Hyper-personalisation: The future for intelligent digital banking

Mexico's Grupo Financiero Banorte is putting each and every individual customer at the centre of its digital transformation

November 29, 2022

Grupo Financiero Banorte has long been at the forefront of digital banking in Mexico; Chairman Carlos Hank Gonzalez explains the bank’s latest ‘1-2-3’ digitisation strategy, how it is delivering high value, banking-in-minutes functions for its customers, and how Banorte is able to move closer and closer to a hyper-personalisation mode of promotion and service delivery.

World Finance: Carlos, tell me about Banorte’s current digitisation strategy.

Carlos Hank Gonzalez: After successfully concluding our strategy for 2020, we defined a new vision named 123. This new vision aims to make Banorte the best doing banking in a digital world, and we are on track to achieve it.

This strategic plan focuses on hyper-personalisation. This means offering custom solutions to match each personal circumstance by expanding our digital capabilities while placing the customer at the front and centre of our digital transformation.

To meet this objective, we defined a strategy based on three pillars:

First, and the key piece: maintain the acceleration in Banorte’s digital transformation process. Continue pushing for a digital offer, operation and service for people and companies.

Second: to accelerate the transformation of our digital services for our customers, we established strategic alliances with partners such as Rappi – with more than 600,000 credit cards already delivered.

And third: to launch a new digital bank, and explore all potential opportunities.

World Finance: And what are the first applications of this 123 vision?

Carlos Hank Gonzalez: Banking in minutes. We’ve already delivered significant progress in that area: branches can open personal accounts in just 15 minutes, 100 percent digitally, incorporating high-value functions and security for the customer.
Among other advances, credit cards and mutual funds are available from the bank’s mobile app in a matter of minutes.

There’s also paperless processing of contracts through any of our channels and digital identity verification to make it easier, quicker and more secure for our customers to access our services.

We will continue working on four major technological bridges: the use of the cloud, artificial intelligence, data and biometrics identification. All targeting the creation of custom services for each person.

World Finance: How else is Banorte innovating?

Carlos Hank Gonzalez: We invest around 13 percent of our total income each year in transforming our bank to continuously improve our self-service channels and enhance our banking operations, as well as to leverage on data about our customers and the market to achieve hyper-personalisation.

Among many initiatives, Banorte’s analytics team has developed indicators that incorporate information from its branches, including valuable insights on each micro-market to support existing clients and attract new ones.

We have moved from a strategy of one-size-fits-all promotion to one increasingly close to hyper-personalisation.

Also, we operate through a collaborative scheme called cell-based working, in which multi-disciplinary teams are assigned a specific task, such as improving a process or developing a new product, accelerating the execution to create an improved customer experience.

Thanks to these and many other efforts we recently received a Google Cloud Financial Services Customer Award, honouring Banorte for innovative thinking, technical excellence and digital transformation.

World Finance: And what about customers who may prefer a more traditional approach?

Carlos Hank Gonzalez: At Banorte, we believe we have found the right balance. The goal is to seamlessly combine our branch-based services with our digital efforts. It ensures a flexible experience that works for all ¬– whether a customer prefers to bank in-person or on their smartphone.

Innovation is at the core of what we do, and that’s especially critical for the industry as a whole during these unprecedented times.