92% of Brazilians are willing to purchase banking products online

A survey conducted by FICO presents the new consumer banking habits and their preferred virtual tools for ID check

combating-fraud-and-the-state-of-banking-technologies-in-brazil-labs-ebanx

13.Jun.2020 15:23 BRT
UPDATED 15:25 BRT

During the pandemic, images of long lines in banks are a constant in Brazilian news. But a study by FICO, a predictive analytics software firm, found that, if given the option, most Brazilians are already confident to do banking transactions without leaving home: 92% of respondents are willing to buy banking products online. The preferred channels are the bank’s app (43%) and its website (28%).

Brazilians have a preference for hiring two online banking products: a checking account (83%) and a credit card (80%). Loan applications have lower adhesion (41%) on the web, with consumers preferring going to a bank branch when looking for it.

Within this context, ID verification tools are gaining more relevance, with consumers expecting to scan documents and take selfies as steps to be able to make these purchases over the internet. The preferred methods are proof of identity (79%), proof of residence (72%) and biometric registration (57%) – if another option is presented, 17% quit the service and 19% look for another bank.

“The results of the FICO survey indicate the new habits of Brazilians in relation to financial institutions and the consumption of their products and services. It is increasingly evident the preference for online solutions to issues that were previously resolved only at branches. And this brings great challenges and opportunities for banks, which must adapt their virtual service structure so that consumers can open their accounts more safely and quickly. Technologies that facilitate proof of identity, such as analytical machine learning, will be increasingly important within this new reality “, says Alexandre Nardy, Fraud Consultant at FICO.