With the clear goal to drive financial inclusion and service more sectors, Bankaool received in 2013 the approval of the Comisión Nacional Bancaria y de Valores of Mexico (CNBV) to become a Multiservice bank; in 2014, Bankaool launched an innovative digital platform to begin marketing the first 100% digital bank accounts one year later, thus succeeding in the supply of on-demand (on your terms, anytime, anywhere) services.
Since October 2015, the potential clients of Bankaool do not need to go to an actual branch, and 65,000 accounts have been opened, most of them on line, and 75% of them via a mobile device (smartphone or tablet), positioning Bankaool as the number one digital bank in Mexico.
According to Juan Carlos Espinosa, manager, Digital Banking, Marketing and New Businesses:
“You no longer need to stand in line at a bank to open an account. Bankaool offers its clients the benefit of opening a bank account online with only 3 clicks, from a computer or a mobile device; with an Internet connection, you just need to access our web page. We have identified that most accounts are opened at nighttime, which suggests most people begin this process while traditional banks are closed. From that moment on, our clients are able to interact with us via Internet, through Bankaool Móvil (App, available in iOS and Android), our Interactive Client Center (Call Center, IVR and WhatsApp) or via social media such as Facebook and Twitter.”
Recently, British magazine Capital Finance International awarded Bankaool the 2016 Best SME Bank Mexico Award (Small and Medium Enterprises), thanks to its role supporting Small and Medium Businesses in Mexico to contribute to their goals’ achievement, by providing access to financing via a disruptive business model based on technology and process simplification.
Furthermore, Bankaool has become the best bank to save or invest in the long term, as it offers its clients notes with an up to 6.40% annual rate in investments, because it does not invest in costly branch offices.
“Many banks are trying to upgrade their operations and even offer many apps or call themselves digital, but their processes are still analogical, or expensive, time consuming or inefficient. Meanwhile, Bankaool is a 100% digital bank from the start. We have been offering a digital account for over a year, which may even be opened from a mobile phone, which has become very popular. In addition, we have increased our portfolio in 32.9% vs 11.9% compared to the rest of the banking industry in Mexico”, said Espinosa.
In short, Bankroll has gone from being a key player in the agribusiness sector – the private bank with more loans to the industry- to becoming a leader in the digital era in the banking sector. Bankaool’s goal is to open over 100,000 by year’s end.