Banking Frontiers|May 2020
Mexico perhaps is adopting open banking basically to counter social issues like financial inclusion and customer confidence in banking and financial services. Bank customers in the country in general do not repose a high level of trust in the banking institutions while entrusting their money. Secondly, being a vast country, banking has not reached all the parts of Mexico and a considerably vast section of the population remains uncovered by banking and financial services. Also, surveys have shown that whatever services the banks have been providing do not live up to the expectations of the general public. However, with the advent of mobiles and with banks starting mobile banking in a limited manner, there is now hope for those unbanked sections of the population - estimated as high as 50% of the total population of the country.
You can read up to 3 premium stories before you subscribe to Magzter GOLD
Log in, if you are already a subscriber
Get unlimited access to thousands of curated premium stories and 5,000+ magazines
READ THE ENTIRE ISSUE