Bnext, Bitso, Kueski and Oyster share their experience to build a business model designed for a demanding consumer and that expresses more easily if he likes something or not.
5 min read
The opinions expressed by employees are personal.
The Mexican consumer is very demanding and expressive when he doesn't like something . This is what Gaby Belden, Bitso's head of marketing, a Mexican platform for buying, selling and using cryptocurrencies. “Can you imagine the amount of memes you find if you do something wrong? Companies must be very careful because when they make a mistake all criticism in social networks is triggered, ”says the marketing specialist.
The requirement of Mexicans forces you to have a very good product that helps you get out to other countries much more easily, says Gaby. This is precisely what Bitso has done. That is why it already operates in Argentina and soon in Brazil.
In Mexico Bitso has 800,000 users, which makes it larger than the Mexican Stock Exchange (BMV). It can be said that more Mexicans have cryptocurrencies than shares. In addition, in January 2020 Bitso sent 3.5% of remittances to Mexico.
The biggest challenge for national and foreign entrepreneurs who want to build a business model is to think of the Mexican public that is accustomed to polished and developed products. In this, the four fintechs that participated in the round table The revolution of digital banking : Bnext , a free card without banks or commissions. Kueski , an online lending company, Oyster that provides a digital account for entrepreneurs and Bitso .
Cristian Huertas, country manager of Spain's Bnext, points out that the competition for fintech startups in Latin America is much more aggressive than in Europe. “You have to get to Mexico with a better product,” he says.
Tropicalizing products is definitely a challenge, and there is no secret formula to do this. What is clear is that the user is first, adds Cristian Huertas. He also mentions another challenge: contact with the regulator. “Now there is more investor confidence because we already have clear rules of the game (good or bad) and the others are being written.”
One more challenge is to give confidence and security to the user. “The big question is how do we get people to trust more? In Kueski the answer is to have a culture of customer service that helps us to be very close to our users, ”shares Jorge Oceguera, marketing strategist at this fintech. Anything key? “Make the platform as easy as possible,” says Gaby Belden of Bitso.
3 lessons to build successful relationships
Although 63% of the Mexican population does not have a bank account, according to the World Bank. They do use a cell phone (73.5% of Mexicans). According to the Inegi, in Mexico there are 69.6 million people who have a smartphone. Surely many of them are eager for new products in any sector or industry. That's why here we leave you the three best tips from those who work in successful fintech startups.
- If something is not working, be transparent
“Platforms still small may have errors. If there is a fault, be honest with the user and tell him exactly what is happening at the moment. It is a subject of communication accessibility. We lived in Bitso with something that was not working and many began to get angry. We opened a chat and responded with a lot of transparency, ”says Gaby Belden.
- Create community
“As you build a community to understand the customer, the interaction with him and between the users begins to occur. That is very powerful. Today we have a community to discuss, ask and answer questions of more than 6,000 people in Mexico and with whom we are interacting all the time, ”says Cristian Huertas, country manager of Bnext, which has about 400,000 users and a team of 120 collaborators in Spain and Mexico.
- Have passion for people
“The passion for people is the deep key to building trust. In the end, the user always captures clearly when you go for his money; and he will judge you by telling you: what is the value you offer me? When you have a sincere interest in your clients and are really looking to give them a benefit, everything else comes in addition. Put the user in front and be very clear about their needs, ”shares Jorge Oceguera, a marketing strategist at Kueski, who has granted 2.9 million online loans since it was founded in 2012. Its workforce is 300 employees.