The international publication The Banker has named Banorte “Bank of the Year 2022” in Mexico, citing its digital transformation strategy and customer-friendly services.
The Banker evaluated the performance of participating banks between January 2021 and June 2022 and considered criteria such as strategic initiatives that generated competitive advantages, digital infrastructure upgrades and product and service launches.
During this period, it said, Banorte stood out for the launch of a new and more powerful version of its Banorte Móvil app that has provided a more intuitive experience for its customers. The app also allows fully digital contracting of products, including accounts, credit cards, payroll loans, mutual funds and insurance.
That effort has helped to strengthen its “bank in minutes” concept, allowing Banorte to reduce the time it takes customers to sign up for these products to only a third of that used with physical channels.
“We are proud to be recognized as ‘Bank of the Year’ in Mexico by The Banker,” said Banorte Chairman Carlos Hank González. “We have the great vision of being the best at banking in the digital world, and we know that the only way to achieve this is to continue putting people at the center of Banorte’s digital transformation.”
The bank has achieved positive results by migrating different operations to its digital channels, with 60% of PIN assignments for cards, 57% of deferrals to interest-free months and 56% of credit card activations carried out in these channels. Because Banorte’s priority is the expansion of its digital capabilities, the bank has utilized tools such as artificial intelligence, data science, cloud-based infrastructure and authentication through biometrics.
The Banker highlighted Banorte’s strategic alliance with Google Cloud for the transformation of its technological environments, the strengthening of cybersecurity, the extensive use of artificial intelligence, the development of new digital services and the strengthening of a corporate culture of innovation.
The Banker, the world’s premier banking and finance resource, issues the awards annually, and they are considered a industry standard of excellence. Banorte also received the top award in 2020, 2018 and 2016.
This recognition is in addition to others recently bestowed on Banorte, inluding Best Retail Bank in Mexico by World Finance magazine; the World’s Most Socially Responsible Bank in 2022 by Newsweek and global data firm Statista; and the Google Cloud Customer Award for leadership in innovative thinking and digital transformation.