The Rise of Digital Banks in Brazil

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The great growth of fintechs in Brazil has been followed more and more closely by the main investors from all over the world, especially when it comes to digital banks in Brazil.

The electronic magazine spglobal.com reports the boom that financial technology is facing, with the large number of startups emerging as an alternative to the big banks.

These companies have won over the public, especially the younger population, raising concerns for the big banks that dominate the market.

In response to the growth of digital banks in use in Brazil, the big banks are finding ways to update themselves and match this new digital demand.

An example of this is Bradesco, which is one of the main banks in the country, and in an alternative to adapt to this new digital fever, created an option of fully digital bank named Next.

In 2018 Forbes magazine published an article about, Next digital bank, showing  how it stands out in this growing market as a digital and modern arm of Banco Bradesco.

As a result, they saw the opportunity to win over 58 million Brazilians aged 18 to 35 years.

And according to the forbes article, 45 million of them are economically active and prefer online payment methods.

The difference between commun banks and Digital banks

The large banks common to the general public, despite offering the option of large cash withdrawals and face-to-face negotiations with their managers, fall short of points such as excessive fees and bureaucracy.

A digital bank is accessed 100% online, making transactions less bureaucratic and without the need for a physical agency to which customers need to go.

With a digital bank, it is possible to access the account through a mobile app, which allows you to make bank transactions, make payments, transfers and buy digital products.

The great differential that attracts the public to digital banks in Brazil is the exemption from fees and the ease of applying credit.

However, some digital banks stand out more than others in terms of facilities, features and technology. 

See for yourself a list of the best banks published by Forbes Brasil magazine.

Successful digital banks in Brazil by Forbes magazine

Forbes magazine recently announced the best digital banks Brazil in 2020 and surprisingly the top first on the list are exclusively digital bank fintechs.

The big winner of this ranking was the startup Nubank, which has grown more than 200% since 2018 and has won several awards.

Like the prize for the best financial institutions in the world in the ranking of Best Banks in the World in 2019, for instance.

Check out the complete ranking by Forbes Brazil, in which digital banks outperform other banks:

  • 1° place –  Nubank
  • 2° place –  Inter
  • 3° place – Neon
  • 4° place – PagBank
  • 5° place – Next
  • 6° place – Itaú Unibanco
  • 7° place – Caixa Econômica
  • 8° place – Original
  • 9° place – Santander
  • 10° place – Bradesco

Both in Brazil and in the world, digital payment methods have become increasingly technological, highlighting the companies that most innovate with the best payment technologies, which explains the rise of digital banks in Brazil.

In addition, the digital payment options that most qualify and innovate in technology stand out in the market. Learn about our solutions.

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