Which bank is best in Mexico? When it comes to money, most people want to be sure they can trust their financial institution, no matter where it’s located. Euromoney, the London-based monthly magazine that focuses on business and finance, recently named BBVA Bancomer the best-managed bank in Mexico.
Euromoney said, “Despite being a public company, BBVA Bancomer edges out its two main listed rivals, Santander and Banorte.” Further, the publication said Mexico has the best financial regulatory environment in Latin America.
Bancomer has invested significantly in strengthening its technology and refurbishing its branches to greatly improve its overall customer experience. Its new technology capabilities, Euromoney said, helped BBVA Bancomer to increase the number of consumer loans through digital channels to over 36 percent last year.
A key reason for BBVA Bancomer’s success is its focus on customer service, which drives customer loyalty in Mexico.
Last year, research firm Gallup asked customers of Mexican banks about their customer experience and found that most interactions with banks in Mexico are through the use of an ATM, but more than three in four customers reported they visited their branch in the past six months and nearly half phoned their banks’ call center.
The research showed that customers who strongly agreed that their bank offers excellent customer service are more than four times as likely to be fully engaged as those who do not.
The research firm concluded that if banks in Mexico make their customer service a priority, it could likely improve customer ratings not only on this measure, but also on other measures such as trust in the bank, ease of doing business and problem resolution, all while boosting overall customer engagement.
It appears that BBVA Bancomer’s investments in this area have paid off well.
But do expats in Mexico use Mexican banks? Last month’s Monthly Expat Poll asked you to tell us how you handle your banking needs. Just 15 percent use a Mexican bank. Most expats use a home country bank (40 percent) or a combination (30 percent). About 15 percent use online-only banks. Keep in mind, though, that the number of respondents was just 53 people, but the information is directional.