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INVEX grew its credit card base from 400,000 to 1 million accounts in four years.
The solution can scale easily, allowing INVEX to securely manage user access across a growing number of systems.
The platform is built to facilitate secure and compliant data sharing.
Founded in 1991, INVEX stands out as a successful Mexican bank in a crowded market. Starting off as a stock brokerage firm, the bank has since evolved into a diversified financial services provider, with three main business units: Financial Services, Renewables, and Infrastructure. This success story focuses on INVEX's remarkable growth in the credit card market, particularly as a branchless bank. For context, in 2013, the bank had a modest credit card portfolio of just 50,000 to 60,000 cards. Today, it’s the sixth-largest issuer in Mexico, currently holding a 5% market share with ambitions to reach 10%.
INVEX's rapid credit card growth was not without its challenges. As the bank transitioned to a platform-as-a-service (PaaS) and software-as-a-service (SaaS) strategy to integrate its client-facing apps with core systems, it recognized the need for a robust and scalable technology platform. By leveraging WSO2 products and Chakray’s expertise, INVEX was able to grow its credit card base from 400,000 to 1 million accounts in just four years.
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INVEX
Prior to WSO2, INVEX had a disparate collection of identity systems and authentication protocols. These legacy solutions, built with proprietary languages and isolated configurations, posed challenges for user identity management. The systems couldn't talk to each other, forcing independent and complex management for each one. This siloed approach also meant security hardening required individual attention, further straining IT resources.
Beyond identity, INVEX grappled with manual coordination and inefficient workflow automation. The lack of a user-friendly interface (GUI) slowed down deployments, hindering agility. Integration with native applications was difficult due to a mix of programming languages. Repurposing existing integrations was hampered by the same incompatibility issues.
INVEX also wrestled with a lack of control over their APIs. Unstructured API creation and deployment led to inconsistencies, causing issues for different platforms. Exposing these APIs to external systems further complicated matters, requiring additional security measures. INVEX also lacked the ability to track API usage or individual calls, hindering valuable insights and potential improvements.
To achieve their vision of becoming a leading digital financial services provider, INVEX’s objectives centered on improving security, user experiences, and operational efficiency.
INVEX chose WSO2 products because they addressed the bank’s need for a unified solution with built-in API management capabilities. WSO2's comprehensive suite offered a clear advantage over piecing together point solutions from multiple vendors. Additionally, the open source nature meant lower licensing costs and greater flexibility.
INVEX's story shows how prioritizing simplicity and integration can lead to exponential growth. Key results include the following:
For a deeper dive into how INVEX was able to drive exponential growth with simplicity, we encourage you to watch this session from WSO2Con 2024.
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