The director of FinComún, David Romero, stated that Open Finance in Mexico should be leveraged to incorporate millions of excluded individuals into the financial system, not just to exchange data between institutions.
The development of Open Finance in Mexico cannot be limited to mere information exchange between banks and fintech. This was warned by David Romero, General Director of FinComún, during the panel 'Open Finance 2050', where he argued that the true objective must be the financial inclusion of millions of people who still operate outside the system.
The invisible data of small businesses
Romero pointed out that one of the main mistakes of the sector is thinking that the unbanked lack financial information. “A grocery store opens every day, has customers, transacts, pays suppliers, generates cash flow. All of that exists; what we need to do is make it visible to us,” he explained.
The executive insisted that millions of small businesses already generate data about their daily operations, but this data is not yet being used to expand access to credit. The key is to capture that information and put it to the service of inclusion.
“If we manage to do that with Open Finance, then it will have been worth it. If not, then it’s just among us, having more information, more data, achieving that hyper-personalisation, but not delving into something that seems very important to me, which is to generate much more trust with customers,” Romero declared.
Secure infrastructure and user control
For Open Finance to fulfil its purpose, Ingrid Albanés, Head of Digital Solutions Specialists at JP Morgan Payments, emphasised the need to build an infrastructure that allows information to be shared in a homogeneous, secure manner, and with the express consent of users.
Albanés explained that the customer must be clear about who uses their information, for what purpose, and be able to revoke that permission when they decide. “Financial data belongs to each user,” she reminded. Furthermore, she highlighted that Mexico can take international regulatory models as a reference, such as the European one, where there are common standards for sharing financial information securely.
Standardisation, according to Albanés, will allow businesses and individuals to make decisions almost in real time and facilitate collaboration between banks, fintech, and technology providers.
Personalised experiences and trust
Claudia Fragoso, leader of Open Banking and Digital Ecosystems at Banorte, agreed that the goal of Open Finance is not just to share data, but to use it to create more personalised and relevant experiences for customers.
The panel participants concluded that the success of Open Finance will depend on users maintaining control over their information and that data exchange translates into greater financial inclusion, better products, and a more trusting relationship between customers and institutions.
For readers interested in personal finance or entrepreneurship, the reflection is clear: Open Finance is not just a technical matter between entities, but an opportunity for millions of people and small businesses to access financial services tailored to their reality. The challenge, according to experts, lies in the willingness of institutions to take the risk of serving those who are currently outside the system.
You may also like
