One year after running the bank, which ended with the departure of Sturzenegger from the Central Bank's presidency, the Argentines returned
One year after running the bank, which led to the release of Federico Sturzenegger from the Central Bank, the Argentines returned to the useless buying of dollars in a week in which the US currency valued 8% in just three days.
From the beginning of April, the acquisition of small savers shows a frenetic road in the banks and the exchange of houses, a product of political and economic instability. The city coincides and pointing out that it is a defensive response from those who were passive witnesses to the recent jumps on the green loan.
In this context, there is a chain reaction that additionally motorizes the price of the currency. And, contrary to the law on supply and demand, the return of the price encourages more people to enrich the green notes.
This is explained by the director of one of the leading banks on the Argentine market: "People have already burned up last year, most lost by devaluation, no one thought they would rise to 100%, and now, barely moving, those who can buy. "
This situation reacts to a series of behaviors: there are those who buy, because the fixed-term expires, those that convert all the pesos they own and, of course, large companies and investment funds that ruin the portfolio and leave Argentine risk.
The city's main banks indicate that these turbulences will persist until at least August 11, the STEP date. And they find it very difficult for the market to calm down, unless the government announces profound changes that go far from the addresses of Nicholas Duovy.
In this framework, every peso that goes to the dollar. "We have observed in the last few days a greater demand", it coincides with the indication of the managers of the branches to the directors of the main entities.
In this framework of strong dollarization, the electronic channel is gaining momentum, in line with the progress made on online platforms, so purchasing operations end in seconds, from a computer or mobile phone.
This, of course, increases the "effect of the flock". Unlike other moments in which many Argentines looked like a postcard in terms of bank slipping, decisions are now made at a distance and at a speed similar to that the US dollar has taken to "hit the growth".
Bank sources consulted by iProUP coincide with one key fact: transactions from mobile and home banking are already concentrating between 80% and 90% of transactions in foreign currency.
"The strongest days are those at the beginning of the month, when people collect wages, but for days like this week, when you see a dollar out of control, you also notice a maximum demand," they point out to one of the major national private banks.
From an entity of Spanish capitals, I assure you that the so-called "ants purchases" have tripled in these hours. And that the amounts carried out in every operation range from 200 to 800 dollars.
The bankers estimate that buying a retail public rose to nearly $ 100 million only on Thursday, when the currency reached a record high of $ 47.50.
The figures speak for themselves. "Last month, on Wednesday, $ 800 million was bought, on Wednesday, from $ 1 million, between $ 70 and $ 100 million," said a well-known city analyst for iProup. That is, in one day, operations have grown to 10,000%.
Although individual purchases vary depending on the location of the branches, the average job is about $ 500. In higher-income areas, it is between 1,000 and 1,500 dollars. The vast majority, from a computer or smart phones.
This lusty thirst also reached 100% of digital banks. From Brubanka they assert that demand rose this week at a rate of 5% a day, with average purchases of $ 450.
Thus, an entity founded by Juan Bruchou, former Chita president, has achieved another bean over Willeband, the other digital bank approved by BCRA, which does not offer foreign currency operations.
Similarly, the acquisition of the window became a desolate wasteland. A source from Banco Nación suggests that this route was very limited to an older age group that has already come to see the branch.
As for consumer behavior, market sources say that "the reaction is momentary, when the dollar grows early, the biggest purchases of small savers have already been noticed at noon."
Benefits for home banking
Online segment today is a big bet on the bank. Leaving the physical branches and carrying more and more operations on the Internet is a mantra that resonates in all the city's leadership.
"We are strongly discouraging the sale of dollars per window," they repeat from the country's major banks. To do this, any bets on one of the following strategies:
– Offer a better offer for online shopping compared to the "whiteboard" value
– Facilitate an extended schedule, even cancel the fixed term and convert it into foreign currency
The first group includes Credicoop, Surveillance, French and Piano, and the Nation, City audience, who sell green tickets up to 30 cents cheaper than in the affiliates.
This better price for digital channels is reflected in the inflow of BCRA, which can be confirmed in the following table:
"In foreign exchange courses we use the values of the board, but we are developing systems at the level of market segmentation, by the way and by channel," said Guillermo Yejcic, marketing director of Itaú.
For its part, HSBC allows sales outside the bank hours electronically, which can be operated between 8 and 18 years.
"Although there is no difference in price, improvement is on the side of security," says Carlos Canova, digital channel manager at HSBC.
However, users have other advantages. In the first place, when working from a computer or mobile phone, they can buy in real time, deciding on the "right" moment in which the transaction will perform.
But, mainly, by providing all the services of the bank, users can transfer the funds from their fixed term in pesos to their savings account in dollars. Or the company can use the recent payments to the buyer to turn it into green notes. And everything in a few seconds.
A special case is that of Brubanka: it allows you to work with foreign currency for 24 hours, including weekends. "We offer the best offer on the market," they promised from the firm.
Consolidation of the online segment
The excitement with specific benefits, in recent months, the number of customers who have accepted digital channels has increased significantly, to the extent that more than 50% of the fixed terms have been made with these funds today, with peak values of up to 80% in some entities.
"Growth is exponential," Banco Provincia disclosed, which now has 1.72 million users in its domestic banking industry against 862,000 in December 2015. "The number of users is double," they say. iProUP from the Buenos Aires entity.
According to Gustavo Grigera, in charge of domestic banking, payment and transfer areas of the ICBC, "digital penetration is steadily increasing and the client's commercial relationship is higher." In high-income segments, he adds, the percentage is close to 80%.
In the same line, Milagro Megrano, manager of Institutional Relations at Macro, notes that "in 2018, digital users increased by 30%, and especially those using the application increased by 150%." In addition, monetary operations through these channels increased by 40%.
In the case of those working from Francis Movil, from BBVA, the advance was 30% in those twelve months. Today, in the retail banking segment, six out of 10 users perform transactions online and 36% of their mobile phone.
It is clear that this phenomenon is part of the natural evolution of the business and generates benefits from both sides of the counter. Entities reduce costs and achieve greater portfolio expansion without increasing their physical presence, while customers receive time, avoid travel, and receive benefits.
In short, in a country where the short term is a king and spontaneity, the bank "in your pocket", with just one click away from it, has become an important ally when it comes to taking away a head of quotations that mark the tiles.
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