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Banco Azteca

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Banco Azteca S.A. Insitución de Banca Multiple
Company typePrivate
ELEKTRA, MX
IndustryFinancial services
Founded26 October 2002; 22 years ago (2002-10-26)
FounderRicardo Salinas Pliego
HeadquartersMexico City, Mexico
Key people
Alejandro Valenzuela del Rio (Chairman of the Board), Tonatiu Rodríguez Gómez
ProductsBanking, Financial
ParentGrupo Elektra (subsidiary of Grupo Salinas)
DivisionsBanco Azteca Insurance
Websitewww.bancoazteca.com

Banco Azteca is a financial institution headquartered in Mexico and is part of Grupo Elektra, which is part of Grupo Salinas, a Mexican conglomerate with interests in banking, media, retail and telecommunications. Founded in October 2002 by businessman Ricardo Salinas Pliego,[1] Banco Azteca's focus has been to promote financial inclusion by serving the segments of the population most neglected by traditional banking, providing financial services to middle and lower income groups.[2][3]

Grupo Elektra has more than four thousand points of contact in Mexico, the United States and Central America.

History

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Early years and the 2000s

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In 2002, Mexican businessman Ricardo Salinas Pliego decided to create a banking institution focused on the country's underbanked segment.[4] A year earlier, he had applied to the Ministry of Finance and Public Credit for an operating license, which was finally granted in March 2002. Banco Azteca officially began operations on 30 October of that year.[5]

The institution was created using the geographical presence of the group, thanks to the Elektra stores, a retail chain of Grupo Elektra. By 2003, Banco Azteca had more than 800 branches in these stores, eight independent contact points and 96 modules in various third-party channels. In the same year, the bank signed an agreement with the National Workers' Housing Fund Institute (INFONAVIT) to provide mortgage services.[6]

In 2004, Banco Azteca entered the insurance sector with the creation of Seguros Azteca. In the same year, it began offering bank loans to small farmers and launched the Empresario Azteca initiative to finance small and medium-sized enterprises. In 2005, it became the first Mexican bank to operate internationally, opening branches in Panama and launching the Azteca Card.[1]

After sponsoring the Mexican national football team in 2007, it ventured into the markets of Guatemala, Honduras and Argentina, and opened branches in Brazil and Peru the following year. In 2009, it began operations in El Salvador.[1]

The 2010s

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The institution began the decade by launching the prepaid card Monedero Azteca aimed at popular markets. In 2014 it developed its mobile application to enter the digital market and a year later it implemented the "Learn and Grow" educational program in Guatemala.[7]

In 2015 banking executive Alejandro Valenzuela del Río took over as the institution's director. The bank celebrated its fifteenth anniversary in 2017 at an event at Campo Marte in Mexico City.[7][8] In 2018 the institution ranked thirteenth on the BrandZTop 30 list of Mexico's most valuable brands compiled by the global data company Kantar Millward Brown with a value of 1.167 billion dollars.[9] In 2019 the bank participated in financial inclusion forums such as the Women's Economic Forum and the Women's Forum Americas in Mexico City.[10] The same year it inaugurated the "Space Academy of Savernauts" a financial culture exhibition aimed at children and young people. It was exhibited for two years at the Interactive Museum of Economics.[11]

The 2020s and the present

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In 2020, the institution launched a new financial product called Mobile Azteca Business Banking[7] and reached the milestone of 10 million registered users of its mobile application. According to a report presented by Grupo Salinas, around 70% of the bank's transactions were carried out through mobile digital channels that year.[12]

The launch of ApiLAB, a new digital platform aimed at offering Banco Azteca's products and services through third parties, was announced by Juan Carlos Arroyo, general director of Grupo Elektra Digital, at the "APIs in the Transformation of Mexico" forum held in November 2020. Arroyo also stated that the platform will be launched in 2021.[13] The bank allocated 11 billion pesos to optimize its digitalization system.[14]

In 2023, Banco Azteca reinforced its commitment to sport by sponsoring the Mexican Olympic team. The bank supported Mexican athletes participating in the Paris 2024 Olympic Games and on their way to Los Angeles 2028.[15]

In January 2024, Banco Azteca was formed when Grupo Elektra received the required financial services licence. The bank began operating on January 7, 2024.

Business model

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Banco Azteca's business focus has been to serve the most underserved segments of the population, providing financial services to middle and lower income groups.[2] According to Alejandro Valenzuela, CEO of Banco Azteca, the bank was "born as a popular institution" and "uses financial inclusion not as a rhetorical issue, but as a business model". The executive also stated that the bank's vocation is to create opportunities for its clients to join the financial system, "reaching the lagging areas of the country".[16]

The study, "From Pawn Shops to Banks: The Impact of Formal Credit on Informal Households" by the University of California, in Los Angeles, mentions Banco Azteca as the first bank in Mexico to target informal sector households and states that these households have experienced several changes in their savings, credit and consumption patterns.[17] The study "The Economic Impact of Banking the Unbanked: Evidence from Mexico', published by the World Bank, mentions that the institution has contributed to improving access to credit and formal financial services with for low-income populations by focusing on previously underserved areas.[18]

Alliances

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2021

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  • Banco Azteca signed a collaboration agreement with the United Nations Population Fund (UNFPA) in Mexico, aiming to promote human rights, gender equality, and financial education, particularly for women, girls, and adolescents.[19]

2024

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  • Banco Azteca signed a collaboration agreement with the United Nations' International Organization for Migration in Mexico (IOM), aimed at promoting the financial inclusion of migrants.[20]

Awards and recognition

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  • 2017-2024: Centro Mexicano para la Filantropía and Alianza por la Responsabilidad Social Empresarial - ESR Award for the integration of corporate social responsibility policies.
  • 2020: Effie Awards Mexico - Bronze Effie Award for the "Payday Friday" advertising campaign.
  • 2023: Innovators in Finance Awards in the Americas - Platinum Award in Blockchain for the Retail Currency Transaction Traceability Project and Best Disruptive Project in the Americas 2023.

Rankings

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Kantar Millward Brown BrandZ Top 30 (2018)

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  • Thirteenth in the Top 30 of the most valuable brands in Mexico.

The Banker's Top 1000 World Banks (2023)

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  • Banco Azteca climbed 121 positions from the previous year to rank 622 in the world. It ranked sixth in the Highest Movers category in the region and was recognized as the fifth best performing bank in Mexico in the national ranking.

Fitch Ratings (2023)

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  • Fifth in the category of consumer loans in Mexico, with a market share of 8.6%, and eighth in deposits, with a market share of 3.1%.

The Banker's Top 1000 World Banks (2024)

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  • Banco Azteca climbed 65 places from the previous year to rank 557 globally. It ranked fifth in the Best Performing Bank in Mexico category and ninth in the country list. Finally, it was ranked 21st in the top 25 banks in Latin America and the Caribbean.

MERCO (2024)

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  • Banco Azteca ranked 67th in the list of the 100 companies with the best corporate reputation in Mexico, in the Corporate Reputation Business Monitor (in Spanish: MERCO-Monitor Empresarial de Reputación Corporativa).[21]

CFI.co-Capital Finance International (2024)

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  • Banco Azteca was recognized as the Best Financial Inclusion Bank in Mexico for 2024.[22]

FXC Intelligence (2024)

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  • Banco Azteca, as the financial arm of Grupo Elektra, was recognized for its global leadership in remittances with its inclusion in FXC Intelligence's Top 100.[23]

References

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  1. ^ a b c "Historia del Banco Azteca". Banco Azteca. Archived from the original on May 2, 2017. Retrieved November 8, 2024.
  2. ^ a b "Alejandro Valenzuela: 'Banco Azteca se dedica a atender a un segmento olvidado por el resto de la banca'". El Heraldo de México. February 22, 2023. Retrieved October 20, 2023.
  3. ^ Noguez, Roberto (December 1, 2022). "De los pagos chiquitos a la consolidación de Banco Azteca". Forbes México.
  4. ^ "Banco Azteca celebra sus primeros 15 años de operaciones". Forbes México. October 30, 2017. Retrieved November 8, 2024.
  5. ^ "Reporte Anual del Banco Azteca" (PDF). Boletín Grupo Elektra. 1–9. June 30, 2010.
  6. ^ "Banco Azteca cumple 20 años: ¿quién es su dueño y cuál es su historia?". Radio Fórmula. October 26, 2022. Retrieved November 8, 2024.
  7. ^ a b c "Quiénes Somos". Banco Azteca. Retrieved November 8, 2024.{{cite web}}: CS1 maint: url-status (link)
  8. ^ "Peña Nieto encabeza el XV Aniversario de Banco Azteca". Publimetro. October 26, 2017. Retrieved November 8, 2024.
  9. ^ López, Zyanya (August 7, 2018). "La estrategia que aumentó el valor de marca de Banco Azteca". Expansión.
  10. ^ Gutiérrez, Fernando (May 31, 2019). "Inclusión financiera hacia las mujeres vive un punto de inflexión con la tecnología". El Economista.
  11. ^ "Academia Espacial de Ahorronautas". Museo Interactivo de Economía. Retrieved November 8, 2024.
  12. ^ "Banco Azteca alcanza 10 millones de clientes digitales". Grupo Salinas. Retrieved November 8, 2024.
  13. ^ Ocaranza, Carolina (December 2, 2020). "APILab de Banco Azteca: un nuevo modelo de negocio digital". Expansión.
  14. ^ "Banco Azteca destina 11 mil mdp en la digitalización". La Razón. March 17, 2021. Retrieved November 8, 2024.
  15. ^ Victoria, Por Soledad (January 24, 2024). "Banco Azteca patrocinará atletas olímpicos rumbo a París 2024 y Los Ángeles 2028". infobae. Retrieved November 8, 2024.
  16. ^ "Inclusión financiera, modelo de negocio en Banco Azteca". La Razón. March 11, 2020. Retrieved November 8, 2024.
  17. ^ Ruiz, Claudia (December 10, 2010). "From Pawn Shops to Banks: The Impact of Formal Credit on Informal Households". UCLA Papers.
  18. ^ Bruhn, Miriam (June 1, 2009). "The Economic Impact of Banking the Unbanked: Evidence from Mexico" (PDF). Wold Bank Group: 1–30.
  19. ^ "Fondo de Población de las Naciones Unidas y Banco Azteca firman acuerdo de cooperación". Grupo Salinas. Retrieved December 20, 2024.
  20. ^ "Banco Azteca y OIM sellan alianza para promover la inclusión financiera de las personas migrantes en México". IOM. Retrieved December 20, 2024.
  21. ^ "MERCO Ranking". MERCO.{{cite web}}: CS1 maint: url-status (link)
  22. ^ "Banco Azteca, reconocido como 'Best Financial Inclusion Bank Mexico 2024' por CFI.co". Excelsior.
  23. ^ "Elektra y Banco Azteca se posicionan como líderes globales en remesas con la inclusión en el Top 100 de FXC Intelligence". El Economista. Retrieved November 20, 2024.


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