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An Interview with David Fierro Villavicencio

Marketing Vice President, Commercial Banking at Banamex, a subsidiary of Citi

June 25, 2014 Download PDF

David Fierro Villavicencio is responsible for growing Banamex’s social media community, launching the company’s digital banking communications platform and leading Brújula Digital Banamex, a study on digital habits in the Mexican financial system. Prior to Banamex, he was the digital director at publisher Grupo Editorial Notmusa, where he worked on the company’s business plan and strategy, managing the research and development division. In addition, he’s worked in marketing roles in other media properties in Mexico.

Tell us about your role at Banamex.

David Fierro Villavicencio: I’m like a digital advisor for the consumer banking and wealth management areas. My marketing colleagues attend to commercial and consumer banking. I administrate the digital channels for the advertising, social media and email areas. I’m not responsible for those channels, but I provide the teams with insight in order to make decisions.

I’m part of the office of the CMO. There are four senior vice presidents in marketing—one of them heads digital marketing, and I report directly to her.

My team’s role is to convert and integrate digital thinking into everyday processes—in strategy, media buying, everything. We also provide marketing services to our business. I’m responsible for the 360-degree marketing for digital banking. In the banking industry there are a lot of brick-and-mortar businesses, credit and mortgage. We have to enhance the digital point of view and integrate services for digital and mobile banking. That includes all digital transactions—digital banking, ATMs, mobile banking and online banking.

What is the best part of your job?

Fierro Villavicencio: Being part of the evolution in building technology for the bank to deliver new services and creating offers for our customers. We did a study last year called Brújula Digital Banamex, a study on the digital habits in the Mexican financial system. The study found that 78% of those polled had used the internet or had access to the internet. This is a huge opportunity for us. About 28% of those polled used online banking. We need to educate ourselves, evangelize the benefits of online banking, and emphasize security to our customers. A lot of people don’t do digital banking because they don’t feel it’s a safe environment.

What are your top business goals at this time?

Fierro Villavicencio: They are globalization, urbanization and digitalization. We are migrating to global platforms to create a single experience for our customers. Citi has a lot of partners in the world. The digital banking experience is different in Colombia than it is in Singapore. We have to make it the same. We are working hard to provide our customers with a global experience.

This year, the World Cup and our 130th anniversary are also pretty important for Banamex.

What are some of the biggest challenges in your business?

Fierro Villavicencio: As a digital banker, we must increase our digital transactions. We have so many branches, and most are full of people. We want to encourage online transactions. We are also increasing our social media conversation and have more than 1.7 million followers.

Our goal now is not only to gain followers, but accelerate engagement. The name of the game is not followers—it’s conversation, relevance and engagement. We are working hard with each business unit to post relevant content. The World Cup is a great opportunity for engagement and conversation.

Digital media is enabling us to be part of the evolution toward smarter media buying. It allows us to achieve a better mix and measure the return on investment in media.

How do you use eMarketer? Can you offer some specific examples?

Fierro Villavicencio: We are using a little bit of everything. I can see the benchmarks for Latin America, Mexico and the US. These help me to better understand where the market is going and where the priorities for our company may go. When I have a global point of view or regional point of view, [eMarketer] helps me better understand the priorities for our headquarters. In addition, it helps me provide support and justification for my arguments to our internal clients. We also share the information with our clients not only for an argument or a specific goal, but out of the joy of sharing information with colleagues.

I’ve used eMarketer to understand email trends because we use email as a media channel. We were creating the forecast for 2014, and we were trying to understand which way we should target our efforts. We used eMarketer data to do our forecast.

I read a lot of material about online banking and access information about mobile internet penetration. There’s a lot of information I can use to benchmark against for the Mexican market.

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David Fierro Villavicencio

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“I’ve used eMarketer to understand email trends because we use email as a media channel. ... We used eMarketer data to do our forecast.”


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