The BCRA has approved today a regulation with a view to continuing advocating access to bank services and financial inclusion. Now savings accounts may be opened electronically, without going to a bank branch.
Thus, banks may carry out customer onboarding through any technology that may replace a person’s physical presence, such as interaction through mobile phones, computers or other devices. Identity may be validated through several mechanisms, such as systems for face recognition or national identity document (DNI) recognition, or teleconferences, just to mention a few.
This regulation is based on the experience of countries such as Mexico, Spain, Brazil or Paraguay, where the opening of bank accounts through electronic devices—for instance, mobile phones—has boosted banking levels, making procedures easier and reducing costs.
Along this year, the BCRA provided that all savings accounts—and the relevant debit cards—should be free of charge for natural persons. Likewise, it decided that electronic transfers—regardless of the amount—should be free of charge. In addition, bank accounts or credit cards may be closed or cancelled out through electronic means. This contributes to promoting competitiveness in the banking sector as it is now easier for customers to migrate among financial institutions.
All the above provisions will contribute towards the development of a more dynamic, transparent and competitive financial system that may boost financial inclusion in such sectors of the population that have been excluded so far. Leveraging on new technologies, especially bearing in mind the widespread use of mobile phones in Argentina, will streamline access to banking services, as evidenced worldwide.
