(Y: 2022 - Present)
Revolut®
Introducing the financial super app in the Mexican market
2022 ・Product Design
Introducing Revolut a
NeoBank in Mexico
We aim to disrupte the Mexican banking industry by bringing the best of Revolut's innovations with a Mexican touch
$5,042
.67
Main
· MXN
$5,042
.67
Main
· USD
€5,042
.67
Main
EUR
Context
Mexico presents a significant opportunity for Revolut to broaden its horizons. In conjunction with the US, we have the potential to conquer the remittances and traveler market. As part of its strategy, we are seeking a banking license to establish as a Neobank. This requires applying for a banking license and successfully undergoing an audit.
Why Mexico?
Mexico has a population of 130 million and 8 million MSMEs. The country is an upper-middle-income economy.
Mexico is the second-largest economy in Latin America and population, with strong economic ties to the United States and Canada. It is also the third-largest recipient of remittances globally, (surpassed only by China and India).
The Mexican market showcases a strong dependency on traditional banking systems. Despite this reliance, there's a prevailing dissatisfaction and disappointment among consumers.
Our Goal
Our goal is to set the New Standard for digital banking in Mexico by by designing an inclusive app that delivers the products and services our customers truly deserve
Our approach
As a expansion country we had to deal with multiple constrains:
Regulatory constrains
Technical constrains
Capacity constrains
Prioritization constrains
We will create value by maximizing Mexico contribution to Revolut’s overall performance and by helping Revolut Bank consumers and businesses meet all their financial needs through a single app.
Mexican competitors
In Mexico, there isn't an institution that can offer all the products, so it's necessary to contract them from different institutions
Research
Based on more than 150 interviews with potential users from the Revolut waiting list, we were able to define the following user profiles
Problem statement
There's currently no easy, convenient way to access different financial products in one place swiftly and securely, including the absence of an option for multi-currency accounts
Ideation
To ensure compliance with regulatory standards, our initiative to introduce the Revolut account in Mexico focuses on the implementation of the following key aspects to be audit
Mexican Onboarding
Multi-currency
Mexican Transfers flow
Payroll portability flow
To ensure compliance with regulatory standards, our initiative to introduce the Revolut account in Mexico focuses on the implementation of the following key aspects to be audit
Mexican Onboarding
We need to collect mandatory data during customer onboarding.
Full Name, gender, date of birth , phone number, email, geolocation, state of birth, country of birth, nationality, address, occupation, CURP (user id), RFC (tax number), signature.
Multi-currency
In Mexico, it's prohibited to hold accounts in other currencies; only those in border areas will be allowed.
Mexican Transfers flow
To make a domestic transfer, it's necessary to request specific information: beneficiary's name, bank, account number, concept, and reference.
Payroll portability flow
By law, it's necessary to provide the option for payroll portability to any desired bank; we must offer the flow to execute the portability
Takeaways & Next Steps
We're still in the process of being audited to operate, and every step is a valuable lesson. We're striving to get better, listening to our users every step of the way.
We're working hard to meet regulations without losing sight of the quality and experience you deserve
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