SISCOOP, a cooperative providing services to credit unions in Mexico, will enable 26 credit unions to offer digital banking using Fiserv technology. This landmark step marks the first time credit union members in Mexico will be able to access credit union services via digital platforms.
SISCOOP will utilize DigitalAccess from Fiserv to enable these credit unions, including one of the largest in Latin America, to meet growing demand for online and mobile banking. Because DigitalAccess is an end-to-end multi-tenant digital solution, the credit unions will be able to quickly and securely introduce a full range of digital banking and payment services. The move to digital services gives credit unions in Mexico the ability to provide the same customer experience as banks, increasing competition in the market and revolutionizing the current credit union landscape. SISCOOP valued the fact that Fiserv has worked with a number of credit unions in similar situations worldwide.
SISCOOP member Caja Popular Mexicana (CPM), the largest credit union in Mexico and one of the largest in Latin America, will be the first to deploy DigitalAccess. CPM will enable its 2 million members to bank through mobile and desktop browsers and native applications for Apple and Android devices, including smartphones and tablets. In addition to accessing account information, members will be able to sign up for SMS (text) and email alerts and receive in-app notifications, transfer funds between accounts, pay bills and make person-to-person (P2P) payments.
"The ability to offer full-featured digital banking places us on par with the leading financial institutions in Mexico," said Alfonso Garcia, Commercial Director, Caja Popular Mexicana. "We can now provide our members with access to their accounts anytime, anywhere, transforming the way our members bank and increasing our competitiveness. We are proud to help change people's everyday lives by providing access to convenient and practical digital banking capabilities."
Banking in Mexico can be challenging, requiring people to travel long distances to their bank or credit union to manage their personal finances. At the same time, many credit unions have seen younger generations seek services with banks that provide more digital options. DigitalAccess will help SISCOOP members attract millennial market share and meet modern consumer preferences.
"The financial services industry is shifting, and consumers are demanding digital banking experiences aligned with how they live and work," said Rene Salazar, managing director for Latin America, the Caribbean and Canada, Fiserv. "We look forward to working with SISCOOP and its credit union members to provide digital banking capabilities that can change the way people in Mexico move and manage money."