Applicant name: Bancoppel
Applicant type: Private Company
Headquarter City: Mexico City
Headquarter Country: Mexico
Innovation Name: Deposit to account
Innovation Type: Solution
Category: Remittance Evolution
Status of Innovation: In-market
Innovation Active Since: 01/02/2012
Innovation Description: Coppel Group, a private and family holding in Mexico and the parent company of Bancoppel, has 80yrs+ of history in the retail and consumer finance business.
In 2007, the Group decides to launch Bancoppel to increase its offer of financial products to their clients in Mexico and at 2010 approximately, it begins to offer the payment of remittances in Mexico throught its bank branches.
Since that year we have not stopped to grow reaching in less than 15yrs the second position in terms of mkt share in the remittances industry in Mexico.
The innovation here has been the launch of the deposit to account payment method and the tremendous growth that we have seen in this method specially in the last 3yrs together with the increase in the digitization of the population in Mexico in the last 10 yrs. In addition to that, we feel that we have been able to grow since the launch together with the growth of the market accompanying and fullfilling the needs of our remittances clients and our bank clients in general.
What has been a strategy you implement to be ahead of the market? It has been several factor that have contributed for the growth of the deposit to account method:
  1. the growth of the bank itself and the growth of its client base with more people having access to a bank account, either N4 and more recently N2 accounts types wich can be opened remotely
  2. the large offer of other products that we have in the bank and that can be connected with the remittances such as saving accounts, investments, credit card, personal loans, insurance
  3. the continued growth and opening of bank branches having nowadays more than 1200 Bancoppel throughout the whole country
  4. the fact that we are open 365 days per year
  5. the extended hours that we are open
  6. a best in class service with a lot of investment in training, IT infrastructure and operations
  7. a best in class PLD and compliance policy
  8. working very close to our partners and money transmitters in USA
  9. our focus on the clients listening to them and their needs
What has been your competitive advantage in adapting so quickly to market change? Our culture of client first, always listening to them and our attentive look of the evolution of the market and the trends and digitization of the population globaly and in Mexico.
What has been the biggest change that was essential for your evolution? The growth of the remittances market together with the the growth of Bancoppel and the digitization of the mexican population.
What was the inspiration for this innovation? Our 80yrs of history serving and fullfiling the different needs of our clients never letting them down on whatever they need to improve their lives and our adaptability and evolution together with the markets trends.
Who can benefit from your innovation most? Ours clients, we always think about ways to improve their lives and the remittances is a very important support to most of the mexican families. In addition to that , the deposit to account method payment has evoluted together with the bankarization of the mexican population and it has allowed our clients to collect the remittances from their home in a very convenient, fast and secure way without having to go phisicallly to a branch or spending time and money on transportation.
What are you most proud of about your innovation? Helping and supporting mexican families to receive remittances with deposit to account has saved time and money to our clients and have helped the whole process of bankarization in our country.
Why do you think you should win this category? We believe that we have been presenting the largest growth in deposit to account remittances payment in the market.
Today according to our internal and confidendial data, we pay more than 50% of our transactions through deposit to account in Bancoppel and the market overall in Mexico as we guess pays no more than 20-25% through deposit to account (we believe the market still pays 80% cash and 20% deposit to account).


Full Name: Nehme Aina
Role: Remittances Manager
Full Name: David Placencia
Role: Products Director
Full Name: Estephany Ley
Role: Head of Retail Banking, Corporate Director Coppel Group