Mexican banks and fintechs are the main users of cloud financial services
Cloud services have arrived in the Mexican and global financial system to transform and accelerate traditional processes. Banks and fintechs are at the top of the list of users; cooperatives are further behind
Mexico is one of the countries where the use of cloud financial services predominates in the banking and fintech sectors. Other sectors, such as cooperatives, remain behind, but adoption continues to rise according to data from the National Banking and Securities Commission (CNBV).
In the last months of 2024, the local entity showed “greater openness to the adoption of the use of the cloud in the financial system, which, together with the investment announcements made by large providers, has led to more institutions using this technology.”
According to the CNBV, as of October, “68% of banks, as well as 56% of electronic payment fund institutions, 71% of collective funding institutions, and 58% of sofipos used cloud services.” Further behind are brokerage firms (47%), cooperatives (10%) and credit unions (0%).
Data provided by the Mexican Institute for Competitiveness, the use of cloud computing services represents a paradigm shift in the way financial institutions store and access information, since it allows “the expansion of the service offering, as well as its coverage. In short, it can be one of the pillars in the advancement of the digitalization of financial services.”
This growth has been strengthened by investments in cloud infrastructure in Mexico by companies such as Amazon Web Services, Microsoft and Google. In this regard, the director of the International Finance Corporation (IFC) of the World Bank, Raúl Nava Salazar, said that “the regulator’s openness to dialogue, a greater understanding of this technology by financial institutions and their need to be more agile in terms of financial services has led to progress in the adoption of these tools.”
Among the main benefits for financial institutions, according to Nava Salazar, is the scalability and use of resources, in addition to the analysis and processing of large volumes of information.
In Mexico, the CNBV establishes the regulations for the use of financial services in the cloud and analyzes the risks, as well as the efficiency and security benefits for users.
M.Pino
Source: eleconomista
(Reference image source: Alex Shuper for Unsplash+)
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