Digital Banking: Nubank’s Cuenta Nu Reaches 1M Accounts A Month After Full Launch in Mexico

Just one month after its public launch in Mexico on May 4th, one million people already have Cuenta Nu – which is the local digital account and second financial product of Nu Mexico, Nubank’s (NYSE: NU) subsidiary in the country.

The rapid growth of the new service corroborates the company’s successful product scalability efforts “by efficiently applying and adapting the Brazilian experience to other markets.”

In addition, the account has already “received deposits for more than one billion Mexican pesos (over US$ 57 million), with a growth of around 30% in the average balance when comparing the first and second halves of the month of May.”

Nearly 90% of these deposits are stored in “Cajitas” (Money Boxes), a feature “within Cuenta Nu where customers obtain one of the most attractive returns on the market – 9% per year – with access to their money 24/7.”

Cajitas also “offer an additional layer of security, as the amount of money invested in them is not shown alongside the general account balance and cannot be withdrawn in ATMs, nor used for debit card purchases.”

Additionally, Cajitas are “a financial education tool because they help Cuenta Nu users to have better financial planning and reduce their financial stress by allowing them to set aside money for specific financial goals.”

Miguel Ludlow, Product Leader of Nu México, comments:

“The 9% annual yield offered by Cuenta Nu occurs exclusively if that money is in Cajitas. This is a completely intentional product decision, as we offer a tool that allows people to separate their savings and better manage their money. Also, by not having the balance in sight, we help our clients avoid the temptation of making impulsive or unnecessary expenses, in addition to having an extra layer of security.”

According to the most recent satisfaction survey carried out by the company with more than 10,000 of Cuenta Nu’s first customers, “among the main benefits that users find in the product are: the returns it offers, because it gives them the opportunity to get more value for their money and save (45%); that it is easy to use and digital, which allows them not to waste time in physical bank branches (19%), customer service and immediate access to their money (7%)”.

Ludlow added:

“Our communication is also intentional in showing the information not only in a transparent way, but also clearly and, above all, easy to understand. From the way we explain gross and net annual interest, applicable taxes, as well as nominal and real GAT (Total Annual Profit in Spanish) to the way our customers can see how their money is growing daily on our app, we seek to communicate not only with the greatest transparency but also to say things in an easy, simple language and without the traditional complications of this type of product.” 

For Nu, the launch of Cuenta Nu is “not only a strategic step for the operation in Mexico but also a very important step towards the mission to free more Mexicans from financial complexity, in order to give back to people the control of their money and contribute to the responsible financial inclusion in the country.”

Nu Mexico is “present in 9 out of 10 municipalities and in 82% of rural municipalities of priority attention.”

In addition, 93% of its customers claim “that Nu has had a positive impact on their life, 80% on the life of someone around them, and 42% on their home. But, above all, 74% of customers state that their financial stress has improved since they have Nu’s credit card, the company’s first product in Mexico. ”

Iván Canales, Nu México General Manager, said:

“At Nu, we are convinced that financial inclusion and education represent a growth opportunity for millions of people. With our credit card, we have already seen a great impact, and we are very happy with the great reception that Cuenta Nu has had. We are excited to see that in such a short time our product is having a positive impact on people’s finances, motivating them to save, plan and see their money grow. This is evidenced in the 3.5 million pesos (~US$200K) in returns that our customers have already received in Cajitas.”

To get a Cuenta Nu, those who “are already customers can open their accounts within the app. Non-customers can request it through nu.com.mx/cuenta or by downloading  Nu Mexico’s app.”



Sponsored Links by DQ Promote

 

 

Send this to a friend