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Digital banking: which are the apps most used by Argentines since the start of the pandemic

The digital activity of banks and fintech companies in Argentina registered an exponential jump during 2020 (Getty Images)
The digital activity of banks and fintech companies in Argentina registered an exponential jump during 2020 (Getty Images)

The digital activity of banks and fintech companies in Argentina registered an exponential jump during 2020, with a strong increase in its use and presence on social networks and with a growth in total visits that reached almost 100% in Argentina, according to a report by Comscore, the company specialized in measuring digital audiences, which was accessed Infobae.

As an unpredictable side effect, the pandemic continues to generate data confirming that the remote, digital life that everyone was forced to practice had a particular effect on financial decisions. In this way, banks and fintech companies came out to meet the enormous demand for digital financial services through apps, homebanking, social networks and other channels. In Argentina, following a trend in the region, virtual banking activity multiplied.

The digital and remote life that all people were forced to practice had a particular effect on financial decisions

Something similar happened with financial news, which showed a peak in March 2020 before the emergence of covid-19 and then stabilized at higher levels than those previously registered. In almost all the countries of the region, the change in habits was similar.

According to the report, interest in finance also soared on social media. The “finance” category showed a growth of interactions of 128% on Instagram, 77% on Twitter and 34% on Facebook, in the comparison between March 2019 and March 2020.

“The fintech irruption – and his ‘battle’ against traditional banks – was part of the conversation on social media. In Argentina, in the comparison between January 2020 and January 2021 of audience cross-platform, the rise of fintech companies is notable: Brubank rose 214%, Mercado Pago 176%, and Ualá 72% “the report highlighted. That audience refers to followers and fans on Twitter, Facebook and Instagram. In turn, the actions cross-platform they are the “likes” and other interactions that these brands receive on social networks.

“The data from Argentina clearly shows that the pandemic accelerated and pushed digital wallet and payments initiatives. The entities, whether traditional or new, should have offered simple alternatives for a consumer who experienced many changes in his daily life, “he said. Iván Marchant, Vice President for Latin America of Comscore.

Data from Argentina clearly shows that the pandemic accelerated and pushed payments and digital wallets initiatives (Marchant)

The survey distinguishes Argentina as one of the markets in the region in which financial services apps gained the most ground during 2020, among which the performance of fintech tools and banks such as Mercado Pago, Santander Río, Galicia, stood out. Nation and Patagonia. It also highlights the arrival of the DNI Account, the Banco Provincia app that, although it cannot be compared with the others because it only entered the market in April 2020, it already reached 3 million users.

The use that Argentines gave to technological financial tools during 2020 differs, in some cases, from that made in neighboring countries. There was a lot of interest to do banking operations but not so much to make investments, something to be expected for the development of the country’s capital market.

An interesting point in this regard is that the category “investments” had less echo in the largest economies of the region (Brazil, Argentina Y Mexico) than in other smaller economies but perhaps with some more favorable macroeconomic indicators, such as Chile, Colombia O Peru.

What is clear is that the web version of the banks is consolidated at a general level. On Brazil the reach of banking sites reaches 73%, while in Chile is 66% and in Argentina 61%. Furthermore, none of the other countries surveyed falls below 40%: in Colombia reaches 46%, in Mexico 45% and in Peru 43%, ”the Comscore report noted.

The mobile phone is already the most common way to connect with digital banking in Argentina, Mexico and Brazil, although desktop devices (computers) still take the longest connection time

Likewise, the study reflected that the eagerness of Argentines to use digital financial services, intensified in the pandemic, found fertile ground in the high penetration of cell phones.

Statistics show that the mobile phone is already the most common way to connect with digital banking in Argentina, Mexico and Brazil, although desktop devices (computers) still take the longest connection timeas measured by Comscore in average minutes per visitor.

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