{"id":5170,"date":"2017-06-28T13:22:06","date_gmt":"2017-06-28T13:22:06","guid":{"rendered":"https:\/\/insights.invyo.io\/latam\/?p=5170"},"modified":"2018-02-12T15:50:53","modified_gmt":"2018-02-12T15:50:53","slug":"get-ready-millennials-the-banking-transformation-is-here","status":"publish","type":"post","link":"https:\/\/insights.invyo.io\/latam\/fintech-corner\/get-ready-millennials-the-banking-transformation-is-here\/","title":{"rendered":"Get ready &#8220;millennials&#8221;, digital banking is coming!"},"content":{"rendered":"<p><strong>The Central Bank of Argentina recently granted Wanap, the first 100% online bank in the country, with a banking license.<\/strong><\/p>\n<p>This idea emerged long time ago between\u00a0<strong>Eduardo Eurnekian<\/strong>, owner of the world\u2019s largest airport operator and <strong>Guillermo Franco<\/strong>, a well-known banker and now president of <a href=\"http:\/\/www.wanap.com.ar\/\"><strong>Wanap<\/strong><\/a>.<\/p>\n<p>The team expect to launch officially next December:<\/p>\n<blockquote><p>\u201cThe bank will start with capital of $10 million and would aim to increase that to $100 million of deposits within a year with a base of about 50,000 customers\u201d, said Franco.<\/p><\/blockquote>\n<p>The bank will have <strong>40 employees<\/strong> and a proposal that will be focused on <strong>retail banking<\/strong>, although in a second stage it plans to extend to <strong>investment<\/strong> and <strong>corporate activities<\/strong>.<\/p>\n<p><iframe loading=\"lazy\" width=\"696\" height=\"392\" src=\"https:\/\/www.youtube.com\/embed\/maj7sbDdHWE?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe><\/p>\n<p>&nbsp;<\/p>\n<p>The targeted audience is clearly the Gen Y also called as &#8220;Millennials&#8221;. Argentina has currently approximately <strong>2.6 million<\/strong> people between <strong>20-35 years old<\/strong> who are part of the banking system. Wanap&#8217;s strategy will focus on them, a generation who has unique needs, and to whom most banks and credit unions have failed to deliver the expected customer experience.<\/p>\n<hr \/>\n<p style=\"text-align: center;\">Out of a PwC survey,<strong> 66% of Argentine<\/strong> millennials think that their bank doesn\u2019t understand them and almost <strong>40% of their transactions<\/strong> are made through the home banking.<\/p>\n<hr \/>\n<p>This represent a great opportunity for new players to address these challenges through innovation and technology. Wanap&#8217;s vision is also aligned with the Central Bank&#8217;s President <strong>Federico Sturzenegger<\/strong>, who is trying to wean Argentines off cash and into banks using technology.<\/p>\n<p>Repeated banking crises, including the world\u2019s biggest sovereign default in 2001, and high levels of tax avoidance had a huge impact in Argentina since only <strong>54% of Argentines<\/strong> owned a <strong>bank account<\/strong>.<\/p>\n<p><strong>Confidence<\/strong> will play a key role in Wanap&#8217;s growth strategy to attract new customers. The opportunity is big and, as an early-disruptor, probability of success could be even bigger!<\/p>\n<hr \/>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Central Bank of Argentina recently granted Wanap, the first 100% online bank in the country, with a banking license. This idea emerged long time ago between\u00a0Eduardo Eurnekian, owner of the world\u2019s largest airport operator and Guillermo Franco, a well-known banker and now president of Wanap. The team expect to launch officially next December: \u201cThe [&hellip;]<\/p>\n","protected":false},"author":21,"featured_media":5171,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1797,3,6,7],"tags":[1503,108,148,1501,1499,425,1504,1507,540,1505,807,904,976,1018,1075,1146,1166,1167,1506,1502],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/insights.invyo.io\/latam\/fintech-corner\/get-ready-millennials-the-banking-transformation-is-here\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Get ready &quot;millennials&quot;, digital banking is coming! - INVYO Insights LATAM : Media Fintech\" \/>\n<meta property=\"og:description\" content=\"The Central Bank of Argentina recently granted Wanap, the first 100% online bank in the country, with a banking license. This idea emerged long time ago between\u00a0Eduardo Eurnekian, owner of the world\u2019s largest airport operator and Guillermo Franco, a well-known banker and now president of Wanap. The team expect to launch officially next December: \u201cThe [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/insights.invyo.io\/latam\/fintech-corner\/get-ready-millennials-the-banking-transformation-is-here\/\" \/>\n<meta property=\"og:site_name\" content=\"INVYO Insights LATAM\" \/>\n<meta property=\"article:published_time\" content=\"2017-06-28T13:22:06+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2018-02-12T15:50:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/insights.invyo.io\/latam\/wp-content\/uploads\/2017\/06\/Techfoliance_wanap.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"696\" \/>\n\t<meta property=\"og:image:height\" content=\"522\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Alan MacCarthy\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Organization\",\"@id\":\"https:\/\/insights.invyo.io\/latam\/#organization\",\"name\":\"INVYO\",\"url\":\"https:\/\/insights.invyo.io\/latam\/\",\"sameAs\":[],\"logo\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/insights.invyo.io\/latam\/#logo\",\"inLanguage\":\"en-GB\",\"url\":\"https:\/\/insights.invyo.io\/latam\/wp-content\/uploads\/2019\/01\/logo-invyo-insights-dark.svg\",\"contentUrl\":\"https:\/\/insights.invyo.io\/latam\/wp-content\/uploads\/2019\/01\/logo-invyo-insights-dark.svg\",\"caption\":\"INVYO\"},\"image\":{\"@id\":\"https:\/\/insights.invyo.io\/latam\/#logo\"}},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/insights.invyo.io\/latam\/#website\",\"url\":\"https:\/\/insights.invyo.io\/latam\/\",\"name\":\"INVYO Insights LATAM\",\"description\":\"Media Fintech\",\"publisher\":{\"@id\":\"https:\/\/insights.invyo.io\/latam\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/insights.invyo.io\/latam\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-GB\"},{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/insights.invyo.io\/latam\/fintech-corner\/get-ready-millennials-the-banking-transformation-is-here\/#primaryimage\",\"inLanguage\":\"en-GB\",\"url\":\"https:\/\/insights.invyo.io\/latam\/wp-content\/uploads\/2017\/06\/Techfoliance_wanap.jpg\",\"contentUrl\":\"https:\/\/insights.invyo.io\/latam\/wp-content\/uploads\/2017\/06\/Techfoliance_wanap.jpg\",\"width\":696,\"height\":522},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/insights.invyo.io\/latam\/fintech-corner\/get-ready-millennials-the-banking-transformation-is-here\/#webpage\",\"url\":\"https:\/\/insights.invyo.io\/latam\/fintech-corner\/get-ready-millennials-the-banking-transformation-is-here\/\",\"name\":\"Get ready \\\"millennials\\\", digital banking is coming! 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After studying Economics, Alan started his professional career at JP Morgan where he worked as an Analyst. Alan is involved in multiple organizations that promote financial inclusion in Argentina. He is a graduate of a Master in Economics at the Pontificia Universidad Cat\\u00f3lica Argentina.\",\"sameAs\":[\"http:\/\/front.com.ar\/\"],\"url\":\"https:\/\/insights.invyo.io\/latam\/author\/alanmc\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/insights.invyo.io\/latam\/fintech-corner\/get-ready-millennials-the-banking-transformation-is-here\/","og_locale":"en_GB","og_type":"article","og_title":"Get ready \"millennials\", digital banking is coming! - INVYO Insights LATAM : Media Fintech","og_description":"The Central Bank of Argentina recently granted Wanap, the first 100% online bank in the country, with a banking license. 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