Mexico Residents Overwhelmingly Prefer Digital Banking

  More than 77 percent say they would very likely consider switching financial institutions if they weren’t able to manage their account easily on their mobile device

Brookfield, Wis. and Mexico City, Mexico, September 2019 – In a fast-moving global village, constant connectivity is key. The number of people working regular hours is decreasing as international time zones and exchange rates become more important. Smartphone and mobile banking capabilities are helping financial institutions meet customers’ evolving demands, while also enabling them to stand out from their competitors.

In Mexico, 66 percent of the population prefer to interact with their primary financial organization through mobile or online devices, according to a new survey. More than 77 percent of respondents went as far as to say they would very likely consider switching financial institutions if they were not able to manage their account easily on their mobile device.

The survey of 600 Mexico residents, commissioned by global financial services technology provider Fiserv, Inc. (NASDAQ: FISV) and carried out by Toluna Insights, revealed that 49 percent of respondents prefer to use their smartphone, tablet, or wearable device to interact with their bank, while a further 17 percent prefer their laptop or desktop. Just 13 percent would rather visit a traditional branch and less than 10 percent are more partial to speaking to a representative by phone.

Younger respondents are generally more likely to prefer to bank via a mobile device, with 52 percent of those between the ages of 18-34 saying they prefer smartphones, tablets, or wearable devices, followed closely by 46 percent of those between 35-54. 

However, mobile banking is not just for the younger generations. While Mexico residents over the age of 55 still prefer traditional methods of banking, with 37 percent saying they prefer to visit a traditional branch, 32 percent prefer to bank via a mobile device.

Rodrigo Santiago, digital channels leader for Latin America and the Caribbean at Fiserv, a Wisconsin-based company with 15 years of experience providing financial services technology in Mexico, says the importance Mexico residents place on constant connectivity should persuade financial institutions to focus on improving their digital options in order to retain and grow their customer base.

“Through technology, financial institutions can be open around the clock, rendering a customer’s location and working hours irrelevant,” he said. “The younger the generation, the more they prefer to carry out their banking through mobile devices. If financial institutions focus on ensuring their digital presence is both simple and all-encompassing, they will continue to be able to serve existing customers and attract new ones even as preferences for banking evolve.”

Fiserv digital technology helps automate banks’ processes while elevating convenience and easy usage for customers. The company’s digital platform serves as an omni-channel orchestrator, creating experiences that are both secure and intuitive, with easy-to-configure digital and physical access points for personal and business customers through a sophisticated and sleek interface.

“Mobile is the present and the future,” said Santiago. “Financial institutions in Mexico looking to lead and grow must meet customer expectations and continually update their mobile technology. The Fiserv platform puts digital banking literally in the hands of bank customers, enabling them to manage their finances whenever and wherever they are.”

As digital banking continues to grow, Fiserv helps clients deliver solutions in step with the way people live and work today – financial services at the speed of life. Learn more at fiserv.com.

About Fiserv

Fiserv, Inc. (NASDAQ: FISV) aspires to move money and information in a way that moves the world. As a global leader in payments and financial technology, the company helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and the Clover™ cloud-based point-of-sale solution. Fiserv is a member of the S&P 500® Index and the FORTUNE® 500, and is among the FORTUNE Magazine World’s Most Admired Companies®. Visit fiserv.com and follow on social media for more information and the latest company news.

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For more information contact:

Media Relations:
Yuri Coghe
Sherlock Communications
+ 55 (13) 9 9710 8816
[email protected]

Additional Contact:
David Heaton Sr. Manager, Public Relations
Fiserv, Inc.
+1 770-282-0261
[email protected]