Moises Chaves of Bankaool on Why Financial Education Belongs Inside the Product
Access to banking tools in Mexico is growing, but for Moises Chaves of Bankaool, financial education goes hand in hand with financial inclusion.
According to BBVA Research, financial literacy in Mexico has remained stagnant and below average since 2018, and only about 6% of adults invest time in education on credit and budgeting. That gap increasingly matters as more individuals open accounts, take on credit and adopt digital banking tools without the knowledge and skills to use them well.
Closing the gap isn’t solely the job of schools or government programs. Banks build the products people use every day, which puts them in a position to teach as well as serve. Moises Chaves, chairman of the board of Bankaool, takes that responsibility seriously and sees financial education as an integral part of the bank’s services.
Why Chaves Sees Value in Addressing the Financial Literacy Gap in Mexico
For Chaves, closing the financial literacy gap starts with how Bankaool designs its products and not with separate financial education programs.
“Unlike other banks, which have traditionally focused on their products,” he said, “we decided to focus on people, on eliminating friction when withdrawing money, when sending it, or when using credit responsibly.”
That same focus extends naturally to financial education. Reducing friction goes beyond making transactions faster or cheaper for users; it involves ensuring users understand the product’s features, benefits and risks and how to use banking apps and services safely and smartly.
Onboarding Without Education Isn’t a Complete Solution
A report from Rice University’s Baker Institute for Public Policy looked at the work Mexican banks are doing on financial inclusion. It found that access alone doesn’t support full inclusion, stating that there’s a need to “strengthen the capacities of the users…and to improve the design of the products so that they adequately adjust to their needs.”
That’s the same idea Chaves points to when he talks about focusing on people instead of products. Giving someone a bank account or credit card doesn’t guarantee they’ll use it well. Without the knowledge to navigate it, a new account can lead to missed payments, unexpected fees or debt that outpaces what the person can manage.
Unclear Products Erode the Trust That’s Foundational for Financial Literacy
Trust breaks down when banking products aren’t transparent. Hidden fees, unclear interest calculations or credit that isn’t designed around what a borrower can actually repay set people up for struggle rather than success.
Chaves has been direct about such practices, calling out fee structures he sees as predatory. He’s said that charging for withdrawals is an abuse, which is why Bankaool eliminated its fee at any ATM, on any network, from any institution.
Confusing and Costly Bank Products Push People Back Toward Cash
When banking feels expensive or confusing, cash feels like the safer option. For example, according to the 2024 National Survey on Financial Inclusion (ENIF), only 45.5% of Mexican consumers believed they could pay with a card or bank transfer where they usually shopped. For banks trying to move customers toward digital tools, unclear products reinforce those cash habits.
Embedded Financial Education Scales Better Than External Programs
Getting people to show up for financial education has historically been difficult, even when it’s free. Innovations for Poverty Action published research from World Bank professionals that considered a challenge with in-person voluntary financial education in Mexico. At the time, a free half-day course was offered, and researchers examined whether immediate incentives, such as a gift card, might encourage more people to complete it. They found:
- 18% of people took the course without a monetary incentive
- That increased to 27% with an incentive valued at $36 USD
- It increased to 33% when the incentive was valued at $72 USD
Embedding education directly into a product removes this friction. Customers encounter it while they’re already managing their money, making them more likely to engage with it.
Digital Adoption Without Education Creates New Risks for a Bank
CONDUSEF, Mexico’s financial-consumer protection agency, reported millions of bank fraud claims in 2025, with losses topping 22 billion pesos. Phishing and impersonation scams that mimic legitimate banks and institutions remain among the most common tactics.
Customers who don’t recognize the warning signs of a scam, or who don’t understand basic account security, are more vulnerable to these attacks. Every successful fraud case creates loss and hassle for consumers and costs the bank in disputed charges, refunds and lost trust. Financial education is a risk management tool that helps keep customers and bank resources safer as more transactions move online.
Educated Customers Are More Durable Customers for Banks
Chaves has said Bankaool wants healthy profitability without predatory practices. Financially educated consumers help support that goal by:
- Making fewer missed or late payments
- Taking on credit that they can actually repay
- Staying engaged with their accounts over time instead of disengaging after a bad experience
- Building the kind of relationship that keeps them with a bank long-term
What Financial Education Inside the Product Can Look Like
For Chaves and Bankaool, embedded financial education is all about hands-on, active learning and meeting customers where they are.
For example, Bankaool’s in-app investment simulator takes a “teach by doing” approach, letting customers build financial literacy through their own account activity instead of a hypothetical lesson. A financial health assistant analyzes a customer’s spending habits and offers personalized, practical recommendations based on their financial behavior.
The same philosophy shows up in simpler product decisions. Eliminating ATM withdrawal fees across any network or institution, for example, doubles as a lesson in what a transaction should actually cost. It removes a barrier while resetting customer expectations around fair pricing. The common thread across these examples is timing. Instead of asking customers to seek out financial education separately, Bankaool builds it into moments customers already encounter, such as when they’re managing money, spending or making a withdrawal. The education hits when it’s most relevant, increasing the likelihood it can positively impact consumer financial decisions.