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Panorama Internazionale

24 LUGLIO 2019

17:50 - Argentina

ARGENTINE BANKING SYSTEM ENCOURAGES INVESTMENT TO COMPETE WITH FINTECH

(ICE) - ROMA, 24 LUG -

From digital transformation strategies to the whole renewal of corporate branding, commercial banks are in constant evolution to compete with fintech and digital payments.

Forced by the new threat of local fintech and digital banks that offer the same services and compete in a better shape to engage with milennials, the retail and commercial banking sector of Argentina is heavily investing in both technology and branding strategies to retain its customers and maintain market share. The new entrants of the market, born in the digital era, have forced the traditional players of the industry to transform themselves in order to stay relevant.

For instance, different bank chains have developed digital transformation projects to personalize and optimize online customer service through modern chatbots, usually available to answer questions and doubts in the Home Banking App. However, some banks decided to go further and designed a new platform to improve the digital experience of its customers.

For example, Banco Galicia was lately awarded with an international distinction for innovation iniciatives, due to the digital transformation project that it has done with Red Hat technologies: with the leadership of the open source company, expert in innovation and digital transformation of the financial industry, the bank significantly improve the online customer experience, by cutting the waiting time in 40%, developing a faster onboarding process for its products and public, while reducing IT costs and strengthening cybersecurity.

Another case is Banco Hipotecario, which has prepared its architecture and infraestructure to deepen its digital business. Again, with Red Hat advices’ in digital transformation investment, the bank was able to improve the time to market process, accelerate business cycles, reduce time spending and achieve competitive advantages.

On the other hand, other banks decided to refresh their image among their current and potential customers. That was the case of BBVA and Santander, two of the biggest banks of the country, which decided to implement a new branding proposition. BBVA unified its brand all over the world and, consequently, changed its logo in Argentina: the bank left the local naming “Francés”, to be just BBVA, with a younger and relaxer esthetic. In the same path, Santander did something pretty similar: also left the local name “Río”, to be just Santander, transforming its visual identity as well.

All of them are perfect examples of this new strategy that traditional banks have taken to compete with local fintechs: heavy investment in technology and marketing appears to be the recipe to become digital and attract new generations of customers.


(ICE BUENOS AIRES)