»    »  Retail Banking Country Snapshot: Brazil 2016

Retail Banking Country Snapshot: Brazil 2016

Published OnDec, 2016
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The Brazilian banking sector is highly consolidated, with a handful of large banks controlling a significant market share. Product ownership rates are high, particularly for current and savings accounts. Both younger and older age groups use branches often. Internet penetration in Brazil is low, and hence providers need to maintain a multi-channel approach or focus on specific geographical areas in the country. Consumers are generally conservative in their choice of provider, with a bias towards those with which they have an existing relationship. With new regulations being introduced by the Central Bank of Brazil, the market has opened up to new entrants to encourage greater competition within the sector.

Key Findings
- The top three banks hold 70% of the market. Two of the top three providers (Banco do Brasil and Itaś) have both recorded notable increases over the last 12 months, while Caixa Economica Federal saw its market share decline over the same period. New entrants such as NuBank and Banco Original have all launched their current account propositions. Competition has boosted customer mobility and made it easier for new entrants to acquire customers.

- Branch and online dominate channel usage in the Brazil. The next step for banks is to upgrade their digital channels with chatbots and other functionality to help with query resolution. Overall, online is the preferred channel and satisfaction with mobile is
Table of Contents

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