Digital banking users grew and participated in the mass banking of 2020.
A survey by Akamai Technologies revealed that the number of digital banking users in Brazil more than doubled in 2020, according to a report by ES Hoje.
The study, commissioned by marketing agency Cantarino Brasileiro, heard more than 1,000 account holders from Brazilian banks and revealed that users have accounts at 2.3 institutions on average.
Besides, 43% of the interviewed are users of exclusively digital accounts. In 2019, the percentage of digital bank account holders was 18%. On the other hand, digital accounts are considered the main ones by only 14% of users.
Another revelation of the survey is that 75% of users say they feel secure with financial institutions, but ask for improvements in sectors such as cyber security and information security.
More than half of respondents say they research cases of security holes and data leaks for 1k Daily Profit review before opening accounts – especially in the case of digital banks – with 33% of them saying that information security is critical in making the decision to open an account with banking institutions. 43% say they don’t care about cases of leaks or security flaws.
Helder Ferrão, Akamai’s industry marketing manager for Latin America, says the offer of financial products has diversified, accelerated banking and expanded with initiatives like the Central Bank’s Pix:
„We know that today the offer of financial services is happening in many other types of institution and in more diverse formats. Today, there are many companies offering financial services (credit cards, prepaid cards, loans) that are not banks. See also the agenda of the Central Bank, which has not changed with the pandemic and has followed firmly in the implementation of PIX and continues the agenda for Open Banking. We see retail and digital portfolio companies that are ‚banking‘ an audience in a very fast and inclusive way“.
The survey also reveals that low fees are considered most important among digital banking users, with 68 percent of people heard accessing financial services through banking apps. Ferrão explains the sector’s expectations for 2021:
„A digital approach, better rates and security are some of the main expectations today for the Brazilian banking system’s customer. More interested in technological novelties and with a menu of options increasingly larger in the market, the Brazilian user is no longer afraid to change banks. Little by little, the boundaries between companies seen as digital or traditional will cease to exist“.
Among digital banks, the Brazilian consumer already has options that unite the cryptoesphere, with Bitcoin portfolio and other crypto currencies, with traditional financial services such as Zro Bank, Alter, Uzzo, Bancrypt and Nexo.