Digital banking continues to gain ground: Citibanamex study

In the last five years, contracts to access the electronic banking increased 413.40%, while access to branches decreased 7.65%, according to the Citibanamex Financial Inclusion Index.

Juan Luis Ordaz, director of Citibanamex Financial Education, explained that after the health crisis due to covid-19 The use of electronic banking has been consolidated due to its simplicity, security and the possibility of having it at your fingertips.

Mobile banking can be an access route and an important catalyst in the growth of financial inclusion. Although the initial purpose of this type of account was to facilitate the transfer of resources, in practice its functionality has gone beyond, as it helps to consolidate transactions such as savings and to make more efficient use of credits.”

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Regarding the decrease in customer visits to branches, the president of the National Commission for the Protection and Defense of Users of Financial Services (Condusef), Óscar Rosado, assured that these will never disappear.

The only thing that will happen is that branches will continue to transform, they will no longer be recipients of service payments or deposits, but rather they will become financial service centers.”

Research to measure the level of penetration of the financial products and services offered by the commercial Bank shows that the degree of financial inclusion of the federal entities is highly correlated with some economic indicators: the higher the degree of GDP per capita, the higher the level of financial inclusion.

RESULTS

Thus, in 2022, 126 municipalities classified as financial inclusion very high, 5.1% of the total, they concentrated 39.8% of the national GDP; In contrast, the 1,142 municipalities classified as having a very low level of financial inclusion, 46.3% of the total, only represented 4.1% of the GDP.

According to the Index, as in the previous year, four entities were considered to have very high financial inclusion. In first place is Mexico City, followed by Baja California Sur, Nuevo León and Quintana Roo.

Among the states with very low financial inclusion are Puebla, Guerrero, Zacatecas, Oaxaca and Chiapas, which are also characterized by observing low levels of economic development.

In them, with the exception of Total Credits in Guerrero, all financial inclusion indicators per 10 thousand inhabitants are placed below the national average.

Among the metrics that show the greatest lag, the POS Transactions (Point of Sale Terminals) where the average of the states with financial inclusion Very low is equivalent to 24% of what is reported by the national average. In Chiapas and Oaxaca, for example, it is only 16% and 17%, respectively.

That is, while in the country there were 26,087 POS transactions in 2022, only 4,298 were registered in Oaxaca and 4,563 in Chiapas.”

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