Economy

Pandemic accelerates mobile banking by more than 40% in Mexico

Traditional banks like HSBC, Santander and Banorte point out that the health crisis precipitated a process that has no turning back

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  • HSBC’s digital customers grew 60% in comparison to April 2019;
  • According to Santander, opening accounts remotely increased 35% compared to the period prior to the contingency.

Digital payment methods and contactless payments grew amid social distancing measures because of the COVID-19 pandemic in Mexico. As reported by Milenio, the sanitary emergency accelerated mobile banking by more than 40% in the country.

The news outlet ponders that although the trend in the use of these payment channels already existed, quarantine exponentially increased their use and adaptation. Traditional banks like HSBC, Santander and Banorte point out that the health crisis precipitated a process that has no turning back.

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In an interview with Milenio, Juan Carlos Espinosa, director of digital strategy and innovation at HSBC, told that purchases are moving from the sales terminal to remote mechanisms. Compared to the same period last year, digital customers grew 60% in HSBC.

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Israel Salcedo, director of operations, adoption and omnichannel sales of Banco Santander, agreed that before the confinement caused by the coronavirus pandemic, banks had already established good channels for interaction with customers, but as a result of the pandemic Santander had 430,000 clients who signed up through digital means, while 540,000 who weren’t constant in digital channels now use it on a recurring basis, representing a growth of 15% in digital clients, out of a total of 4.6 million on this channel.

According to Santander, opening accounts remotely also had a positive impact with an increase of 35% compared to the period prior to the contingency.