Ilse Karina Cruz Ramirez
LUIS ERNESTO GARCIA
Henry Elías Peralta Sánchez
EGADE Business School Tecnologico de Monterrey
Fernanda Concha
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Banorte made an alliance with Yastás, a network of shops, who created a model that provides banking services to its customers through the affiliation of local stores where the banking infrastructure is zero or limited.
It is expensive for banking institutions to open and operate a branch, so opening a branch is often not financially justified if the necessary demand does not exist. This is where bank correspondents come in. They are authorized commercial establishments, initiated by the CNBV (Comisión Nacional Bancaria y de Valores or the National Banking and Securities Commission) and a banking institution to make financial services available to users without the need for a branch.
For this reason, Banorte allied with Yastás, belonging to the Gentera Financial Group, to expand the network of correspondents currently registered with the institution, in order to reach the counties where Banorte has no coverage or branches, ATMs or terminals point of sale (POS). The advantage of partnering with Yastás is that they provide the opportunity for small businesses such as small stores, hardware stores, cyber stores among others to become a correspondent, thus allowing easier access to remote communities, promoting the financial inclusion of these people.
One of the priorities of Banorte Financial Group is to innovate in its proposal of services and products seeking to support the prosperity of the country, families and businesses, through which it seeks to provide social benefits linked to financial inclusion.
As the World Bank mentions, financial inclusion is a key aspect to reduce poverty and boost prosperity. For this reason, Banorte seeks to reach the farthest people from the cities and offer them services that can help them in their daily lives, since it will allow them to save and invest their money, make and receive payments, among others.
The impact that this initiative has is given in 3 aspects: social, environmental and economic.
This initiative allows users to have an easy way of saving which would allow them to plan for everything from short-term objectives to long-term objectives, to be able to respond to unforeseen emergencies, among others.
For the banking entity, the benefit is clear, since it significantly reduces potential operating expenses for the operation of branches and generates revenue through operations carried out by third parties. It also significantly increases the user base with reach and therefore the amount of flow in their system.
In relation to the social aspect, the problem of financial inclusion is directly attacked by reaching people who are very far from cities and whose access to bank branches is very limited. This initiative allows users to have an easy way of saving which would allow them to plan for everything from short-term objectives to long-term objectives, to have an answer to unforeseen emergencies, among others. For the environment, it reduces footprints of people who are in remote communities with limited access to banking services and who therefore had to travel extensively to cities with existing bank branches to perform various types of movements, both payment and disposal.
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Grupo Financiero Banorte (GFNorte) is a leading financial institution which provides different products and services through its companies, which seek to offer savings products, credits, investment, insurance, pensions among others, to Mexican families.