According to a study carried out by Equifax Argentina, a global Big Data & Analytics company, fintechs are positioned as an actor of great relevance and potential for financial inclusion and the search for credit of Argentine citizens.
What is the profile of the Argentine fintech user?
76% of people looking for loans in a fintech already have at least one credit product.
Thus, 50% only have a credit card, 32% have a credit card and a loan, 16% only a loan and 2% other credits.
In addition, 70% of those seeking to access a fintech credit product
indicates having income of up to $121,000 in December 2022 while 84% do not present delays in meeting their payment obligations.
Regarding the gender distribution of those who use Fintech products and services, 53% are men and 47% are women. On the other hand, 45% who adopt fintech are Millennials who are between 26 and 41 years old, followed by Generation X who are between 42 and 57 and represent 26%. Then comes Generation Z who are between 20 and 25 and imply 16%. At the bottom of the list are the Baby Boomers with 12% and those over 77 with 1%.
Likewise, 29% of those who seek credit in fintech reside in Greater Buenos Aires, 25% in the Center of the country, 14% in the Northeast, 13% in the Northwest, 7% in Cuyo, 6% in Patagonia and 6% in CABA.
“When it comes to granting a first credit product, fintech companies are a relevant player today. This highlights the attractiveness of fast access, activation and implementation credit alternatives that prioritize the user experience by applying new technologies, thus facilitating access to credit. Millennials are clearly at the center of the scene, and generations like the Centennials will have more and more influence on how to think about these types of products”, explains Santiago Pordelanne, President and General Manager of Equifax Argentina.
The study is based on data collected by Bureau Equifax.