With 300 thousand new accounts opened during Q3, digital bank Next, a subsidiary of the Brazilian private bank Bradesco, has just reached the milestone of 1.4 million clients. And the goal is to add as much as 2 million by the end of 2019.
One of the biggest banking and financial services companies in Brazil, Bradesco has decided to create Next in order to target the millennial and Gen Z audience, due to their highly connected behavior. Almost 80% of users are in the range of 18 to 34 years old and 79% were not in Bradesco’s customer base before.
“In this Q3, there were 105 million transactions, 27% more than in the previous quarter, which proves that besides being in a solid and consistent process of customer base expansion, we are making them increasingly engaged with Next. It is worth mentioning the 41% growth in the volume of debit card transactions and 34% in the credit card transactions when compared to Q2,” stated Bradesco according to information from Brazilian media outlet Valor Econômico.
Next, alongside Nubank, Banco Inter, Banco Original, and Neon are among the Brazilian digital banks that have been pushing the digital transformation in a financial system that, not long ago, was ruled only by a few traditional players.