Nu promotes impact beyond financial inclusion in México, shows research

Mexico City, January 22th, 2024 – The number of credits granted to Mexicans grew by 13% in a year, according to the Annual Financial Inclusion Outlook 2023 by the National Banking and Securities Commission (CNBV). But do we know the meaning of this encouraging data? 

Nu Mexico continuously conducts market studies to understand the impact and adaptability of its products to the real needs of its customers. At the close of the fourth quarter of 2023, the company surveyed over 1.000 of its clients to determine the effect that their products have on their lives.

“In the study, we found that half of our clients had been rejected by some financial institution, especially when applying for credit products. For many, we serve as the gateway to the system, and with this study, we also confirm that Nu Mexico offers more than access to quality products: 92% of the respondents have experienced improvements in at least two aspects of their lives beyond the economy, such as health and family relationships. This information helps us continue designing products tailored to the real needs of our clients,” stated Iván Canales, CEO of Nu Mexico.

Multidimensional Well-being

Financial inclusion considers access, use, quality, and impact on the financial well-being of individuals and their families. Precisely, among the findings of Impacto Nu, it was discovered that the benefits of accessing financial products extended to the direct family members of Nu Mexico’s clients. When asked about the dimensions in which they experienced improvements, 76% of surveyed clients selected the economy as their first choice, as it ensures basic services. Then, almost in the same extent, respondents expressed progress in their living conditions (37%) and at the family level (36%). Additionally, since starting to use Nu’s offered solutions, they noticed improvements in their health (27%) and security (24%).

Customers who reported improvements in their living conditions demonstrated it through the ability to cover everyday expenses more thoughtfully, making significant purchases such as furniture and appliances, and investing in home improvements, thus showcasing a positive impact on their daily lives. Specifically, access to credit has served as a key driver for providing family support during challenging times, such as illnesses and unexpected events. Additionally, it has contributed to strengthening emotional bonds by enabling greater participation in family activities and events.

For those who reported improvements in the health dimension, the greatest benefit was emotional and mental well-being. Having 24/7 liquidity, as enabled by the Cuenta Nu, the ability to organize their finances, earning returns on their money, and having capacity to alleviate financial anxiety and stress, issues that affect half of Mexicans.

Finally, customers who highlighted improvements in terms of security expressed feeling protected against fraud attempts and unauthorized charges, showcasing the trust they perceive in digital financial services. This sense of security is grounded in the combination of advanced protective measures implemented by Nu, such as biometric authentication, double verification, machine learning to identify fraudulent transactions, the ability to create and delete virtual cards to reduce the exposure of sensitive information, among other features, all aimed at creating a secure and reliable environment for customers.