Any country, as is often the case, has good and bad records to its credit. In Argentina, access to credit is clearly located in the second group: it is among the lowest in the world and, in a list of 173 nations surveyed by the World Bank, appears at the bottom of the table, among the seven with the lower level
From the Central Bank they also put figures into the matter: the volume of loans barely touches 7.5% of GDP, while the global average is 105%. That is, it is only one tenth, while in Chile (leader of the region) it is 113%. It is followed by Bolivia (65%) and Brazil (60%).
The cocktail conformed by the high interest rates plus a "rickety" level of banking has a direct impact on the results. If that is added to the recurring economic crises, it is not surprising that it exhibits such poor figures at regional and global levels.
Given this scenario, players in the sector resort to "fine tuning" to tempt potential customers with benefits: flexible credits and scoring for the unbanked. Everything is useful when oiling the gears of an industry that is highly exposed to the fluctuations of infusion.
Windproof, fintech today has an average growth rate in its credit placements of around 110% per year, thanks to its strategy that aims, above all, to capture the middle and lower segments.
The market projects a volume of operations greater than $ 35,000 million in one year. The arrival of new players and the expansion in the unbanked sector today make it possible to think about that goal. It is clear, digital banking wants to fight in the credit world to how it gives rise.
Those who were already
Due to their structure and 100% online DNA, fintech have an iteration capacity somewhat greater than that of traditional banks. The fact that they do not drag heavy structures with them allows them to better shape their costs and adapt to different environments.
Today, 24% of the digital financial market is focused on the credit segment, a figure that continues to rise. In this context, the online segment focuses on capturing the unbanked, a very desirable sector of the population (one in two Argentines) that has long been relegated from the traditional system.
Juan Pablo Bruzzo, president of the Fintech Chamber and CEO of Moni, assures iProUP that fintech - based on its strong technology imprint - "has been generating a high impact on people eager for a loan, focusing on the population that until recently I was unattended. "
That 50% of Argentines who do not have access to "traditional" banking is presented as an irresistible attraction for digital players. A large part of the reactivation of the sector is going this way and they seek to add tools to achieve it.
"In banks, credit lines start with scores of 500 up, while our clients have ratings below 100. Therefore, they do not have access to the traditional funding system," Bruzzo emphasizes, setting an example to the average user of Moni
For this, scoring analysis is fundamental, which in fintech tends to be more lax and less bureaucratic than in banks. Moni, by case, has already delivered more than 600,000 microcredits (including its operations in Mexico), a figure that would be impossible to achieve if it would start from a traditional credit analysis.
"It not only takes the hard variables, but also soft ones, such as the time at which the client connects, from what device, how long it takes to request a loan and even geolocation variables," explains the executive.
In this sense, Artificial Intelligence and Big Data are essential tools to gain efficiency in attracting under-banking, as people shape their own credit profile based on the degree of compliance. They progressively gain access to more benefits and the bank, for its part, reduces the risk of lending.
Another key element in the fintech business is its structure. When dispensing with branches, they can focus on providing lower amounts. "The unsatisfied demand is very large, it is clear when analyzing the debt-GDP index. Regarding the socioeconomic profile, 90% of those in Level A access easily. This number drops to 15% in Level E", warns Bruzzo.
In the latter case, technology comes to the rescue and the Research and Development departments acquire a fundamental role in sharpening the tools to add more customers.
Wenance is another of the great players in the segment that has managed to expand with innovation. So much so that it is already at a level close to $ 200 million.
"If you look at it in terms of the industry, it is super interesting. Currently, a frontline bank is placing between $ 350 million and 400 million in the individual banking sector," says Alejandro Muszak, CEO of the Argentine fintech that has already granted more of 200,000 credits.
For the executive, "online credit is already internalized in people's minds and is already even a natural option for many." However, he clarifies: "There is still a long way to go to penetrate the different layers of society."
Muszak points out that betting on technological development is what makes the difference. "The investment in innovation is reflected in our onboarding platform, the activation engine, the response speed and the delivery of money. Everything that the user does not see but has an impact on a better service took time and money, but today they jump the results are visible, "he details.
Fast credit, during the 24 hours and interest tailored to the user are the great lighthouses that guide this industry in its bid to gain participation.
Wenance has two products that allow charting the markets in which virtually all Argentine fintechs move.
- Welp: lines of up to $ 200,000 in the medium and long term. The client stands out for being more "rational in the use of money" and uses the loan in durable goods or new businesses.
- Mango: medium and short credits, between $ 20,000 and $ 30,000. Here, the fundamental factor is delivery, since it must be deposited in the user's account immediately.
This last case is a clear example of the so-called "microcredit." Premium immediacy and the possibility of canceling quickly. Two different cases, the same solution: online.
Those who join
In spite of the fact that the credit market fell 25% in the last semester, product of the foggy economic scenario and the lower activity, there are more and more "4.0 bankers" who climb into this niche.
Is that in the crisis they see an opportunity. Microcredits are a quick solution for thousands of citizens to cancel their debts, and lower interest rates act as a hook when seeking financing to renovate the home or change the car.
Mercado Libre has already confirmed that it will add its own platform and even final details to present its mortgage loan plan in society.
The former president of the Central Bank, Federico Sturzenegger, also joined the Fintech industry, who, in the hands of Findo, bets on Machine Learning to streamline the analysis of customer profiles.
Another witness case is that of Ualá, one of the most popular brands in the prepaid card market that, until recently lacked its own credit proposal. That has already changed with the launch of its brand new loan platform.
Joaquín Diz, Risk manager of the financial-based startup, confesses to iProUP: "The decision to enter has been coming for a long time. We wanted to have a comprehensive and innovative proposal and avoid entering the typical traditional loan."
As revealed by the executive, the raid was leveraged by the good information base of its customers. Their use of the company's card allows them to draw profiles tailored to their needs.
"We needed to know our portfolio and customers well enough to launch this product," says Diz. And he adds: "The current problem is the reference rate, which is quite high and the cost of funding, which is very high."
"What was done was to generate a value proposition that includes very competitive rates. We want to offer an alternative to each person, according to their credit profile," he adds. Thus, "ad-hoc" interests range between 45% and 77%.
A flagship product of Ualá consists of a line of micro loans of up to $ 100,000 for 24 months. The next stage contemplates the offering of higher amounts.
"We aim at diversification. The roadmap is demanding, we are also focused on implementing smaller loans for those who lack experience, but are son heavy users’ of what the prepaid card is. "
The first data obtained by the company reflects that 30% of its policyholders use the money to restructure debt. "Generally, the loans have good performance in terms of default. People cancel debt and keep the difference," says Diz.
"We encourage that kind of‘ financial engineering 'in which users make better use of their money and can cancel more expensive loans, which can be burdensome, "concludes the Ualá executive.
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