Najera also explained in her participation in the IMC that “until very recently it was very difficult to think of an economy without cash and yet, the disruption is coming to the world of people who use physical money.” He gave an example to China, a country where for 5 years there is no cash and everything is paid with a card or QR.
Banxico is doing with the QR through the implementation of the CoDi
The executive said that the Digital Collection or CoDi that is being developed with the Bank of Mexico and all banks for people to come to a store, take the QR photo and make a payment, help to bank the stores, but not Solve the issue for the payer. For this purpose, many exercises are still required and the digital account is one of the pieces that will allow to decrease the cash, because if the flow of money is still received physically it is impossible to break the circle.
Najera stressed that it is a very important challenge what the Bank of Mexico is doing with the QR through the implementation of the CoDi, as well as at the time it was the approval of the Fintech Law, are the best decisions that have been taken in the country, because, on the one hand, this law opens the door of the financial system to new players of the technological base, and the QR will allow to fight against the cash and will support so that the new digital practices become reality in favor of the experience the client’s.
The aim: a better client experience
At the end of his presentation, Nájera indicated that the design is able to provide the client with a better user experience that goes hand in hand with enjoying the offer through what he sees, so he believes that the data analysis should be driven by the machine learning, the data machines will be able to understand which will be the next best offer for the client based on their transactional behavior.
This is how Nájera suggests that in order to have a balance between traditional and digital banking, open innovation must be embraced, allies of the fintech ecosystem must be embraced and that the great challenge of corporations is to adapt to new work methodologies in order to compete in the global environment that, in the case of BBVA, implied the unification of the brand in all the geographies where it has a presence as a unique value proposition in the world.