Bankaool: Best SME Bank Mexico 2016

Whilst economists agree that small and medium-sized enterprises (SMEs) are formidable engines of growth and job creation, financial services providers seldom cater to the needs of this business segment. In Mexico, Bankaool aims to change that by offering entrepreneurs an array of products and services designed to allow smaller businesses to grasp opportunities and accelerate growth.

Bankaool recognises that even profitable SMEs often cannot meet the stringent requirements imposed by traditional banks. In order to remove hurdles and facilitate access to credit, Bankaool has cut red tape and streamlined procedures. Most credit applications can now be submitted online with processing times reduced to minutes, instead of days or weeks. Thanks to Bankaool, Mexican entrepreneurs – from sole traders to sizeable businesses – can now easily obtain the credit needed to boost growth.

Bankaool is consistently found at the forefront of the drive to innovate Mexico’s financial services industry. The bank last year launched its digital and mobile platform to offer deposit accounts and term-deposits with an end-to-end digital customer experience. The move aims to deepen the bank’s market penetration – and broaden its footprint – by reaching Mexicans, both private individuals and small business owners, who are yet to be served by regulated banks.

By promoting financial inclusion and focusing on the huge and largely untapped potential of small businesses, Bankaool has carved out a promising niche that already now delivers sustainable growth. The CFI.co judging panel is delighted to hand Bankaool the 2016 Best SME Bank Mexico Award.