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pay more for fixed installments and offer cheaper dollars



After Central allows deposits to non-customers in a digital way, Nation is the bank with the largest operations. What are the advantages

The size is successful. Or at least that's what stressed by Guido Sandleris, president of the Central Bank, promoting the possibility of offering fixed deadlines online even to those who are not clients.

In this way, he also seeks to produce greater competition among banks through increasing the interest rates they pay so that the peso does not go to the dollar and thus reduces the "spread" that exists with respect to those who see the entity with Leliq .

Since April 30, the date the system began, the Nation is the bank with the most fixed time deposits: 16,888 operations with amounts exceeding $ 2,777 million, according to the entity led by Javier González Fraga.

When explaining the choices of savers, in official entities say that this is because "Nation offers one of the most attractive market rates, 55% per year, for 30-day deposits."

Based on information provided today by the Central Bank on its website, the easiest proposal for online deposits for non-customers is the Foreign Trade and Investment Bank (BICE), with a rate of 56% for loan placements. 30 to 35 days; followed by Nation, with a rate of 55%.

Other banks participating in this proposal are Bica (52.5%); City, Voii and Corrientes (52%); San Juan, Santa Cruz, Entre Rios and Nuevo Banco de Santa Fe (50.25%); Formosa (50%), Credicoop, Mortgage and Bancor (48%), Caja de Credito Cuenca (47%) and Chubut (46%).

Un-folded entities also offer a more attractive level for depositing online.

"We have a fixed-term preferential rate, which for high income is 40% higher than what we offer on the board through traditional channels," said Guillermo Jejcic, Marketing Director of Itoa, in a dialogue with iProUP. With that encouragement, 70% has been done digitally in that entity.

HSBC, one more active in terms of its electronic strategy, gives between 1 and 1.5 percentage points more to operate fixed conditions without going to the branch, even though "it depends on the present and whether there are special actions or not to take more deposits", according to Carlos Cánova, manager of Digital Channels of entities, which details iProUP that more than 50% of the placement is done in a non-traditional way.

BIND, France and Macro, among others, also provide a better level for making fixed deadlines via the Internet or cellphones. And the results are in sight.

The furor for the electronic dollar

Banking sources are consulted by iProUP they coincide with key facts: cellular purchases of dollars and home banking have concentrated between 80% and 90% of transactions in foreign currencies.

"The strongest days are the early days of the month, when people collect their salaries, but on days like this week, when you see the dollar out of control, you also see peak demand again," they point from one of the private banks main national.

From the Spanish capital entity, ensuring that the so-called "purchase of ants" has tripled in recent months. And the amount transacted in each operation ranges from 200 to 800 dollars.

Although individual acquisitions vary according to branch location, the average operation is around 500 dollars. In high-income areas, it's between 1,000 and 1,500 dollars. Mostly, from a PC or smartphone.

Likewise, acquisitions near the window become empty vacant land. The source of Banco Nación shows that this route is very limited for older age groups who have come to see branches.

Regarding customer behavior, market sources say that "the reaction is instant, when the dollar rises earlier, the biggest purchase of small depositors has been noticed since noon."

Benefits for home banking

Today's online segment is a big bank bet. Freeing the physical branches and bringing more operations to the web is a mantra that resonates in all City management.

"We strongly prevent dollar sales per window," they repeated from the country's main banks. To do this, each bet on one of the following strategies:

– Offer better deals for online purchases compared to the "whiteboard" value

– Facilitate an extended schedule, even to cancel a certain period and convert it into foreign currency

In the first group were Credicoop, Supervielle, France and Piano, and the Nation, City public, who sold green tickets for up to 30 cents cheaper than in the branch. In the Brubank case, it is possible to operate 24 hours, including weekends.

Better prices for these digital channels are reflected in BCRA inflows, as can be verified in the following table:

"In exchange rates, we use whiteboard values, but we are developing systems at the level of segmentation based on market, time and channels," said Guillermo Jejcic, marketing director of Itua.

For its part, HSBC allows sales outside bank hours by electronic means, which can be operated between 8 and 18.

"Although there is no price difference, the increase is on the terms", highlighting Carlos Cánova, digital channel manager at HSBC.

However, users have other advantages. First, when operating from a PC or cellphone, they can buy in real time, determine the "right" moment to make a transaction.

But, especially, by having all available bank services, users can transfer funds from their fixed term in the peso to their savings accounts in dollars. Or the company can take advantage of the customer's last payment to turn it into a green note. And everything in seconds.

Online segment consolidation

Tempted by tangible benefits, in recent months the number of clients adopting digital channels has grown significantly, to date more than 50% of fixed deadlines have been made in this way, with a peak of up to 80% in some entities.

"Exponential growth," said Banco Provincia, which today has 1.72 million home banking users compared to 862,000 in December 2015. "The number of users has doubled," they said. iProUP from the Buenos Aires entity.

According to Gustavo Grigera, who is in charge of home banking, payment and transfer of the ICBC area, "digital penetration continues to grow and the client's commercial relations are higher". In the high-income segment, he added, the percentage was close to 80%.

In line with that, Milagro Medrano, manager of Macro Institutional Relations, highlighted that "in 2018 digital users increased 30% and especially those using applications grew 150%". In addition, monetary operations through these channels increased by 40%.

In their case operated by Francés Móvil, from BBVA, the down payment was 30% in the twelve months. Currently, in the retail banking segment, six out of 10 users make transactions via the web and 36%, from their cellphones.

It is clear that this phenomenon is part of the natural evolution of the business and produces benefits from both sides of the counter. Entities reduce costs and achieve greater expansion of their portfolios without increasing their physical presence, while customers get time, avoid travel and receive benefits.

In short, in a country where the short term is king and closeness applies, having a bank "in your pocket", with just one click, becomes an important ally when it has to take one more head for the quote marking the board.

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