Scotiabank is ready to compete after the sale of Banamex

Scotiabank is ready to compete after the sale of Banamex

Otero stressed that every entrepreneur must have a clear and defined business strategy because the environment is not something that can be controlled.

“Mexico continues to be one of our most important operations in the world for all the relationship we have in North America. During this crisis, Mexico is coming out stronger than ever,” said the banker.

Speaking of environments that cannot be controlled, Adrián Otero said that the sale of Banamex is a complex operation, but it will also be a very important event for the entire banking system in the country because there will be a reconfiguration that sends the message of a living and that evolves

“New players will enter or there will be a little more consolidation, some will be able to strengthen their businesses and complete themselves,” he said.

To stay in the competition to win customers and increase the number of loans placed, Scotiabank believes that it can gain ground with four pillars: technological renewal, customer knowledge, automation and opening accounts in less time.

In the technological part, the bank has migrated its wholesale portfolio, or that of large companies, in addition to implementing a new system for capital market clients. In the personalization part of its clients, the bank is investing so that there are fewer failures in its system and it is more stable.

The bank is strongly committed to providing its customers with a service that meets their needs with the help of big data and analytics. This allows them to offer experiences as basic as knowing the day of their birthday, to giving points or rewards if the client travels frequently.

An analysis of Backbase indicates that given the large amount of information that banks have about their clients, they have a greater opportunity to approach them and understand their needs.

“Through this information, life events that trigger new financial needs can be detected, such as the purchase of a property, the birth of a child or entering university, among others. This information allows us to offer the right products in the right time, thus creating a personalized and valuable experience for the customer. This in the long term, results in greater loyalty”, said Samuel Llaven Hernández, Regional Leader for North Latin America at Backbase.

The simplified and personalized digital experience will be the turning point for unbanked groups to integrate into the banking system and take advantage of it responsibly, an important step towards a safe and sustainable economic recovery in the region.

Backbase also considers that in addition to the digital part, financial education initiatives should be added.

For Adrián Otero, a demanding customer is key to offering better products. “I prefer that they demand me because that is going to make us evolve and be better every day”.



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