In the face of increased competition, HSBC recruits lower rates

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Given a scenario of increasing the benchmark rate by the Bank of Mexico, banks operating in the country are intensifying competition with new credit products to consumption and cost reduction.

In this sense, HSBC Mexico announced that it would announce a reduction in the interest rate on its payroll products and personal loans by the second week of July, an area that has experienced a slowdown due to the greater caution of customers. the renegotiation of the North American Free Trade Agreement (NAFTA) and the July 1 election result.

Currently, the benchmark rate of the Bank of Mexico is 7.75% and several analysts expect that in August Another increase is announced.

"Rates have gone up, but we are raising, and in fact we will be announcing next week for personal credit and payroll, a rate ba.It will be small, but in this context I am waiting to a move adjusted to give a message a little safer to our customers, "said Juan Parma, deputy general manager of consumer and equity banking at HSBC México.

Banks, the necessary evil. The executive said that before clients, banks were more a necessary evil than a solution, which is reflected in a study prepared by the bank where 89% of those surveyed stated that their main problem with financial institutions is that they do not listen They do not take care of their needs.

Thus, in the face of an increasingly competitive environment, the bank of British origin seeks to attract more customers in the millennia segment, independent young people starting their financial life and families looking for better care. . Saving.

Under the name of "Stilo", HSBC wants to attract 20,000 new customers each month, offering insurance against damage and theft of mobile devices, debit cards with loyalty plans and up to 39 to three accounts. additional that a parent wants to start with their children.

Currently, HSBC has 10% of the consumer banking market in Mexico with five million and is aiming to reach six million by 2021.

The executive said the new HSBC offer will be available from 2 July and that despite the result, regardless of the election, the bank maintains its business strategy in the country.

"We are betting on Mexico, it is a top priority country for HSBC," he said.