Fiserv Research Shows Brazilians Embracing Virtual Banks
Almost 20% of Brazilians now have their main account at an online-only bank, with
18- to 34-year-olds leading the way
Brookfield, Wis. and São Paulo, Brazil, January 2, 2020 —Thanks to advances in technology and changing consumer preferences, virtual banking is moving closer to the mainstream, with a 2019 survey revealing almost 20% of Brazilians now have their primary financial account at an online-only virtual bank.
The survey of 600 Brazilians, commissioned by global financial services technology provider Fiserv, Inc. (NASDAQ: FISV) and carried out by Toluna Insights, found that while 61% of consumers maintain their primary financial account with a large national bank, 18% have their primary account at a virtual bank. The percentage of virtual bankers topped the 11% of consumers who have their primary account at a regional bank.
The survey shows that virtual banks are most popular among consumers between the ages of 18 to 34, with 21% of consumers in that age range maintaining their primary account at a virtual bank.
The popularity of virtual banking underscores changing consumer preferences and a growing affinity for digital financial interactions in general. Regardless of where they bank, survey respondents overwhelmingly prefer to interact with their primary financial organization via mobile banking (43%) and online banking (25%), while traditional branch interactions were preferred by 16%.
“No matter where they bank, consumers increasingly expect experiences that are modern and intuitive,” said Rene Salazar, vice president, Bank Solutions, Latin America.
In many cases, financial institutions can learn from the fintech companies that are setting the bar for consumer digital experiences. Sometimes, this means collaboration, and sometimes it means deploying technology that can level the playing field, enabling digital financial experiences in line with today’s consumer expectations.
“With DigitalAccess from Fiserv, financial institutions can serve their customers more effectively, providing them an enriched online experience while remaining in complete control of their strategy,” said Salazar. “DigitalAccess enables a seamless customer experience across every device, from smartphones to tablets to laptops and desktops, helping to position our clients to compete effectively in an ever-changing digital world.”
Wisconsin-based Fiserv entered Brazil in 2009 and offers a range of award-winning, financial solutions that can be integrated into a pre-existing system or deployed as standalone solutions. DigitalAccess is a single solution for all online and mobile needs. It helps financial institutions deliver the full range of digital banking and payment services that today’s consumers demand — quickly, securely, and effectively.
In a world moving faster than ever before, Fiserv helps clients deliver solutions in step with the way people live and work today – financial services at the speed of life. Learn more at fiserv.com.
Fiserv, Inc. (NASDAQ: FISV) aspires to move money and information in a way that moves the world. As a global leader in payments and financial technology, the company helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and the Clover® cloud-based point-of-sale solution. Fiserv is a member of the S&P 500® Index and the FORTUNE® 500, and is among the FORTUNE Magazine World’s Most Admired Companies®. Visit fiserv.com and follow on social media for more information and the latest company news.
For more information contact:
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Sr. Manager, Public Relations
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