Despite having the objective of becoming a leading institution in the country, Financiera para el Bienestar (Finabien) recognized that it faces a series of challenges for its migration to the digital world for the useful life of its systems and connectivity at the national level.
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Some of Their platforms date back to the 80s either are not adapted for new connectivity networks, such as 5G, since Finabien operates under the rails of the defunct Telecomm.
“Finabien’s challenge will be to Starting in 2024, the substantive areas for the provision of services are inserted in continuous design and operation processes with new and better methodologiestransparency and accountability, since we cannot expect more with the same management models.”
Through its Institutional Program 2020-2024published in the National Commission for Regulatory Improvement (Conamer)the organization specified that in addition to the modernization of its platforms, Another immediate challenge is in the consolidation of its data centers.
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These centers are located in Mexico City and Tulancingo, Hidalgo.. With their implementation, he added, there will be “high availability” of services in branches, almost uninterrupted 365 days a year.
“We are facing a great challenge of transforming the old Telegraphic Money Order System in a new system that we have called SIBAFan essential application for the operation of the branch network, and other areas of the Financial Institution,” Finabien pointed out.
On October 24, 2022, President Andrés Manuel López Obrador published a decree for the institution to be lin charge of operating and managing telecommunications networks in the countryas well as dispersing resources from social programs such as “Microcredits for Wellbeing”for which the Secretary for Welfare.
At the beginning of May of this year, Finabien also entered the remittance market and until October 2.5 million dollars were received through this meanscoupled with the issuance of 46 thousand cards in the United States and more than 77 thousand in Mexico for the collection of these resources.
The intention of this project is to reduce the cost of sending money from compatriotswell The institution charges $3.99 for sending up to $2,500 in remittances.compared to the 14 dollars paid on average in other institutions, according to data from the United Nations and the World Bank.
In recent months it has also been achieved opening of 3,701 Cetesdirecto accounts, one of the investment products that the government has through the purchase and sale of bonds.
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“Finabien does not compete in the telecommunicationsbut rather complements the market by bringing its services to that population that, due to lack of economic incentives in business models are not of interest to individuals, given that the remoteness of the locations increases the costs of investment and operation with low cost effectiveness”.