Financial inclusion in Mexico remains significantly low, which presents a vital opportunity for banks to grow by bringing more individuals into the formal financial system. Felipe García, the CEO of Santander Mexico, emphasized that this situation allows all banking entities operating in the country to explore avenues for expansion. By operating under three different banking licenses, including a fully digital arm, Santander aims to diversify their approach and cater to varying market needs, rather than just increasing the number of customers among their platforms.

García expressed concerns about the aggressive strategies being adopted by new entrants in the banking sector who are trying to attract a higher volume of clients rapidly. He pointed out that this rush could lead to problems in the banking process, particularly in the area of credit risk among first-time users. The director stressed the importance of not just issuing cards indiscriminately but also ensuring that financial education accompanies such initiatives to prevent potential defaults in payment.

Overall, the current state of the Mexican banking environment is characterized by both challenges and opportunities, where traditional and digital banks are called to play a significant role in enhancing financial literacy and responsibly expanding the customer base. By addressing these aspects, banks could not only grow but also contribute to a more inclusive financial ecosystem in Mexico.