Brazilian Banking Digital Transactions Soar As Milestone Reached

The number of digital banking transactions in Brazil last year reached nearly 19 billion.

New research from Federação Brasileira de Bancos (FEBRABAN) showed that the country’s banking industry reached a key milestone with more digital banking transactions than traditional transactions. Digital gained a 52% share of the market, representing a total of 18.6 billion individual transactions.

The report also revealed that of those transactions, most were non-financial in nature (not involving the transfer of funds for example). Only 18% were related to financial transactions.

Furthermore, a report by Bain & Company discovered that the majority of banking customers in Brazil (some 66%) now use their computer for what are regarded as routine transactions. Other figures suggested that bank sites, in January alone, recorded nearly 27.9 million unique visitors.

Mobile banking is also on the rise in Brazil, although experts don’t expect users to be mobile-only in the near to medium future. In 2014, another survey showed that 51.5% of Brazilian smartphone users gained access to their bank account on both computers and smartphones. Yet only just over 4% used only their smartphone. What’s more, banking apps for smartphones are currently not that popular with Brazilian users, with just over 1% saying that they were within their top three choices.

One of the main reasons for the low take-up of mobile bank apps is a fear of security says online security company Symantec. A recent survey by them showed that 69% of Brazilian smartphone users have concerns that financial and personal information could be stolen during the use of a mobile online transaction.

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Reference: eMarketer

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