Lower fees, fee waivers and simplified credit approval. With this model, digital banks and fintechs have expanded the banking experience of Brazilians.
In 2013, approximately 134 million people were part of the National Financial System. According to the Central Bank, the number jumped to around 181 million users last year.
Of these, it is estimated that 67 million (37%) have a digital bank account, according to a study by Zetta, an entity that represents digital financial services companies, including Nubank and Mercado Pago.
Access to credit cards jumped from 43% to 51% of the population, according to the IBGE (Brazilian Institute of Geography and Statistics).
“The fact that fintechs, from the beginning, exempt their customers from credit card annuity generated greater competitiveness, which benefits society in general”, says Bruno Magrani, president of Zetta.
Savings for customers in exemption from fees was BRL 60 billion in 2021 for the sum of the 24 associates.
But traditional banks have also invested heavily in digital channels. Research by Febraban (federation of banks) shows that the technology budget should reach R$ 35.5 billion in 2022, 18% more than last year. The priorities are cybersecurity, artificial intelligence, 5G and big data, among others.
In the insurance market, digitalization creates opportunities for companies to customize products and increase their customer base, according to a study by Capco, a global management and technology consultancy.
In addition, Susep, the insurance market regulator, is advancing with open insurance, which should be integrated with open banking. The impact is expected to be felt from 2024 onwards.
INSURER: PORTO
Brand has WhatsApp assistance and subscription service
On the verge of turning 80 and with an eye on personalizing services, Porto —considered the best insurance company on the internet according to a Datafolha survey, with 6% of mentions—has intensified investments in digital transformation and launched products.
One of the novelties is the subscription car insurance, Azul Seguro Auto. Designed for vehicles up to R$60,000, it is 100% digital and costs up to 40% less.
“The difference is that the insured can suspend the contracting of the plan without a cancellation fee and return at any time”, says Luiz Arruda, vice president of marketing, customers and data at Porto.
Due to its ease, WhatsApp already represents 40% of assistance calls from Porto policyholders, with 47 million calls between January and May. Sales through digital channels also grew 20% in the period.
In the survey, Porto obtained the best results among the most educated (11%), the richest (19% in the range between 5 and 10 minimum wages and 13% above this range) and residents of the Southeast (11%), the region that hosts important marketing actions in 2022.
The Datafolha survey shows that 82% of respondents were unable to cite any insurer as the best on the internet — a figure that rises to 90% among the youngest.
HARBOR
6% of the mentions
Foundation
[1945
Thirst
Sao Paulo-SP)
website users
2.3 million online
users of app
300 thousand per month
digital channels
website, COL (Online Broker), app and social networks such as Instagram
It is important to use technology in the quest to improve the experience. Today, 40% of our calls for vehicular and/or home services are made by WhatsApp and, through the app, the customer has access to all information about their products. This facilitates communication and brings us closer to consumers, making the relationship more dynamic.
BANK: NUBANK
With online operations, the institution expands its performance front
The pandemic has accelerated the adoption of digital financial services. To meet this demand, 9 out of 10 banks decided to leverage online channels as the main means of relationship. This is what the 2022 Banking Technology survey promoted by Febraban shows.
On the other hand, banks that were born 100% digital are in another phase, precisely expanding their operations to business fronts that were dominated by more traditional institutions.
This is the case of Nubank, considered the best bank on the internet in the Datafolha survey, with 18% of mentions. Publicly traded on the New York Stock Exchange, in December, the financial institution became the most valuable in Latin America, valued at more than US$ 41.5 billion.
Six months later, stocks were down, but first-quarter revenue hit a record ($877.2 million) and grew more than 200% over the same period last year. “The first quarter of 2022 can be considered the best in the history of Nubank”, says Cristina Junqueira, CEO and co-founder of the company.
The digital bank recently launched a platform for purchasing cryptocurrencies, NuCripto, and launched Nu Tap, a payment solution that allows PJ customers (legal entities) to make card sales directly from the mobile application, without needing a machine.
With almost 60 million customers in Latin America, digital banking was the most cited among the most educated (24%) and youngest (33%) in the Datafolha survey. Caixa, with 13% of the mentions, Banco do Brasil (12%) and Itaú (12%) were also mentioned.
NUBANK
18% of the mentions
Foundation
2013
Thirst
Sao Paulo-SP)
website users
about 60 million
users of app
300 thousand per month
digital channels
website, app and social networks like Facebook
For us, every consumer is digital. We always knew that this digitalization would come, we were born digital and today we are well positioned, reaching the majority of Brazilians Cristina Junqueira
I have over 8 years of experience in the news industry. I have worked for various news websites and have also written for a few news agencies. I mostly cover healthcare news, but I am also interested in other topics such as politics, business, and entertainment. In my free time, I enjoy writing fiction and spending time with my family and friends.
