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How Would You Rate Local Banks in Mexico?

Person inserting a credit card into an ATM machine
Credit: Aleksandar Todorovic | Shutterstock
Robert Nelson Co-Founder of Expats In Mexico
Robert Nelson

How would you rate local banks in Mexico? Plenty of expats use a local bank for checking, savings and other financial services, but are you happy with your bank’s performance?

Apparently not, according to the big U.S. research firm Gallup. Recently, Gallup surveyed customers of a wide range of banks in Mexico and found that 51 percent of bank customers were indifferent about their bank and another 26 percent were disengaged. Which means, of course, that just 23 percent are what Gallup calls fully engaged customers.

In other words, less than a quarter of all customers of banks in Mexico actually like the banks and actively use their services.

The root of the problem is customer service. The banks are just not delivering the level of customer service that customers want. The study showed that just 33 percent of the respondents in the survey strongly agreed that their bank had customer service representatives who truly stand out for their great service. Ouch!

Gallup also asked owners of bank accounts about their other banking experiences. The highest rating (strongly agree) was for “My bank always treats me fairly,” which received 42 percent customer approval.

Here are the other results:

“I can always trust my bank” 39 percent

“Doing business with my bank is always easy” 38 percent

“If a problem arises, I can always count on my bank to reach a fair and satisfactory resolution” 38 percent

“My bank has great products and services that truly meet my financial needs” 35 percent

“My bank has customer service representatives that truly stand out for their great service” 33 percent

Gallup said that “with prospects for loan growth and asset quality less certain in 2017, Mexico’s banks need to make engaging their customers a priority. In fact, their future health may depend on it.”

Listen up Banamex, Banorte, HSBC, et al. This should be a clarion call to you from expats and the people of Mexico. With a wide range of online banking options, customers have choices.

Do you have a local bank account? What has been your experience? Let us know.