Digital banks, also known as neobanks, are entities without branches that prevent their users from any type of bureaucracy.
In fact, the time that a new client requires to realize what in the ecosystem is known as onboarding - the process to register - is only a few minutes. This is one of the reasons that explains why this item grew more than 100% year-on-year.
While it is expected that the Central Bank will continue to regulate the sector more restrictively, firms do not stop gaining market, relying on the facilities they offer and their lower costs, since they do not leverage their operations in public service offices or the Physical money management. In addition, they require a smaller number of employees.
"In two clicks you can change to another bank, the loyalty of the 'digital natives' is very low and only remains if they have a good experience as users," Pablo Ces, CEO of flexibility + ideas, who developed the platform, tells iProUP + lastmilebanking that allows firms to connect to all payment methods without changing their technological infrastructure.
Rebanking, Wilobank and Brubank are the only three entities authorized by the Central Bank to operate as digital banks. However, there are several fintechs that offer similar benefits, such as Ualá, MercadoPago and Naranja. These services share with each other some very attractive features for potential clients.
In effect, they should not pay for the maintenance of their accounts while they have the rest of the usual expenses, such as transfers or cash withdrawals at the ATMs. The only thing they charge is the extraction of cash abroad and the cost of replacing a lost or stolen card.
But, in addition to all this and as a retention strategy, all these companies offer a wide range of promotions and discounts for those who use their services.
In fact, it is a race in which digital banks compete with traditional banks, which already have a large network of agreements and promotions for years, including rebates, interest-free installments and point systems with benefits of all kinds.
Retention strategies
According to World Bank figures, only 27% of Argentines have access to a credit card and 40% to a debit card. "This generates a bubble of discounts, only for the banked," says Alejandra Martínez, head of Alianza de Ualá, iProUP.
This company has already exceeded one and a half million emitted plastics that, if they are of the contactless type, contemplate Mastercard's own promotions, Martínez says. This also happens with Wilobank.
In little more than two years of life, the fintech of Pierpaolo Barbieri offers gifts in the Rappi and Cabify apps; 15% discounts on Flybondi and Iúnigo digital insurance; and sales on MOVO, Platform10, Dafiti and Linio.
"In Ualá we seek to weave alliances in accordance with the interest of our public. Strategically partner with companies whose brands have a profile similar to ours in terms of technology, innovation and transparency," Martínez adds.
In this regard, it reveals that the company has "users distributed throughout the country. So much so that almost 70% live outside the Federal Capital and Greater Buenos Aires, which is why it puts particular effort into federal agreements."
In Rebanking, the digital bank of Grupo Transatlántica, places "simplicity, transparency and customer service" at the center of its offer. These can access a savings account in dollars and another in pesos. The latter is paid and provides interest automatically without immobilizing the money.
In addition, the proposal includes the possibility of free access to an American Express card, which currently provides interest-free installments in MercadoLibre and MercadoPago, various discounts in Farmacity, and Club La Nación, with consumption in restaurants, cinemas and clothing.
From Rebanking they clarify that they believe in the coexistence between traditional entities as competitors, since they believe that the coexistence of both models is fundamental and necessary to expand the financial inclusion of Argentines and develop the country's economy.
The case of the Orange bank non-bank card, from Grupo Galicia, is also noteworthy: it offers more than 25,000 benefits, rebates and promos, with 260,000 businesses attached.
In addition, through the Smartes campaign, users can access prices up to 25% "off" in clothing, food and service stations.
At the end of 2019 the company added the loyalty program I want! (Banco Galicia), which allows more than 230,000 people to add points and achieve savings in first-class items and brands, products, vouchers, travel benefits, among others. For this year, it provides that all clients can access the program.
On the other hand, there is also Orange X, the fintech arm of Orange. It is a financial solution for individuals and businesses that makes it possible to pay, collect, transfer, send and receive money from the cell phone.
"We are very focused on consolidating this first value proposition, so although today we have the QR payment functionality, we are working on strengthening the proposal to provide the best solutions," they explain to iProUP from the spin-off.
As iProUP advanced, MercadoPago launched its "Central Discounts", a very oiled loyalty plan. "Buyers can access exclusive promos through the Mercado Pago app: up to 25% of sales at more than 700,000 stores that accept QR," they reveal.
Among the varied items where the QR can be found, the gastronomy, retail, service stations, kiosks and Chinese supermarkets stand out.
In relation to the use of QR, from the unicorn indicate: "The discounts are to encourage more people to be encouraged to pay for the first time with this methodology. When this occurs, they appreciate and adopt this solution, for being agile and simplifying the way in which they relate to your money. "
"Our goal is that the user can live the best digital payment experience from their cell phone at any time and place," they complete.
Another loyalty proposal is Mercado Points, which allows you to accumulate points with each purchase to advance the level and access special benefits, such as discounts, free product shipments, free returns and access to exclusive offers.
What's behind
Pablo Ces, of flexibility + ideas, points out that Fintech retention strategies are related to "being close to people from scratch, with aggressive recruitment tactics such as Naranja X. They know that with just two clicks, the public can leave. "
In any case, says Ces, these innovative digital companies "have been learning from traditional strategies, taking some issues and adapting others.
"Traditional banking continues to maintain some customs. But it knows that the strength to compete will go through the generation of constant value thanks to technology and intelligent analysis of the data," remarks the manager.
Meanwhile, MercadoPago has among its central objectives the unbanked. It describes itself as "a technology company that seeks to boost financial inclusion and democratize electronic commerce, allowing access to the best services and payment experiences."
This objective is repeated in the rest of the firms: they not only seek to capture users of traditional entities, but also expand the bank base, historically low.
"Both banks are based on different business segments or objectives, in a process that, over time, will increasingly target common sectors," Fernando Quiroga Lafargue, a Financial Services partner at KPMG consulting firm, tells iProUP.
In his vision, "in digital banking today there is a more marked search in growth and recruitment than in retention."
For Quiroga Lafargue, "the more information they have about the profile of users, the more efficient the promos and proposals will be tailored." Fintech promotions are, in a way, a sign of the consolidation of a sector that is increasingly adding products to its offer.
"When we started 2019, we were not 60 at the firm. We had no payment for services, credits or a way to save. No entity had implemented CVU. And we were still entering our office. We started 2020 with more than 200 people and we will add another 400 ", concludes Pierpaolo Barbieri, CEO and founder of Ualá, showing that the competition for banking Argentines has just begun.
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