Banking in Mexico Current Behavior Changes Analysis¶

Ongoing Behavior Changes¶

Based on the provided reports, several ongoing behavior changes are significantly impacting relationships and demand within the Mexican banking value chain in 2024 and looking into 2025. A primary change is the increasing financial inclusion among the Mexican population. While 40% of adults remained financially excluded according to the 2023 National Survey of Financial Inclusion (ENIF), there is a concerted effort to increase the number of adults with at least one financial product to 77% by 2024. This push is leading to a growing number of individual consumers interacting with formal financial institutions for the first time.

Hand in hand with financial inclusion is the growing adoption of digital financial services. Both traditional banks and fintech companies are driving this change. For individual consumers, this is evidenced by the significant client acquisition numbers of digital platforms like Spin by OXXO, which onboarded over 12 million clients by September 2024, and fintech lenders like NuBank, which granted 10 million loans by January 2025. This indicates a shift in how individuals are accessing banking products and services, moving towards mobile and online channels.

For business consumers, while traditional interactions remain important, there is also an increasing reliance on digital tools for services like cash management and payments. The overall demand for credit from the business sector is growing, as shown by the 8.8% increase in private sector credit in December 2024. This suggests businesses are actively seeking financing to support their operations and growth, impacting the lending activities within the value chain.

Furthermore, there is a notable shift towards digital payments. The payments industry in Mexico is projected to have a significant volume in 2024, with a large portion of POS transactions already being digital (62% in 2024, expected to rise to 66% by 2027). Systems like SPEI and DiMo are facilitating a high volume of electronic transfers, changing how payments are made and received by both individuals and businesses. This behavioral shift from cash to digital methods is altering transaction patterns and increasing the demand for robust digital payment infrastructure and services.

These changes collectively point towards a banking landscape where digital interaction is becoming increasingly prevalent, financial services are reaching a wider segment of the population, and the demand for efficient, accessible, and digitally-enabled financial products is on the rise for both individual and business customers.

Value Chain Step	Impact of Behavior Changes (2024-2025)
Funding and Capitalization	Increased financial inclusion and digital adoption expand the potential customer base for deposits, particularly through digital onboarding and accessible channels like correspondent banking. Digital platforms make attracting and managing deposits more efficient.
Credit and Lending	Digitalization enables new approaches to credit assessment for previously excluded segments using alternative data. Growing business credit demand increases activity in corporate and SME lending segments. Digital channels facilitate faster loan applications and disbursements.
Payments and Transaction Services	Significant increase in demand for and usage of digital payment methods (SPEI, DiMo, CoDi, mobile wallets), leading to a decrease in reliance on cash for many transactions. This drives the need for enhanced digital payment infrastructure and interoperability. Correspondent banking remains crucial for inclusion and cash-based transactions.
Investment and Wealth Management	Digital platforms make basic investment products more accessible to a broader range of retail investors. Increased digital literacy supports the adoption of online brokerage and investment management tools.
Support and Infrastructure	Higher demand for robust IT infrastructure and cybersecurity measures to support increased digital transactions and customer interactions. Need for compliance systems adapted to digital financial activities and evolving regulations (Fintech Law, Open Banking). Increased importance of digital customer support channels. Correspondent banking infrastructure expands reach but requires efficient management.

References¶

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