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LATAM SPECIAL Hats off!: Citibanamex has set itself a £1billion challenge

TECH MEX

The scale of the digital challenge was clear when Citigroup moved into Mexico – a country where only half the population has a bank account. Sinead O’Connor, Collaborator in Digital Customer Experience, believes mobile is the key When Citi invested $1billion in Mexico’s Banamex (rebranding it Citibanamex) two years ago, its aim was to make it the country’s ‘digital and data-driven Bank of the Future’ by 2020. Much of that development has been mobile-focussed, which lends itself to added-value services that customers can access ‘in the moment’ – user-based (or micro) insurance being a good example of that. For its property and casualty (P&C) insurance delivery partner, Chubb, it was

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an opportunity to extend its reach in a massively under-insured region by getting an insight into individuals’ everyday lives and risk. How to place the customer first – understand their choices and requirements, cater to their specific needs, attend to their various stages of life and generational differences – continues to present a knotty know your customer (KYC ) puzzle to insurers, and not just in Latin America (LATAM). But partnering with banks that use

their data to build up a 360-degree picture of customers at any given point in time, certainly helps. Mexico, for all the opportunity, however, is a whole different order of challenge. The second largest Latin American economy and the 15th largest in the world is growing steadily. Its current GDP (nominal) is $1.15trillion and in terms of purchasing power parity it’s $2.45trillion, which the International Monetary Fund (IMF) says is growing at a rate of more than 2.3 per cent. Automotive, oil, www.fintech.finance

Profile for ADVERTAINMENT MEDIA

Fintech Finance presents: The Fintech Magazine Issue 13  

Fintech Finance presents: The Fintech Magazine Issue 13

Fintech Finance presents: The Fintech Magazine Issue 13  

Fintech Finance presents: The Fintech Magazine Issue 13