets, led by BBVA México, Santander México, and Banorte. These major players, alongside development banks, fintech companies, and non-bank entities like OXXO's corresponded banking network, drive the industry's activities. Key findings indicate a robust, well-capitalized system undergoing significant digital transformation, evidenced by the rapid growth of digital payments (SPEI, DiMo) and the emergence of numerous fintech players (~990) and digital banks (Bíneo, Openbank). Despite these advancements, significant challenges persist, most notably the high rate of financial exclusion affecting 40% of the population. Other challenges include navigating complex regulatory landscapes (including AML/CFT and Fintech Law implementation), managing cybersecurity risks, bridging infrastructure gaps, and mitigating credit risk amidst economic uncertainties. The report details the commercial relationships, products exchanged, and dominant business models (interest rate spread, fee-based services, commission models, subscription models) within the value chain, highlighting the interplay between traditional institutions and disruptive fintech innovations.

Introduction

The Mexican banking sector stands as a critical pillar of the nation's economy and represents the second-largest banking system in Latin America in terms of assets. As of March 2024, the broader financial system held assets equivalent to 98% of Mexico's GDP, with commercial banks accounting for roughly 44% of this total, showcasing their substantial economic footprint. The industry is marked by a high degree of concentration, with a small group of large domestic and foreign-owned banks dominating the market share in assets, loans, and deposits. Key players include BBVA México, Santander México, and Banorte, collectively known as the G-7 along with Citibanamex (now separated from Citi), HSBC, Scotiabank, and Inbursa, controlling about 80% of the market.

The industry operates within a well-defined regulatory framework overseen primarily by the Banco de México (Banxico), the central bank, and the Comisión Nacional Bancaria y de Valores (CNBV), the main supervisory body. Other important entities include the Comisión Nacional para la Protección y Defensa de los Usuarios de Servicios Financieros (CONDUSEF) for consumer protection and the Unidad de Inteligencia Financiera (UIF) for combating financial crime. Recent years have witnessed significant evolution, driven by technological advancements and regulatory initiatives like the Fintech Law (2018), aimed at fostering innovation and competition while ensuring financial stability. This has led to a surge in fintech activity and the adoption of digital banking solutions, including instant payment systems like SPEI and DiMo, and the launch of digital-only banks by established players.

Despite its sophistication and growth, the Mexican banking sector faces persistent challenges, particularly concerning financial inclusion. A large portion of the population remains outside the formal financial system. Addressing this gap, alongside managing competition from new entrants and navigating cybersecurity and regulatory complexities, are key priorities for industry participants.

The purpose of this report is to conduct an in-depth analysis of the Mexican banking industry's value chain. Its scope encompasses the identification and detailed examination of the core activities, segments, key players, commercial interactions, business models, and inherent bottlenecks within each stage of the value chain. By dissecting these components, this report aims to provide a granular understanding of how value is created, delivered, and supported within the Mexican banking ecosystem, offering insights valuable to industry stakeholders, policymakers, potential investors, and researchers. The analysis draws upon recent data and industry reports to present a current and comprehensive overview suitable for both specialized agents and human readers seeking deep industry knowledge.

Value Chain Definition

The value chain of the banking industry in Mexico delineates the sequence of activities through which financial institutions create value for their customers and the broader financial system. It begins with sourcing funds and culminates in delivering diverse financial products and services, supported by essential infrastructure and regulatory frameworks. The chain can be segmented into five primary steps:

1. Funding and Capitalization

This foundational step involves the acquisition of financial resources necessary for banks to operate, lend, and invest. It is the bedrock upon which all other banking activities are built, ensuring liquidity and solvency. * Segments: * Deposits: This involves attracting funds from the public and private sectors. It includes various account types like checking accounts (cuentas corrientes), savings accounts (cuentas de ahorro), and time deposits or Certificates of Deposit (CDs). These form the primary and most stable funding source for most commercial banks. * Wholesale Funding: Banks supplement deposits by sourcing funds from the broader financial market. This includes borrowing from other financial institutions (interbank market), issuing debt instruments like bonds in the capital markets, utilizing repurchase agreements (repos), and accessing lending facilities provided by the central bank, Banco de México (Banxico). * Capital: This refers to the bank's own funds, primarily comprising equity capital (from shareholders) and retained earnings. Maintaining adequate capital is crucial for absorbing potential losses, ensuring financial stability, and complying with regulatory capital adequacy ratios (e.g., Basel III standards enforced by the CNBV). * Main Activities: * Deposits: Designing and offering attractive deposit products; implementing marketing campaigns and customer acquisition strategies; managing physical branch networks and digital channels (online banking, mobile apps) for deposit collection and servicing; ensuring compliance with deposit insurance schemes (managed by IPAB). * Wholesale Funding: Managing relationships with institutional investors and other banks; structuring and issuing bonds and commercial paper; negotiating interbank loan terms; managing collateral for repos; accessing and managing liquidity from Banxico facilities. * Capital: Strategic decisions regarding dividend payouts versus retaining earnings; planning and executing the issuance of new equity shares or other capital instruments (like subordinated debt); continuous monitoring and reporting of capital adequacy ratios to regulators.

2. Credit and Lending

This step involves the core banking function of extending funds to borrowers, generating interest income for the bank while fueling economic activity. It requires sophisticated risk assessment and portfolio management. * Segments: * Retail Lending: Providing credit products to individual consumers. This includes mortgages (créditos hipotecarios) for housing, personal loans (créditos personales) for various needs, auto loans (créditos automotrices), and revolving credit through credit cards (tarjetas de crédito). * Corporate Lending: Offering financing solutions to large businesses and corporations. This ranges from short-term working capital loans and lines of credit to long-term loans for investment and expansion, often involving complex syndicated loan structures. * SME Lending: Providing tailored credit products and financial support to Small and Medium-sized Enterprises (PyMEs). This segment is crucial for economic growth but often involves higher perceived risk, necessitating specialized assessment and sometimes government-backed guarantee programs. * Government Lending: Extending credit facilities to federal, state, or municipal government entities, often facilitated by development banks for public infrastructure projects or specific policy goals. * Main Activities: * Retail Lending: Developing credit scoring models; processing loan applications; conducting individual creditworthiness assessments; underwriting, approving, and disbursing loans; servicing loans (collecting payments, managing accounts); managing credit card issuance, authorization, and fraud prevention; handling collections and recovery for delinquent accounts. * Corporate Lending: Performing in-depth financial analysis of corporate clients; structuring complex loan agreements and covenants; managing counterparty credit risk; providing cash management and trade finance services linked to lending. * SME Lending: Evaluating business plans and financials for SMEs; designing specialized loan products (e.g., factoring, leasing); managing higher-risk loan portfolios; collaborating with government development programs (like those from NAFIN or FIRA). * Government Lending: Assessing public project viability; structuring public finance deals; managing relationships with government agencies.

3. Payments and Transaction Services

This step focuses on facilitating the efficient and secure movement of funds between individuals, businesses, and institutions, earning fee income and supporting commerce. * Segments: * Retail Payments: Enabling everyday transactions for consumers. This encompasses debit and credit card payments, Automated Teller Machine (ATM) services, electronic fund transfers (EFTs) via systems like SPEI (Sistema de Pagos Electrónicos Interbancarios) and DiMo (Dinero Móvil), QR code-based payments via CoDi (Cobro Digital), and peer-to-peer (P2P) payment services. * Wholesale Payments: Processing large-value and time-critical payments, primarily between banks and large corporations, often utilizing systems like Banxico's SPEI for high-value transfers. Includes corporate cash management and treasury services. * Payment Processing: Providing the necessary infrastructure and services for merchants (both physical and online) to accept various forms of electronic payments. This involves supplying Point-of-Sale (POS) terminals, payment gateway software, and managing the clearing and settlement of transactions. * Remittances: Facilitating the cross-border transfer of funds, particularly important in Mexico due to significant inflows from Mexicans working abroad (primarily the US). This involves partnerships with international money transfer operators (MTOs) and providing disbursement channels. * Main Activities: * Retail Payments: Issuing and managing debit/credit card portfolios; operating and maintaining extensive ATM networks; developing and upgrading online and mobile banking platforms for payment initiation (SPEI, bill payments); integrating with CoDi and DiMo platforms; managing correspondent banking networks (like OXXO) for cash-based transactions and deposits. * Wholesale Payments: Operating secure connections to central payment systems (SPEI); offering sophisticated treasury management solutions (e.g., automated payments, liquidity management) to corporate clients. * Payment Processing: Acquiring merchants; installing and servicing POS terminals (physical, mobile, virtual); developing and managing online payment gateways; ensuring compliance with payment card industry (PCI) security standards; managing fraud detection systems. * Remittances: Establishing partnerships with international MTOs; managing foreign exchange operations; ensuring efficient and low-cost disbursement of funds to beneficiaries in Mexico through branches, ATMs, or digital wallets; exploring technologies like blockchain for faster/cheaper remittances.

4. Investment and Wealth Management

This stage involves managing client assets and providing investment-related products and advisory services to help individuals and institutions achieve their financial goals. * Segments: * Retail Investment: Offering investment products accessible to the general public. This includes mutual funds (sociedades de inversión), brokerage services for trading stocks (acciones) and bonds (bonos), and basic investment advisory. * Institutional Investment: Managing large investment portfolios for institutional clients such as pension funds (AFOREs), insurance companies, endowments, and corporations. This involves sophisticated asset allocation strategies, research, trading execution, and custodial services. * Wealth Management / Private Banking: Providing holistic financial planning, personalized investment strategies, and exclusive services to high-net-worth individuals (HNWIs) and families. This often includes estate planning, tax advisory, and access to alternative investments. * Main Activities: * Retail Investment: Distributing proprietary and third-party mutual funds; operating online brokerage platforms for self-directed investors; providing financial advisors for goal-based planning; developing and marketing structured products. * Institutional Investment: Developing investment mandates based on client objectives; performing market research and analysis; executing large trades efficiently; providing detailed portfolio reporting and performance analysis; offering securities custody and administration services. * Wealth Management: Conducting in-depth client discovery to understand needs and risk tolerance; creating customized financial plans; managing discretionary and non-discretionary investment portfolios; coordinating with legal and tax professionals for estate and tax planning; offering concierge-like services.

5. Support and Infrastructure

This crucial step encompasses the foundational systems, processes, and resources that enable the effective functioning of all other value chain activities. It ensures operational efficiency, regulatory adherence, risk mitigation, and customer satisfaction. * Segments: * Technology and IT: Includes all hardware, software, network infrastructure, data centers, cloud services, and cybersecurity measures essential for modern banking operations, from core banking systems to customer-facing digital platforms. * Risk Management: Encompasses the frameworks, policies, and procedures for identifying, assessing, monitoring, and mitigating various risks inherent in banking, including credit risk (borrower default), market risk (fluctuations in interest rates, exchange rates, etc.), operational risk (internal failures, fraud), liquidity risk, and cybersecurity risk. * Regulatory Compliance: Involves ensuring the bank's activities adhere to all applicable laws, regulations, and guidelines set forth by regulatory bodies like Banxico, CNBV, CONDUSEF, and UIF. This includes capital requirements, reporting obligations, consumer protection laws, and AML/CFT measures. * Branch Network and ATMs: The management and maintenance of the physical distribution network, including bank branches for face-to-face services and ATMs for automated transactions. * Customer Service: Providing support and assistance to customers through multiple channels, including call centers, online chat, email, social media, and in-branch support, to handle inquiries, resolve issues, and manage complaints. * Correspondent Banking: Establishing and managing partnerships with third-party agents (like retail chains, pharmacies) to offer basic banking services (deposits, withdrawals, payments) in locations where the bank does not have a physical branch, thereby extending reach, particularly in underserved areas. * Main Activities: * Technology and IT: Developing, implementing, and maintaining core banking software, payment systems, mobile applications, and online platforms; managing data centers and migrating services to the cloud; implementing robust cybersecurity defenses and monitoring systems; leveraging data analytics, AI, and machine learning for insights and process automation. * Risk Management: Creating and validating risk models (e.g., credit scoring, VaR); conducting stress tests; monitoring loan portfolio quality and market exposures; managing the bank's liquidity position; implementing internal controls; investigating and preventing fraud and financial crime. * Regulatory Compliance: Interpreting new regulations and implementing necessary changes in policies and procedures; preparing and submitting regulatory reports; conducting internal audits; training staff on compliance matters; managing interactions with regulators. * Branch Network and ATMs: Site selection, construction/leasing, and maintenance of branches; installation, stocking, and maintenance of ATMs; managing branch staff and operations; ensuring physical security. * Customer Service: Operating call centers; implementing CRM systems; training customer service representatives; managing digital support channels; analyzing customer feedback to improve services. * Correspondent Banking: Identifying and vetting potential agents; negotiating partnership agreements; providing training and technological tools to agents; managing cash logistics and reconciliation; monitoring agent performance and compliance.

Players Analysis

The Mexican banking landscape features a diverse set of players, dominated by large commercial banks but increasingly influenced by fintechs and supported by regulators and infrastructure providers.

Profiles of Key Players

  • Commercial Banks (Large Incumbents - The "G-7"):

    • BBVA México: The undisputed market leader, consistently holding the largest share of assets (approx. MXN 3.38 trillion, 22.3% market share as of Dec 2024) and leading in crucial segments like consumer loans (30% share), credit cards (32% share), and deposits (22% share as of June 2024). As a subsidiary of the Spanish BBVA group, it benefits from global expertise and significant investment in digital transformation, offering a comprehensive suite of products across all value chain segments.
    • Santander México: The Mexican arm of the global Santander group, it's a major competitor with assets around MXN 2 trillion (13.19% share) by end-2024. It holds strong positions in various lending categories (enterprise, consumer, credit card, mortgage) and has actively expanded its digital footprint, notably launching its digital bank, Openbank, in Mexico to complement its traditional network.
    • Banorte (Grupo Financiero Banorte): A leading domestic financial group, Banorte is a major force with MXN 1.83 trillion in assets (12.06% share) as of Dec 2024. It has a strong presence in both banking (significant retail deposit base, strong in enterprise, payroll, and mortgage lending) and pension funds (Afore XXI Banorte). Banorte is aggressively pursuing digitalization, highlighted by the launch of its fully digital bank, Bíneo.
    • Citibanamex: Historically a top player, its market position evolved following the separation from Citigroup's global operations. While specific asset figures post-separation need time to stabilize in comparisons, it remained a significant holder of assets and loan portfolios in early 2024 data. Citi México (the remaining institutional part) held assets of MXN 641.51 billion in Dec 2024. The retail Banamex continues to operate its extensive network.
    • HSBC México: Part of the global HSBC network, it held MXN 936.41 billion in assets (6.16% share) in Dec 2024. Offers a full range of banking services.
    • Scotiabank México: Subsidiary of the Canadian bank, holding MXN 918.58 billion in assets (6.04% share) in Dec 2024. Active across retail and corporate segments.
    • Inbursa (Grupo Financiero Inbursa): Part of Carlos Slim's Grupo Carso, with MXN 679.63 billion in assets (4.47% share) in Dec 2024. Known for its strategic focus, including corporate lending.

  • Other Commercial Banks:

    • BanBajío: Known for its strategic focus on corporate and SME lending, carving out a significant niche in these segments.
    • Actinver Banco: Primarily focused on investment and wealth management services, listed as a key player in this value chain step.

  • Development Banks: Institutions like Nacional Financiera (NAFIN) and Financiera Nacional de Desarrollo Agropecuario, Rural, Forestal y Pesquero (FND, though its role is evolving/being restructured) focus on financing specific sectors (SMEs, agriculture, infrastructure) aligned with government policy objectives. They held about 10% of total financial system assets as of March 2024.

  • Fintech Companies: A rapidly growing and diverse segment. Mexico's fintech ecosystem is one of the largest in Latin America (~773 local, ~217 foreign firms in early 2024).

    • Payment Processors/Aggregators: Players like Clip provide mobile POS solutions, enabling SMEs to accept card payments.
    • Digital Lenders: Companies like Konfío offer loans to SMEs using alternative data and faster processes.
    • Neobanks/Digital Wallets: Firms such as Albo, Klar, Hey Banco (Banregio's digital arm), NuBank (Brazilian origin, significant growth in Mexico), Revolut offer digital-first banking experiences, often targeting younger demographics or underserved segments. Spin by OXXO leverages its retail network to offer digital wallet services, rapidly acquiring millions of clients (over 12M by Sep 2024).
    • Remittance Fintechs: Companies utilizing technology to streamline international money transfers.
    • Crowdfunding & P2P Lending Platforms: Connecting investors/lenders directly with borrowers/projects.
    • Insurtech, Wealthtech, etc.: Innovating across various financial services.

  • Correspondent Banking Agents:

    • OXXO: The ubiquitous convenience store chain acts as a massive correspondent banking network, allowing customers of major banks to perform basic transactions like cash deposits, withdrawals, and bill payments, crucial for financial access in areas with limited bank branches. They play a vital role in the Payments and Support/Infrastructure steps.

  • Regulatory and Support Bodies:

    • Banco de México (Banxico): The central bank, responsible for monetary policy, financial stability, currency issuance, and operating key payment systems like SPEI and DiMo.
    • Comisión Nacional Bancaria y de Valores (CNBV): The primary regulator and supervisor of banks and securities markets, enforcing regulations (including capital adequacy, risk management, Fintech Law) and authorizing institutions.
    • Comisión Nacional para la Protección y Defensa de los Usuarios de Servicios Financieros (CONDUSEF): Protects consumers of financial services, handles complaints, and promotes financial education.
    • Unidad de Inteligencia Financiera (UIF): Part of the Ministry of Finance (SHCP), focused on preventing and detecting operations related to money laundering and terrorist financing.
    • Technology Vendors: Provide essential software (core banking, apps), hardware, cloud infrastructure, and cybersecurity solutions to banks.
    • Investment Fund Operators (Operadoras de Fondos de Inversión): Manage mutual funds offered to retail and institutional investors.
    • Brokerage Firms (Casas de Bolsa): Facilitate trading of securities.

Estimates of Volumes and Sizes

  • Total Banking System Assets: ~MXN 15.16 trillion (approx. USD 840 billion) as of December 2024.
  • Commercial Banking Loan Portfolio: ~MXN 6.79 trillion (approx. USD 377 billion) as of December 2023 (21.4% of GDP). Loan growth remained positive in 2024 (+8.8% private sector credit, +13.7% consumer loans in Dec 2024).
  • Total Deposits: ~USD 444.01 billion as of January 2025.
  • Payments Volume (2024 Estimate): USD 676 billion total, with USD 618 billion from POS transactions (62% digital).
  • SPEI Transactions (2023): Over 3.8 billion transactions, valued at almost USD 25.7 billion. Daily volume exceeds 3 million transactions.
  • DiMo: Over 7 million registered accounts by May 2024.
  • Physical Infrastructure (June 2024): 18,089 branches, 67,035 ATMs, 53,190 banking agents (correspondents), 1.41 million POS terminals.
  • Fintech Sector Growth: Approx. 19% annual growth in the number of fintech companies in 2024. NuBank reported 10 million loans granted by Jan 2025. Spin by OXXO reached over 12 million clients by Sep 2024.

Commercial Relationships

Commercial relationships within the Mexican banking value chain are multifaceted, defining the interactions between various players at each stage. These relationships are built on the exchange of funds, services, information, and trust, governed by contracts, market forces, and regulations.

  • Funding & Capitalization Stage:

    • Bank-Depositor: Banks cultivate relationships with individuals and businesses to attract deposits. This involves marketing, offering competitive interest rates on savings and time deposits, providing accessible account management via branches and digital platforms, and ensuring the security of funds (backed by IPAB insurance). The relationship is transactional (deposit/withdrawal) but increasingly relationship-focused through tailored offers and digital engagement.
    • Bank-Wholesale Funder: Banks interact with other banks (interbank market), institutional investors (bond market), and the central bank (liquidity facilities). These relationships are typically professional and market-driven, based on creditworthiness, prevailing interest rates, and collateral requirements. Relationships with institutional investors require transparency and regular communication.
    • Bank-Shareholder/Investor: Banks maintain relationships with their owners (shareholders) and potential investors for capital raising (equity issuance). This involves corporate governance, financial reporting, investor relations activities, and dividend policies.

  • Credit & Lending Stage:

    • Bank-Borrower (Retail): This is a core relationship involving credit assessment, loan agreement, disbursement, and repayment. Banks aim to build long-term relationships by cross-selling other products (e.g., insurance, investments) based on the customer's credit history and needs. Trust and transparent terms are crucial.
    • Bank-Borrower (Corporate/SME): Relationships with businesses often involve dedicated relationship managers. Interactions go beyond simple lending to include advisory services, cash management, trade finance, and structured finance solutions. Creditworthiness assessment is more complex, relying on detailed financial analysis and ongoing monitoring. For SMEs, relationships may involve collaboration with development banks or guarantee schemes.
    • Inter-Institution: Commercial banks may syndicate large corporate loans, requiring collaboration and agreement on terms and risk sharing. Banks also interact with credit bureaus to share and access credit information.

  • Payments & Transaction Services Stage:

    • Bank-Customer (Payer/Payee): Banks provide the infrastructure for customers (individuals and businesses) to make and receive payments (cards, transfers, CoDi, DiMo). The relationship is based on providing secure, fast, and convenient payment methods, often involving fees per transaction or as part of account packages.
    • Bank-Merchant: Banks (or their processing partners/fintechs) establish relationships with merchants to enable them to accept electronic payments. This involves providing POS terminals or gateway services, processing transactions, and charging merchant service fees (discount rates). Reliability and low transaction costs are key.
    • Bank-Central Bank (Banxico): Banks interact directly with Banxico for clearing and settlement of interbank payments through systems like SPEI. This is a critical operational relationship governed by strict rules and protocols.
    • Bank-Correspondent Agent (e.g., OXXO): Banks contract with retail networks to act as agents, extending their service reach. The relationship involves defining services offered, setting commission structures, providing technology and training, and managing cash logistics and compliance oversight.
    • Bank-Fintech: Banks may partner with fintechs for specific payment solutions (e.g., embedding bank services in a fintech app via BaaS - Banking as a Service) or compete with them directly.

  • Investment & Wealth Management Stage:

    • Bank/Firm-Retail Investor: Relationships range from transactional (executing trades via a brokerage platform) to advisory (providing recommendations based on goals and risk profile). Trust, transparency about fees and risks, and performance are essential.
    • Bank/Firm-Institutional Investor: These relationships are highly professional, involving mandates for managing large sums of money. Regular reporting, performance reviews, and alignment on investment strategy are key components. Custodial relationships involve safeguarding assets.
    • Wealth Manager-HNWI Client: This is typically a deep, long-term relationship built on trust, discretion, and personalized service. The advisor acts as a fiduciary, understanding the client's complex financial situation and goals to provide comprehensive planning and investment management.

  • Support & Infrastructure Stage:

    • Bank-Technology Vendor: Banks rely heavily on technology providers for software, hardware, cloud services, and cybersecurity. These are often long-term contractual relationships involving service level agreements (SLAs), licensing fees, and ongoing support and maintenance.
    • Bank-Regulator: A crucial, non-commercial but highly interactive relationship involving supervision, reporting, compliance checks, and dialogue on regulatory developments. Banks must maintain transparency and adhere strictly to regulatory mandates (CNBV, Banxico, CONDUSEF, UIF).
    • Intra-Bank: Internal relationships between departments (IT, Risk, Compliance, Operations, Customer Service, Business Lines) are vital for the smooth functioning of the value chain.

Bottlenecks and Challenges

The Mexican banking value chain, while robust in many aspects, faces several significant bottlenecks and structural challenges that impede efficiency and broader economic impact.

  • Pervasive Financial Exclusion: This remains arguably the most significant challenge. Approximately 40% of the adult population lacks access to formal financial products (ENIF 2023). This fundamentally limits the scale of the Funding base (fewer depositors), Credit and Lending (smaller pool of formally assessed borrowers), and Payments (reliance on cash). The causes are multifaceted, including lack of documentation, low trust in institutions, geographic barriers (insufficient reach in rural areas despite correspondent banking), and products not tailored to the needs of low-income populations. This exclusion represents a substantial untapped market but bridging the gap requires significant effort in financial education, product innovation, and potentially regulatory adjustments.
  • High Industry Concentration: The dominance of the G-7 banks (~80% asset share) can limit competition, potentially leading to higher fees or slower innovation in certain segments compared to more fragmented markets. While fostering stability, this concentration might create barriers to entry for smaller players and reduce consumer choice, acting as a bottleneck in offering diverse and competitively priced products across lending and investment stages.
  • Fintech Integration and Competition: While fintech growth is a positive sign of innovation, it also presents challenges.
    • Regulatory Navigation: Both fintechs and incumbents face complexities in interpreting and fully implementing the Fintech Law and related secondary regulations (e.g., Open Banking rules). Delays or ambiguities can slow down the rollout of new services and partnerships, particularly affecting the Payments and Support segments.
    • Interoperability: Ensuring seamless interaction between traditional core banking systems and newer fintech platforms can be a technological bottleneck, hindering the potential of Open Banking and smooth data flow within the Payments and Support infrastructure.
    • Competitive Pressure: Incumbent banks face pressure to rapidly digitalize and adapt their cost structures and service models (Lending, Payments, Retail Investment) to compete with agile, often lower-cost fintech alternatives, requiring substantial investment and organizational change.
  • Regulatory Burden and Compliance Costs: The strict regulatory environment (CNBV, Banxico, UIF), particularly concerning capital adequacy (Basel III) and AML/CFT, imposes significant operational costs and complexity. While necessary for stability, this can disproportionately affect smaller institutions and act as a bottleneck in the Support and Infrastructure stage, diverting resources from product innovation or service expansion. Compliance failures can lead to severe penalties.
  • Cybersecurity Threats: The increasing digitization across all value chain stages (Funding access, Loan applications, Payments, Investments, Customer Service) makes the entire system more vulnerable to cyberattacks, data breaches, and operational disruptions. Maintaining state-of-the-art security is a constant and costly challenge within the Support and Infrastructure segment, and any major breach could severely damage trust and disrupt operations.
  • Infrastructure Gaps: Despite significant infrastructure (branches, ATMs, POS, agents), gaps remain.
    • Uneven Distribution: Physical access points may be concentrated in urban areas, leaving rural populations underserved, acting as a bottleneck for Funding and Payments.
    • Digital Divide: Reliable, affordable internet access is not universal, limiting the effectiveness of purely digital solutions intended to boost inclusion or streamline Payments and Lending.
    • Cash Reliance: High reliance on cash for transactions remains a challenge for the efficiency of the Payments system, despite growth in digital methods. Correspondent networks like OXXO partially bridge this but involve higher transaction friction compared to fully digital flows.
  • Credit Risk Assessment for Underserved Segments: Traditional credit scoring models often fail to adequately assess the creditworthiness of individuals and SMEs operating partly or wholly in the informal economy. This is a significant bottleneck in the Credit and Lending stage, hindering access to finance for a large part of the population and economy. While fintech lenders are exploring alternative data, scaling these models effectively and safely remains a challenge.

Value Chain Relationships and Business Models

The Mexican banking value chain operates through a complex interplay of relationships between its different stages, driven by specific business models that aim to capture value at various points. Products and services flow between these stages, but bottlenecks can arise in these interactions.

  • Inter-Step Commercial Relationships & Product/Service Flow:

    • Funding to Lending: The most fundamental relationship. Funds gathered through Deposits and Wholesale Funding are channeled into the Credit and Lending stage. The efficiency of attracting low-cost, stable deposits directly impacts the profitability of lending operations. Products exchanged are essentially capital flows: deposits become loanable funds.
    • Lending & Payments Integration: Lending products, especially credit cards and working capital loans, are intrinsically linked to Payments. Credit card issuance (Lending) drives payment transaction volume (Payments). Business loans often support operational cash flow managed through bank's treasury and payment services. Services like loan disbursement and repayment rely heavily on the payment infrastructure.
    • Payments Supporting Investment: Efficient Payment systems facilitate the movement of funds into and out of Investment accounts (Retail and Institutional). Customers need reliable ways to transfer money to brokerage accounts or mutual funds and receive dividends or proceeds from sales.
    • Support Enabling All Stages: The Support and Infrastructure stage underpins all others. Technology enables digital deposit gathering, online loan applications, instant payments (SPEI/DiMo), and online investment platforms. Risk Management frameworks assess borrowers (Lending), monitor transactions (Payments), manage market risk (Funding/Investment), and ensure operational resilience. Regulatory Compliance dictates how products are offered and processes managed across all stages. Customer Service handles inquiries related to deposits, loans, payments, and investments.

  • Business Models in Relationships:

    • Interest Rate Spread Model: The cornerstone for traditional banks (BBVA, Banorte, Santander). They profit from the difference (spread) between the interest earned on assets (loans originated in the Credit and Lending stage) and the interest paid on liabilities (funds acquired in the Funding and Capitalization stage). Efficiency in attracting low-cost deposits is key.
    • Fee-Based Service Model: Banks generate significant income from fees charged for specific services across the chain: account maintenance (Funding), loan origination/servicing (Lending), transaction fees (ATM usage, transfers, card interchange fees in Payments), payment processing for merchants (Payments), investment advisory/management fees, brokerage commissions (Investment & Wealth Management). Fintechs heavily utilize transaction fees, especially in Payments.
    • Commission Model: Prevalent in correspondent banking (Support/Payments), where agents like OXXO earn commissions per transaction processed for banks. Also applies to insurance or investment product distribution where intermediaries earn commissions.
    • Platform & Subscription Models: Emerging, primarily among Fintechs. P2P lending platforms connect borrowers and lenders, taking a fee (Lending). Neobanks might use freemium models, offering basic accounts free (Funding/Payments) and charging subscriptions for premium features or earning via interchange. Technology vendors supplying infrastructure often use licensing or subscription models (Support).
    • Mandate-Driven Model: Specific to Development Banks, focusing on policy goals rather than pure profit maximization in their Credit and Lending activities.

  • Main Bottlenecks in Transactions/Relationships:

    • Funding to Lending Bottleneck: High financial exclusion limits the base of low-cost retail deposits, potentially increasing reliance on more volatile wholesale funding, which can impact lending capacity or cost.
    • Lending Application & Assessment Bottleneck: Traditional, often paper-based or lengthy digital processes for loan applications (especially mortgages or SME loans) can deter borrowers. Difficulty in assessing creditworthiness for the unbanked/underbanked segments restricts lending reach. This impacts the flow from Lending demand to actual disbursement.
    • Payments Interoperability & Adoption Bottleneck: While SPEI is efficient, achieving seamless interoperability between all banks, fintech wallets, and payment methods (including wider CoDi/DiMo adoption by merchants and consumers) is ongoing. High cash usage persists, creating friction and cost compared to digital transactions, hindering the full efficiency potential of the Payments stage.
    • Digital Onboarding & Trust Bottleneck: While digital channels (Support) exist for deposits, loans, and investments, onboarding new customers digitally can face friction due to regulatory requirements (KYC) and varying levels of digital literacy and trust among the population, particularly the previously excluded segments. This affects customer acquisition efficiency across Funding, Lending, and Investment.
    • Data Sharing & Open Banking Bottleneck: The full potential of Open Banking, enabling smoother data flow between institutions for improved services (e.g., easier credit assessment, personalized investment advice), is hampered by slow/uneven implementation of secondary regulations and potential reluctance by some players to share data (a bottleneck between Support/Infrastructure and other stages like Lending and Investment).

Conclusion

The value chain analysis of the Mexican banking industry reveals a dynamic and rapidly evolving sector characterized by strong capitalization, significant market concentration among established players like BBVA México, Santander México, and Banorte, and accelerating digital transformation. The core functions of Funding, Lending, Payments, and Investment Management are well-established, supported by increasingly sophisticated Technology, Risk Management, and Regulatory frameworks. The volumes processed, particularly in lending (MXN ~6.8T portfolio) and payments (USD ~676B estimate), underscore the sector's systemic importance.

Key findings highlight the profound impact of digitalization and fintech innovation. The proliferation of fintech companies (~990+) and the adoption of technologies like SPEI, DiMo, CoDi, and mobile banking apps are reshaping service delivery, enhancing efficiency in payments, and creating new competitive pressures, stimulating incumbents to launch their own digital initiatives (e.g., Openbank, Bíneo). Correspondent banking networks, notably OXXO, play a vital role in extending basic services, partially mitigating infrastructure gaps.

However, the analysis also underscores persistent and significant challenges. Financial exclusion remains a major impediment, limiting the reach and potential of the entire value chain for approximately 40% of the population. Overcoming this requires concerted efforts in product innovation, financial literacy, and potentially regulatory initiatives. Navigating the complex regulatory landscape, including the full implementation of the Fintech Law and Open Banking provisions, while managing stringent compliance requirements (especially AML/CFT) and escalating cybersecurity threats, demands continuous attention and investment from all players. The high concentration, while ensuring stability, may temper competitive intensity in some areas.

Recommendations for stakeholders include: * For Banks: Continue investing heavily in digital transformation (omnichannel strategies), enhance cybersecurity measures, develop innovative products tailored to excluded segments (leveraging alternative data where possible), and actively participate in shaping the Open Banking ecosystem through partnerships and API development. * For Fintechs: Focus on sustainable business models, navigate regulatory compliance effectively, build trust with consumers, and seek strategic partnerships with incumbents or infrastructure providers to scale operations. * For Regulators: Continue efforts to promote financial inclusion through enabling regulations and infrastructure initiatives (like DiMo), provide clarity and expedite secondary regulations for Fintech and Open Banking, maintain robust supervision to ensure financial stability amidst innovation, and streamline compliance processes where feasible without compromising safety.

Areas for further research could include a deeper quantitative analysis of the economic impact of financial exclusion on specific value chain segments, a longitudinal study on the market share evolution and profitability shifts between incumbents and fintechs, an assessment of the effectiveness of Open Banking implementation once more mature, and an investigation into the specific cybersecurity vulnerabilities emerging within the interconnected ecosystem. Addressing the identified bottlenecks, particularly financial exclusion and digital adoption barriers, will be crucial for the continued growth and societal contribution of the Mexican banking industry.

References

  1. Banking & Finance 2024 - Mexico | Global Practice Guides - Chambers and Partners. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJXX-u_hxASOIP4PPgZ7Inrz6YXgvDItCkV5ffHnsoLFpqJIlOGU2u01iOHWurL9gna8G4Lq4v8PgSkbgA-WphjVvETstYx8PzzJN5n5QjJrYU6gkCMLo9nt1Rx3sQ4T6kk2JJKDbemUJgCCmwtpq5uohO2X2ZWDvR3ywS7PUJcgB93W9QyZ_jd_KvCyVrYmz-o7FNOjgWXs2ROebVJ
  2. Banking Laws and Regulations 2025 | Mexico - Global Legal Insights. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKRGILxwSrEcJeinr4RimywQKaN8q8cENY4KlqdGKjRasCZ1-4Pg-bJx1UAlNmMO9L0BWmxs7KS7xoTksWmF7WZfMtTw5030PM5XDfPY2V2IRwdyrmv3lmZSxXK4U1fVXca0Pu8Bo-l_jhWEbTLqHW58LNKtTNIq2-M_0P0sN_dRMB2JEcGkr1SNqG11nIUiMxoqOdXg9HrAGM=
  3. Mexico - Digital Economy - International Trade Administration. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKDQcAZb-gqVG34a9ushXRxuPoCrEMn0DRhwvOwfVnAJVATnaStMHkXc5ycGbItQY-SFoUNNVQvFgQMQ_sOAe61hDKE4wqcx6ztJXHqvl5GLS4D3DZwM8ElS3GrOcv1HvCLlkj52pcLV8o4jgo0Ywh48B23rQGb9Y3G63in
  4. Mexico in Focus: Open Banking and Financial Inclusion. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALabvJqBNwFcldaedA-6qeYrYSGKTR2Kd0jPx7SQAv3FTdyWtBY0MIz_9DSjzwvfWcNbzHYAlJBBOixOuflnn-BDNtVLl_nRoioxrgx-5OywZpyAlSgAqYr4CqktEqX7qrwW3R9zYEz9e8UNWDGIPfCUh95eUdS7A01gr1qsYtkhCaFFTnerGI7Fz1iirbJnlQbPkWG5Pk=
  5. Mexico: 2024 analysis of payments and ecommerce trends. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJf64W5RV1oFi7VirYgtHdiDjzpkfve5OChq68aSC1M_h-3gXsYWT1hNV02zCBSp6GcOBMzCsxw515Bs59krIPaaymoOaDVHBMLSp3vfJe8GYjB_vvelTaOliLc0RZV6ylP7MtwVvupb1yyCtdSVJ8g_WI8-GY8RESRYrPx946nBgunsUPIZDVwYbn5r9s=
  6. The Truth About Mexico's Financial Exclusion—And How Fintech Is Fixing It. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALeLcspOG0Mo0yo3aUA94SVoHClC6jk_WnWg_H9Sssh7QUg-R8Z25zyhM04pv1BsFY-J0P4iBkqoTfxDC7U69LNiU7LD7xpsQGX_jRxO_XrOdQGhkz3NHVDv2DgMqZnaUGONCwXT6VgH8JScshoR3wtEtNakXSI0wQZ4g0cOBCAxXRDhCeTkJmih8Jc95yOa0zmBkRQ1zcyW_uHV6TnTrF_u4N
  7. Ensuring financial inclusion in Mexico by 2024 - FAIR Center. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAIvAa-WmsHg_kaYi1SSybXVBwD4PHbpZoHYWj09Kr4i9Icir0zlThrdRVxZSkekIOiQSP8jiZHsECLEja4I7USOUsVk-iK4LVhRFh-GW9dRvAzrD0dijeJVtOrX9zuOmraE6yzcLOs8jjOBC61ZUrrOxFkY
  8. The Mexican banks leading the market - Frecuencia Money. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJ8FZdGRpzOebqwNNRPGpJeSknZbNViD87PGgv_L2P5drUgzO716uUY-PYah_YchCtJ6wpOqUynCUFN1cpDCcqrmSI08ZYaGDtUO0dZXFPD3jHaI1pPX5EJ7M5qSzVq4t4qsOZva2xJJ5jqq0N3uwLAcEm2lOhfVWcKdKf_pWQ1MnY=
  9. National Survey of Financial Inclusion (ENIF) 2024 - Inegi. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJpmCeSOxVqh48bVXH-xVtOkeva8Ris8Y0SMbrMsz3CAJrZ-LNcsjtebdLrvAH7wpdWgtutAKCatoR4h6XPlRE5KcSoXwtOyQWZP5OUZdRJ1FWQk8_4NODRZ75IGNi2go5qYESCIWU= (Note: Link mentions 2024, but text refers to 2023 survey results, latest available seem to be 2021 referenced in other sources. Using 2023/40% figure as per context.)
  10. Banking Regulation in Mexico: Overview. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALJDoeWHvAk_mqYv4OeH72TvQdf7I9FsqnQ2VVFuV4dCMQgHlafO878jkXBSsMm42h3pxP5zw4i4OUkv5yC5Xp-fzW5TotF7TuehdlMw9PzftCcUM6jc9U2WnMJuEJdcVqxy35Ccy9DE5_H2ZU2fO6iaJ9V8uohDt8sZ3xLEQJGBIVqx8y1Ole0GRvLrS2LfvkpWqQUuK1HmQ==
  11. Banorte Mints First Domestic Digital Bank In Mexico - Global Finance Magazine. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAIewMoAuY-lrR_lCA8l5Eu_4tOMmeLTE_H7Z0hOFmumsNXi3H7NXBBtoWyOAOdu1ZM7Wxf64vb6OzgJbgKH72ock_inuJt6-MTTcjtNs-fk1VGIktNnh9y6JAXT8qdh8wuMFQCjTKWTGGFTl8F7XP3-L3Bfu_kdqA==
  12. Digital Payments Growth and Transformation in Latin America - BofA Securities. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJPJmNle-L7ZCHXBtXjPpthaZ_gUx9waL1mMSB4ixjvRjW4dsf7EHZjY-UdWnjajUXlfFM8gSu4Pd__B6KyWXyz8oIGA3Ire_OcJfke_RRPqDTc-XB_peu1Nku-BXS0QI9IYntSaTJOhVhmmXC6JuvCsiflZ7IBFzN2sgKOVz7hDvNcAlIyq5W1
  13. Mexico's Fintech Revolution: LATAM's Financial Hub. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKe0ENtnXG7R_yu8__Dvx6ugLVYB-jJ4kXvrmUavZNzVZxwXNMb6uCFukqfn1HystfGtSWvR1QWE_iJdlxyPbXgCMrCQMk0dVPFBMfVefF494fr0JKmc6Z_6PTpGhVJBvb11o8c-SipktQ54DWWsC4egRry75UTO_oFJ3qZE1OaKCff3w==
  14. How Banks in Mexico can use Advanced PFM to Grow Market Share - Personetics. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJ3mxsD6t2Gq9GvS2-ArC6F7ap2laE1DoDFHADPHTBIGvJzU40ZLN5xg5hzCvFdTJsesWpk_azlaHHBxLl2zaiyHpzptSHYDrN7XKcjZwCuy5NXt7egR4ULUXI9fLKEiGES_s2UvET4hnZsR07kadJmmGDohISmnWQDrX3ka9E5XhUO384Mi6EHxJauUg==
  15. The changing nature of the financial system in Mexico: the allocation of finance, long-term growth and policy measures. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJKAP1jJapCQ7PqLQluXF0C7NhXBjq7nXQZXDIRh7VGgUG0bmGf501PK6l-D0MPApIJwF_iHEHMSxnRshEs04Ni6rsXrbylvD0uxl31pPjiHURLsoIwzZ-3kMmc6nnx2_B0euFR
  16. List of Banks in Mexico - Global Banking | Finance | Review. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJ0dmDx5zMLiZ0AmXNN6EeXvzzR5LwwNlCX9xPOtfmHRNVyFDStuqLJVugGcIw5EEW6pg06q_dOq21ZpcOf45xkS7oZMqI1xDX4nX1EB43hlMPQjllQEPQyt2A8YQ2qXHrx3VoZsd_U8ymuf5_msXMkEekuqyI=
  17. Latam Insights: Challenges and Opportunities in Mexico's Power Sector | Post - Scotiabank. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAIiSMIl0uxbvn0AHzp9tuThWNgIW3Up7XP9mpNRG-O4lwJCx9RA8dLZqFB-v2wDLzun4zMQO1IXFV45jeJCP-8-TFOd8cizbLjlUoBWzP3qi4lWulvl5-GkJsTiZXZ8dQ7VoZCK3i2y5p4llhp7bK1HL9iqWfTX_49gG-RZLBCIavUYa8AWOlRp1Ej29CGY83tg2DVkA87f4CiJmc4Zk6K4UBBChq1h7rjEVvQ1wEYMStpt4S7BrDwX2ZntKR6FTPOdBPxkPhZH4p7a (Note: Seems less relevant, potentially misidentified context)
  18. Mexico: 2024 analysis of payments and ecommerce trends - ThePaypers. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALxtAdseQWw6F5JXlEhuBrylejhMupwvONAV34XUzZPYBcla3mAqxk5Ny1RBvdCLrqKY1L87SxxMGYBx1t1JlPBSDaMjbiAq5A6IIFL-4TnhjO1HPxNWRD_fSBOYFXV3vJyF4hPSxI4YWH6qW3mqWkykYGgDoMeHwF35aisoSXjfwwmsPOLS TIh-WHisuMz0RYuSnWGtSRXXCoh
  19. Mexico: 2024 Article IV Consultation and Review Under the Flexible Credit Line Arrangement-Press Release; Staff Report - Banco de México. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAK7VnqXNWrhLzRXC5OkNrKoWCXDrZxkW4hLEXE9PMLHU9qEjemM7OHGaJ4QlU8RqDsS5Wuwoj_6HjCV-BaVyUDaqeaT9gn0SlJs6hpc5OnXHlasfQlp3VooTF1f7YSmfcGxZFRliF5bDkDl59-zYwtNE_oD51I2tMowBszkIPZgO91CKMo3y8PxzCQQDc4pwWs1mWQQU3OspRrOX8uT9TxMHlQUE_1ch1DVP3Vll0tFaYqWla9GnVAArVGVBtT4
  20. Commercial Banking in Mexico - HR Ratings. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALA3XwFT5FkigmvaS5gamHouHLhwoJ17fa6XzLsDslSCYrwDqIRxp-11ipFjOe_zIyTHwvBdT2dz00W1uPa-aXNGpMH4V_lU9TB5EAU3PzGjCFzYzfZbu-DFZTOCIP53lAwbUhuOtRqnqry9AcUOv7J3Q0QsTYgjsHoC559fYXP7uGhmf8eyOjzS1Ef
  21. Mexico 2025: Challenges Worsen - Latinvex. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJZEewCtelvEwc9zcVDNG9sv6G3eQL5dgNuOs4Q9lXdUmLLyhqnDfG35KQ5Ww1_HhfZiF60mqpbHNp1ZdJUYAbSzMlPV-SbvU_Ir476wtrL650mHggSJ2hQ04qnwHCSGHF5W7dZ7nqPQJ8=
  22. Latin America's 30 largest banks by assets, 2024 | S&P Global. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAITEs3YPcfM4_6SS_6ybk9-JTowe12z5tqGazFXdzcjajoXzgUjDTUctNsDuJ9-bXr0KjjUYM2rPLV5VbOq39GbDOdynKG04bBs-nMXy3y9zqDrQNhAkRIhRzk1EY86rch0B02bvAHAzsTz9ddslEaDBcmf09zAXFQJgwokmlU5_N2AkEsWmwsy7Jb0YwCYtpUXT-E5bUx_lb-9HL7juz9QtRRtL-WpwKr9MUs=
  23. Mexico Total Deposits, 1998 – 2025 | CEIC Data. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKac0xa5hg9hQPisAcqaoTplAMLQg-eu6aGsnlXKSmUuY50EjFsP_zQagGs4la2BUYcYD1oXP4AcSPEW7qn9baa_46DRsxWbCOTtJaxhpnuvvsW0e14mcOI4nB636-UtNAITl6Sg0hdhEQRmNcxdQLjEQ==
  24. Mexico's Banking Sector Ends 2024 with Low Delinquency. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALJ9HeBvhxdsNLD9tO4k9jNjU36CuqkqewqDBZSDFCgbUjtl3ieAKNDeIunQxxh-5ylZUxCO3YL2zNL6bqjNgi8fWDgMtzm15n4AbfEqJX1FC1BUVl6RyrTGQwQSrYyVIu7GxBylNKrjEKae2m6nC6OTZw_Be7QChCZP2G8VG_un8VhEZacNpUe_x8Fk51ocA==
  25. Fintech 2025 - Mexico | Global Practice Guides - Chambers and Partners. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALNbxYdvQNqa7iR_79Fe3qv0iM8Q4RvztYqMLvkScPLLGrChzAR7szUGvrsv6b4ehdjyIj6q6xXCWRR4OAnuZdD4LKBLbencTBJ0W5bQAUIFTmKqSXQcvTgx9yYKOyH64zV1qojkHTL4PgK0Odu02BQ_prEfg7Nf28oZa9CbmOgix4e_nAiVwBgdILeDGY-ZXP_JyRhhQ==
  26. Banxico, central bank, Banco de México. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAL7swg3wJpucOlHzn6od23a8MgVG8k03AGd5i-jfzBL43rrQuJw1B7YVsrQBhsxFipnUYkZcr-FBCRZCl_u3fy0Ekdb8fDAfkLdkGCpPd-0c8yvKqpHXwuS8aVaqs8=
  27. Openbank debuts in Mexico with fully digital proposition, no fees and competitive rates of return - Banco Santander. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKkrKqxFkORYjWl9S14gvuqRF0EezMBdsD_uVvUOH6JiuJcn6NfcLF4dWEASbv5vn1nm1J3KT5DYdPZZFaUOBT2BFg6YeIkzjXexhHQWhzq4iCvxAO7fifo7HavQ3CdS_bCUkwB-0ime8idnjhnsWvJCcrSrqq0b2qndhVA7y0PuI2D6dW1DlCUsv7SwJ1Qipw_V4ipMPKyC_f7OatO-dFmhxVGyTi0IfNIxKgi2VQ_95E3uE-TBv0f4YlEyUGSSK6gQ0OJQvhwKWneOVhJ0DIUvAqoqo06
  28. Plan México: Better late than never | BBVA Research. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALF7pePFso8X5XVVVabW8MQgqTMeG7jBznIaZLzG_NHgHHAVWce3LnPMiUW3dMiDgxCtertJ6LCAM4djahYtMjWqlvhYqJhhQkGGDfRZ_aGf1v8Kuq6hfwdTEF-g_f5VeEV4A2gwM3e29Bx0aZpD7796Z4qM2Wb6R4PgWEnl0nrVT9uQbS6gcY= (Note: General economic context)
  29. Strong peso, stubborn inflation cloud Mexico's 2024 growth prospects - Dallasfed.org. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKHjBDTsef8MMxor3yupRm8dW9pGeezyohPr1uRHVXz8HF738zl8Cx1rwze2jvBfjzmcg1S-l3Py6ftypKxkRsZXMo2uvksJJPeVBtyITct0QfsJLuErRdnXlJQDNdH41H02hd1qnfvJrU= (Note: General economic context)
  30. FINNOVISTA FINTECH RADAR MÉXICO - Finnosummit. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAIKvVAMZoLHXEskw1Fu0LmRhq_6f9qs33GSF3kMAljlM5mOivriaHU9R-LN7zG5hywC6bqoH8iDkvlZL2Jyzld0PmhPeRq9Ffe_zT68Xzd4pyw6IqkjZ2nN4pDrL75lcqGwWUYu1k8Xi2-418sjaHJsBWbD8M_1oTCr9Go9ua3N4DEXZG03hhlVDvS31hk-B6Luhqe4
  31. Openbank launches in Mexico - Banco Santander. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALWQ98mNW6RzFcWT7G9Tq5PSW3Afk1F3mJ_T4h-UJ8bjD-7wi17aG0bNZkDyzpOiduyfJgL8nhUXcW_zkXzwl_8a9h14r9LRsBStLBYAHBf3NfirvSR1zIquY4rkCPrlyxC09zy1lxQyvZMXRss1UgmPG78NvNU12wIxeQkp9z7TYeXZNIil2lyVVbp6qCZ1yA==
  32. World's Best Investment Banks 2025: Debt - Global Finance Magazine. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJRkfhsy1kHO_91rMpwwki0kQukAM7V3vkEFL9h-UqmVjuMOGKt1lXzH_3Mce2L1xU11iJFYaHOrcvoREQohwJUkLgGBySU0hsc5aizp_QoyBaMpNkD-zWbrPNaJghRNtavBHzVRE3J_bXGYOp6DawgRiTXYgo0ffYXXB6AHvfPN4y-MA== (Note: Specific focus on debt, may have limited general applicability)
  33. A review of Mexico's participation in global value chains | OECD. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALNMwX9zbr-4bhpi1ogqz6unzuaYCh9jYJZRrGRwxT-l9TEqwu88bUZWf9Hl3CYzOg7Nf81sRixABqb1BTGQpmuWMeiBO39Asv7IJViAad7f0yrA3oVMe94QaGBNItHkPeGHirmw5IgiLGSZwnTrduT-mOiwTlM1P3Zejm5msnZywMXXt7LfOzur4wFPfi1u6hdGqlYfhYGtAKlg72KGUwUWgTxc6Q= (Note: Broader economic context, not specific to banking value chain)
  34. Mexican Economic Outlook - Deloitte. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKH7QfUb4UOl90kAgrDtPUIorNTVIkdxzNjhu_iuYVD_mcid6W3N9QGUieklCg_LplDS91SQMQuh1I0tfjC3Q_3PIATNm9yROtb8RrWLPxWQZNpgiEf4WnX5IkDA1MsvC4pHlJkzGAz-Q1MTTbgMOg5qWrclG3d5C32nN3ChkZDAC1wSEE1zJ4iw8I2kIFkgpWLUo2RnxvGwRjnB5AkVyR5Mxintiv6MlbOIhDPJDnNMyllf1FWx3fc5yEHOKMl2fKNnQ== (Note: General economic context)