Grupo Financiero Banorte – Enterprise Tech Ecosystem Series

Summary

Grupo Financiero Banorte (Banorte) is a financial services group that offers a range of banking and related financial solutions. It provides retail and commercial banking, brokerage, retirement and insurance solutions, asset management, and other solutions. Its product portfolio includes savings, checking, and payroll accounts; debit and credit cards; mortgages; personal and auto credit; term investment funds; short- and long-term credit; and investment products. Banorte offers insurance coverage for risks including life, home, car, integral protection, personal accident, and business damage.

In July 2018, Banorte and 11 other companies and academic institutions, including ALFA, CEMEX, Deacero, FEMSA, IBM, Neoris, and the University of Monterrey, established the Monterrey Digital Hub to create a digital transformation ecosystem in Mexico.

In 2018, Banorte launched Cells, a group of multi-disciplinary teams that combine entire organizations to develop initiatives that are focused on enhancing customer experiences.

In May 2021, Banorte, the Monterrey Digital Hub, and the UK’s Department of International Trade collaborated to develop the ScaleUp Bridge program. With this program, the company aims to support British fintechs with its specialized advice and mentoring – reviving the economy through innovation – and then connect fintechs to Mexico’s digital entrepreneurship ecosystem.

This report provides insight into Banorte’s fintech activities, including its digital transformation strategies, its innovation programs, its technology initiatives, its estimated ICT budget, and its major ICT contracts.

Scope

– Banorte is strengthening its focus on the use of innovative technologies to enhance its digital banking capabilities. Banorte entered into a 10-year strategic agreement with IBM in 2013 to create a new customer-centric banking model. IBM helps Banorte implement big data and analytics technologies across the company’s customer service channels and deliver personalized products and services.
– Banorte adopted a new service model as part of its open banking strategy to offer better banking experiences. The strategy will allow Banorte to optimize banking operations by streamlining processes.
– Banorte is strengthening its security by using AI and machine learning tools to monitor fraudulent activities across ecommerce businesses and combat money laundering. It has created a cyber-crisis management structure with a specialized team of experts.
– Banorte leverages its proprietary payment engine to process around 50 million transactions per month. It applies biometric verification technologies to offer secure banking services to its customers. Through its Office of the General Director of Innovation, Banorte has forged strategic alliances with startup accelerators and Silicon Valley fintechs in order to gain access to the global fintech ecosystem and explore potential disruptive technologies.

Reasons to Buy

– Gain insights into Banorte ‘s tech operations.
– Gain insights into its fintech strategies and innovation initiatives.
– Gain insights into its technology themes under focus.
– Gain insights into its various product launches and partnerships.