Digital banking’s new strategy to confront the ‘rate war’

Recently, Colombia has generated a very competitive environment in the financial system with the lowering of rates initiated by several banks, in a movement that for some has been seen as a “rate war”, while for others it is only the expected movement within a strategy against the slowdown and the need to encourage consumption in important sectors of the economy.

In the midst of all this, digital banking is also moving its pieces, although not to generate a “war”, but to make this market much more attractive for savers and not only invite them to save their money, but also to invest from institutions that are betting on virtuality.

This is the case of Lulo Bank, which this Friday – July 19 – announced its new market strategy, with which it is offering people the possibility of growing their money efficiently and without complications, after implementing several changes. in its services to maximize money growth and facilitate its financial management.

New legislature: what awaits Congress and the Government?

Santiago Covelli, CEO of Lulo, said that this time they aim to reach their users with new rates of profitability, growth and cashback benefits that make each digital peso and dollar grow more, which he described as positive if the context in which the country is living is taken into account.

Santiago Covelli – CEO of Lulo bank

Mauricio Moreno – CEET

“Lulo continues to change the way people relate to their money. Every day money is worth less, that is why at Lulo we build tools so that it not only maintains its value over time, but also grows” says Santiago Covelli, CEO of Lulo bank.

Prosecutors open preliminary investigation against Finance Minister Ricardo Bonilla

Covelli added that this financial ecosystem, made up of Lulo bank and Lulo X, was created to be a tool for social transformation through technology, ensuring that users’ money must grow and not disappear, through products that “generate security, trust and shared value for our users, transforming our base technology into benefits.”

Lulo Bank

Lulo Bank

The spokesperson for this firm added that one of the novelties is that now interested people will be able to save through a strategy pockets that will yield up to 13% profitability (annual cash), regardless of where the money is used.

What caused the computer blackout and how is the solution progressing, according to Microsoft

“It can be used for trips or large purchases, with no restrictions or time limits. Here, users’ money grows significantly, ensuring that each peso invested yields the maximum,” explained Covelli, who also said that this program goes hand in hand with a financing system designed to reward saving and investing.

“You only need your ID, without the need for co-signers or complicated procedures. In a matter of minutes, users can access the financing they need for up to 50 million to fulfill their dreams and goals, with the confidence and security that only Lulo can offer,” he stressed.

The dollar’s upward trend continues and it could close the week above $4,000

On the other hand, Lulo indicated that now its users will be able to enjoy a new 3% cashback on purchases made in restaurants on Tuesdays and Thursdays with the Lulo Debit Card, in addition to an already established 0.5% cashback on all purchases.

Santiago Covelli – CEO of Lulo bank

Mauricio Moreno – CEET

This benefit, according to Covelli, not only encourages the continued use of Lulo’s financial services, but also rewards the loyalty of its customers. In this way, each transaction becomes an opportunity to receive money back, improving the financial experience of users and thus contributing to the reactivation of the economy.