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Moving Beyond Traditional Innovation: The Urgent Need for Technological Inclusion

For an extended period, conversations surrounding technological modernization within the financial sector primarily revolved around three core topics: speed, cost reduction, and scalability. However, the current landscape has undergone a significant transformation. Companies today face a daunting challenge—not merely to innovate, but to create an infrastructure that serves a diverse user base. This includes individuals of various ages, those located in remote areas, users accessing services via different devices, and even those with varying levels of digital proficiency. This expanded capability is crucial in defining the competitive landscape in Mexico today.

Understanding Technical Inclusion

At Galileo Financial Technologies, we emphasize the concept of "technical inclusion." This refers to an organization’s capacity to provide financial services that are not only accessible but also consistent and functional for a wide-ranging population. What becomes increasingly evident is that technological modernization is far from a mere theoretical exercise or an optional luxury. Instead, it is an urgent, unmet necessity that organizations can no longer ignore.

Access Achieved, Experience Lacking

Progress in Access

The statistics showcase notable advancements. For instance, the ownership of financial accounts in Mexico has surged from 36% in 2012 to an impressive 76.5% by 2024. Likewise, the adoption of mobile banking has risen to 69.1%, indicating that access is no longer the predominant issue.

The Real Challenge: Service Quality

Despite these positive trends, the challenge now lies in the quality of service. While many individuals may have financial products, they often experience a lack of functionality or suitability tailored to their needs. This disparity arises from an infrastructure that fails to accommodate the diverse social, technological, and geographical differences of the nation.

The Role of Technology as a Barrier

Our findings from the Galileo Technical Inclusion Index underscore this reality. Across Latin America, a staggering 81% of leaders acknowledge that true inclusion is contingent upon their technological state. Additionally, about 77.6% assert that their ability to cater to a varied customer base hinges on their underlying infrastructure.

In Mexico, these numbers are even more dramatic: 94.1% of IT and telecommunications leaders believe genuine inclusion can only be achieved through strong foundational infrastructure. Concurrently, 76.5% concede that their existing systems hinder their capacity to deliver broader, more accessible experiences.

Consequences of Insufficient Infrastructure

This infrastructural gap has tangible repercussions. Approximately 54.6% of leaders estimate they lose at least 10% of potential business opportunities due to inadequately inclusive technology. Another 26% opine that their losses might be even higher, exceeding 20%. Innovation efforts are similarly impeded; 61.4% report that multiple projects aimed at tapping into new market segments are delayed or outright cancelled due to infrastructural restrictions.

Modernization: A Strategic Imperative

Recognizing the Urgency

Mexican companies are acutely aware of the need for urgent action. A significant 69.7% of organizations assert that updating infrastructure to accommodate a broader customer base is a top priority. Furthermore, 51% express a willingness to overhaul more than half of their current technology stack if given the chance. Interestingly, 21.6% even identify their existing architecture as severely outdated and in urgent need of modernization. While the intent is clearly present, the real challenge lies in effectively executing these modernization efforts.

Cultural and Operational Barriers

Identifying Obstacles

Many of the impediments to modernization are deeply rooted in cultural factors. For instance, 29.1% of leaders cite internal risk aversion as a significant barrier. Other challenges include regulatory complexities, device incompatibility, and the vulnerabilities that arise when legacy systems interact with newer platforms.

Encouraging Progress

Despite these obstacles, there is room for optimism. About 50.5% of leaders believe that if top management were to endorse comprehensive modernization focused on inclusion, internal resistance would be minimal. This opens up avenues for transformative initiatives driven from the higher echelons of organizations.

Strategic Priorities for Inclusion

To construct an adequate infrastructure that caters to a diverse population, we propose three key priorities for organizations to focus on:

1. Data Integration
   Silos within organizations serve as substantial blockers to achieving inclusion. A significant 58.7% of respondents indicate that such data silos prevent them from offering relevant and consistent user experiences.

2. Frictionless Multi-Platform Experiences
   Approximately 25.5% of leaders recognize device incompatibility as a crucial limitation. User experiences must be stable, coherent, and easily accessible across multiple devices.

3. Flexible and Scalable Infrastructure
   Roughly 66.5% of leaders allocate over 25% of their IT budget to maintaining outdated systems. By redirecting some of this funding toward modernization initiatives, companies can enhance their growth, efficiency, and competitive positioning.

Enhancing Service Quality for Competitive Advantage

A modernized infrastructure can empower an elderly user to navigate an app without feeling frustrated, allow someone living in a rural region to access financial services with limited connectivity, and assist users with disabilities in engaging with financial products seamlessly. Technical inclusion not only expands market opportunities but also leads to enhanced performance metrics.

The Importance of Early Adoption

Firms that move swiftly to modernize their systems will gain a critical competitive edge. The objective is not just to attract more users; it is to provide them with services that are effective, relevant, and tailored specifically to their context and needs.

Embracing Modernization as a Pathway to Growth

Looking ahead, inclusive technological infrastructure will determine the leaders within the Mexican financial market. Organizations that prioritize updates focusing on diversity, accessibility, and adaptability will undoubtedly experience more sustainable and accelerated growth.

The Role of AI legalese decoder

Addressing these challenges effectively may involve navigating complex legal documents and financial regulations. This is where AI legalese decoder can step in. By demystifying legal jargon and translating intricate financial terms into accessible language, AI legalese decoder offers a crucial service to organizations embarking on their modernization journey. This not only facilitates compliance but also helps businesses communicate more effectively with their diverse customer bases.

At Galileo, we collaborate with organizations aspiring to transform not only their technology but also their societal impact. The future of Mexico’s financial sector belongs to those who commit to building services that can benefit everyone, creating a truly competitive advantage in the years to come.

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