August 1, 2006
Competition is heating up for Mexican banks.The line outside a branch of a major bank in the Condesa neighborhood of Mexico City stretches all the way down the block. It's quincena (the twice monthly pay day), and this crowd scene is mirrored in urban centers across a country that has one bank branch for approximately every 12,500 consumers. And the indignities don't stop at the line outside: customers complain that service inside is poor as well, and the staff often incapable. "The service is terrible," moans Alejandra Ferrer, a 26-year-old secretary who regularly stands in line to deposit her check. "They have many service windows, but only a few are open. Also, the hours are not
Financial options in Mexico are expanding, putting pressure on large banks to improve customer service and reach out to a wider swath of consumers.