In a year of high inflation and currency depreciation in Argentina, access to microcredits in pesos, alternative cards, digital payment apps that grant personal loans, among others, became an alternative to beat inflation.
Obtaining any of these financial products opened the opportunity to have money for different purposes, from private expenses to the completion of projects, purchases on special dates such as the Holidays, etc. In short, loans are no longer only useful for purchasing goods but also allow you to optimize personal finances.
It is in this context of growth of the fintech industry in the country, that from SIISA, a technology services company applied to the financial market, we present a growth of 145% in commercial reporting transactions and 113% in the decision engine.
According to the latest Financial Inclusion report published by the Central Bank of the Argentine Republic (BCRA), electronic payment methods maintained their expansionary trend in the first half of 2023. The analysis shows that transactions per person increased by 25% with respect to 2022.
Each person made, on average, 25 monthly payments by electronic means, reaching an all-time high. This modality, which competes with the use of cash, increased both in quantity and amount. Thus we can observe that digitalization and the incorporation of financial technology is also reflected in the increase in electronic means of payment.
Given this scenario, SIISA positions itself in Argentina as a company that provides solutions to financial entities, banks, retailers and fintech, thus becoming one of the main companies that contribute to facilitating access to credit for all sectors of society.
Growth 2023, expectations 2024
Regarding SIISA decision engine transactions, 2023 showed growth of more than 100%demonstrating the importance of the company for the automation of processes in financial companies, and the simplification of solutions.
This growth is part of the development of the financial evolution that the sector is experiencing, which reflects the possibility of people with little or no financial activity to develop a credit history and access formal products. SIISA positions itself as a fundamental player in the market.
In this sense, by 2024 the objective is to achieve an increase in decision engine transactions, and continue optimizing the user experience. It is important that the platform is easy and intuitive to use in risk and credit areas that financial companies have been developing.
Next year we will also be working on the launch of a new UX of the engine, two new scoring models and the possibility of calibrating the score for some particular industries. In this way, we will seek to optimize the user experience with a decision engine that is even more intuitive and easy to manage and focus, in addition to the risk and credit areas that financial companies have been developing, in the marketing areas that define the commercial strategies and seek to sell more financial products.
Director & COO of SIISA
Source: Ambito
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