Skip to content

Banking in Mexico Emerging Consumption Needs Analysis

Impact of Behavior Changes

Current behavior changes in Mexico's banking sector, primarily driven by increasing financial inclusion and digital adoption, are significantly reshaping consumption patterns and influencing the banking value chain. The push to onboard a larger segment of the population into the formal financial system, evidenced by initiatives aiming for 77% adult financial product ownership by 2024, directly impacts the Funding and Capitalization stage by expanding the potential deposit base. This requires banks and fintechs to develop more accessible and user-friendly account opening processes, often leveraging digital channels.

The growing preference for digital financial services, fueled by the proliferation of fintechs and the digital transformation efforts of traditional banks, is profoundly affecting the Payments and Transaction Services stage. The substantial volume of digital transactions, particularly through SPEI and DiMo, indicates a clear shift away from cash. This behavioral change necessitates continuous investment in robust, secure, and interoperable digital payment infrastructure. It also drives the need for diverse digital payment solutions catering to both individual consumers and businesses, including mobile wallets and QR code payments. The continued importance of correspondent banking networks like OXXO highlights the blended nature of this shift, where physical access points still play a crucial role in facilitating digital adoption for some segments.

In the Credit and Lending stage, the increasing financial inclusion of previously unbanked or underbanked individuals and SMEs presents both opportunities and challenges. While it expands the potential borrower pool, it requires innovative approaches to credit assessment that go beyond traditional credit bureaus, likely incorporating alternative data. The growing demand for credit from the business sector, reflected in the increase in private sector credit, signals a need for efficient and accessible digital lending platforms for corporations and SMEs.

The Investment and Wealth Management stage is also being influenced as increased financial literacy and digital access potentially open up basic investment products to a wider retail audience. This may drive demand for easily accessible and understandable digital investment platforms.

Across all stages, the increased reliance on digital channels stemming from these behavior changes places significant pressure on the Support and Infrastructure layer. Enhanced cybersecurity measures, scalable IT infrastructure, and adapted regulatory compliance systems are critical to support the growing volume and complexity of digital financial activities. Furthermore, the nature of customer service needs is evolving, with a greater demand for efficient digital support channels alongside traditional methods.

Emerging Consumption Needs

Based on the analysis of current behavior changes, several key consumption needs are emerging within the Mexican banking sector:

  • Need for Accessible and User-Friendly Digital Onboarding: As more individuals become financially included, there is a clear need for simple, fast, and intuitive digital processes to open accounts and access basic financial products without requiring extensive documentation or physical branch visits.
  • Demand for Seamless and Interoperable Digital Payment Solutions: The shift to digital payments is driving the need for a wide range of convenient, secure, and low-cost digital payment options that are easily accepted across various platforms and merchants, including enhanced interoperability between different payment systems and providers.
  • Requirement for Tailored Credit Products and Assessment for Underserved Segments: Financial inclusion necessitates credit products and assessment methods that cater to individuals and SMEs with limited or non-traditional credit histories, leveraging alternative data and potentially offering smaller, more flexible loan options.
  • Preference for Integrated Digital Financial Management Tools: Consumers and businesses are increasingly seeking integrated digital platforms that allow them to manage deposits, payments, loans, and potentially investments from a single interface, requiring robust digital banking and potentially Open Banking capabilities.
  • Need for Enhanced Digital Security and Trust: With increased digital interaction, there is a heightened need for strong cybersecurity measures and clear communication from financial institutions to build and maintain customer trust in digital channels.
  • Demand for Accessible and Understandable Basic Investment Options: As financial inclusion grows, there is an emerging need for simple, low-barrier investment products and educational resources accessible through digital channels for new investors.
  • Expectation of Efficient and Multi-Channel Customer Support: As digital adoption increases, customers expect readily available support through various digital channels (chatbots, in-app support, social media) in addition to traditional phone and in-person options.

Table of Potential Impact of These Needs

Emerging Consumption Need Potential Impact on Value Chain Stages
Accessible and User-Friendly Digital Onboarding Funding & Capitalization: Increased deposit acquisition from new segments. Support & Infrastructure: Requires investment in digital identity verification and onboarding technology.
Seamless and Interoperable Digital Payment Solutions Payments & Transaction Services: Higher digital transaction volumes, reduced cash handling costs. Support & Infrastructure: Drives need for robust, scalable, and interoperable payment infrastructure and cybersecurity.
Tailored Credit Products & Assessment for Underserved Segments Credit & Lending: Expansion of loan portfolios to new customer segments. Support & Infrastructure: Requires development of alternative credit scoring models and risk management frameworks.
Integrated Digital Financial Management Tools Funding & Capitalization, Credit & Lending, Payments & Transaction Services, Investment & Wealth Management: Increased customer engagement and loyalty through comprehensive digital platforms. Support & Infrastructure: Requires strong IT integration and API development (Open Banking).
Enhanced Digital Security and Trust All Stages: Maintaining customer confidence and preventing fraud and cyberattacks. Support & Infrastructure: Demands continuous investment in cybersecurity technologies and protocols, and effective communication strategies.
Accessible and Understandable Basic Investment Options Investment & Wealth Management: Potential growth in the retail investment segment. Support & Infrastructure: Requires development of user-friendly digital investment platforms and educational content.
Efficient and Multi-Channel Customer Support All Stages: Improved customer satisfaction and issue resolution. Support & Infrastructure: Requires investment in CRM systems, AI-powered support tools, and training for support staff across various channels.

References

  • Banking & Finance 2024 - Mexico | Global Practice Guides - Chambers and Partners
  • Banking Laws and Regulations 2025 | Mexico - Global Legal Insights
  • Mexico - Digital Economy - International Trade Administration
  • Mexico in Focus: Open Banking and Financial Inclusion
  • Mexico: 2024 analysis of payments and ecommerce trends - ThePaypers
  • The Truth About Mexico's Financial Exclusion—And How Fintech Is Fixing It
  • Ensuring financial inclusion in Mexico by 2024 - FAIR Center
  • The Mexican banks leading the market - Frecuencia Money
  • National Survey of Financial Inclusion (ENIF) 2024 - Inegi
  • Banking Regulation in Mexico: Overview
  • Banorte Mints First Domestic Digital Bank In Mexico - Global Finance Magazine
  • Digital Payments Growth and Transformation in Latin America - BofA Securities
  • Mexico's Fintech Revolution: LATAM's Financial Hub
  • How Banks in Mexico can use Advanced PFM to Grow Market Share - Personetics
  • The changing nature of the financial system in Mexico: the allocation of finance, long-term growth and policy measures
  • List of Banks in Mexico - Global Banking | Finance | Review
  • Mexico: 2024 analysis of payments and ecommerce trends
  • Mexico: 2024 Article IV Consultation and Review Under the Flexible Credit Line Arrangement-Press Release; Staff Report - Banco de México
  • Commercial Banking in Mexico - HR Ratings
  • Mexico 2025: Challenges Worsen - Latinvex
  • Latin America's 30 largest banks by assets, 2024 | S&P Global
  • Mexico Total Deposits, 1998 – 2025 | CEIC Data
  • Mexico's Banking Sector Ends 2024 with Low Delinquency
  • Fintech 2025 - Mexico | Global Practice Guides - Chambers and Partners
  • Banxico, central bank, Banco de México
  • Openbank debuts in Mexico with fully digital proposition, no fees and competitive rates of return - Banco Santander
  • Plan México: Better late than never | BBVA Research
  • Strong peso, stubborn inflation cloud Mexico's 2024 growth prospects - Dallasfed.org
  • FINNOVISTA FINTECH RADAR MÉXICO - Finnosummit
  • Openbank launches in Mexico - Banco Santander
  • World's Best Investment Banks 2025: Debt - Global Finance Magazine
  • A review of Mexico's participation in global value chains | OECD
  • Mexican Economic Outlook - Deloitte