Technology

Brazil is the most open country to digital banks, shows survey

One out of four Brazilians already uses banks and fintechs, shows survey held by Fujitsu and commissioned by Valor Investe

  • Although 64% of Brazilian respondents prefer to conduct bank transactions with traditional banks, 27% already manage their finances combining traditional and digital banking;
  • The survey interviewed 22,640 customers worldwide and 2,000 in Brazil;
  • Brazilians are more open to using digital banking services than any other country interviewed, ahead of Australia, Canada, Germany, Japan, Mexico, New Zealand, Finland, Ireland, Spain, United Kingdom and the United States.

A survey held by the ICT company Fujitsu and commissioned by Brazilian news outlet Valor Investe revealed that one out of four Brazilians already uses banks and fintechs. Although most of them prefer to conduct bank transactions with traditional banks (64%), 27% of respondents already manage their finances combining traditional and digital banking.

The survey, which interviewed 22,640 customers worldwide and 2,000 in Brazil, found that a positive digital experience and good online services are crucial points for customers when it comes to choosing a bank.

Brazilians are more open to using digital banking services than any other country interviewed, ahead of Australia, Canada, Germany, Japan, Mexico, New Zealand, Finland, Ireland, Spain, United Kingdom and the United States.

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The youngest are the most adept at new solutions: 27% of respondents between 16 and 24 years old and 33% between 25 and 34 years old said that they intend to use only digital institutions in up to five years. The global average is 16%.

The sense of stability that traditional banks convey, however, is still a barrier for customers to migrate for good. “This means that digital institutions should be concerned with having solid infrastructures, supported by security and transparency, to reassure consumers about their longevity”, points out the report.

The vast majority of respondents (85%) say that their banking experience is better today than it was five years ago. And nine out of ten are optimistic, believing that the experience will only improve in the coming years. Four out of five want banks to be more innovative – and the same proportion says that access to good digital services determines where they remain as customers.

Despite this, 74% of Brazilians say they are impressed with the amount of banking solutions currently available on the market, adding that, sometimes, they get confused with so much information.

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“Perhaps as a way to get around this mess, a similar number (70%) say that in five years, they plan to interact with just one financial service provider, instead of managing multiple accounts with several banks,” Fujitsu proposes.

Brazilians’ confidence in banking institutions is considered high. Among those who answered the survey, 61% say they trust their bank now more than five years ago.

In contrast, 66% of people show concern about the relationship between the increased use of new technologies and the exposure of personal data. According to the study, more than half of Brazilians (57%) say that insecurity about this information may be a reason that will make them stop joining digital banks in the future.

“From this information, it is evident that, despite wanting for advanced and innovative digital services and trusting their banks, Brazilians remain attentive to how these financial institutions are guaranteeing the confidentiality and security of their information. It is a point that should receive special attention from providers of this type of service,” says Alex Takaoka, Sales Director at Fujitsu do Brasil.