- More Argentine companies banked and digitized in 2023
- The average number of bank accounts per company rose to 8
The Interbanking Index – which analyzes the second half of 2023 – reveals sustained growth in the banking and digitization of the Argentine corporate sector.
This data may seem contradictory; but in reality, it reflects that, despite not having dominated inflation and other key economic issues, the past year was a time of growth for many companies in Argentina.
Interbanking is a leading B2B digital service for corporate financial solutions. The Interbanking Index analyzes the behavior of the corporate sector in the financial system and is based on a statistical model that considers more than 20 variables; this market study is prepared every six months in Argentina. According to the data revealed by the report:
- Around 11,000 new companies banked in the second half of 2023, 3.9% more than in the same period of the previous year.
- There was a 5.8% increase in the number of accounts per company, with an average of 8 accounts per company.
- In total, there are almost 4.8 million bank accounts associated with 530,973 companies.
- There is a 62% growth in the number of banked companies since 2019.
On the other hand, it also adds an analysis of B2B transfers:
- 73 million electronic transfers between companies were processed by Interbanking in the second half of 2023, 9% more than in the same period of 2022.
- Companies operated for a total equivalent to 275 million dollars, led by the manufacturing industry.
- The sectors that increased their transferred amounts the most were financial intermediation (215%), information and communication services (193%) and transportation and storage services (192%).
A significant detail is that there was growth in the cultural industry segment:
- There is a 3.3% increase in the number of companies in the artistic, cultural, sports and entertainment services sector that opened bank accounts. This is an upward trend that has been observed since the reopening of activities after the pandemic.
The Northwest Argentine region is the fastest-growing
In terms of geographical distribution, this index registered a 7.1% growth in the number of new banked companies in the Northwest region of Argentina (Tucumán, Salta, Jujuy, Catamarca, La Rioja and Santiago del Estero), and a 221% increase in the amount transferred in the region, mainly driven by Tucumán (317%) and Salta (216%).
Interbanking is a digital ecosystem for companies, leader in digital treasury, which connects more than 213 thousand companies and entities with all the banks in the country.