Brazilian consumers are evolving their mobile banking use, with consumers undertaking more sophisticated transactions through the channel, according to a new study.
According to the 27th edition of the annual Banking Technology Survey carried out by the Brazilian Banking Federation (FEBRABAN), the number of bank transactions made by the mobile phone in 2018 grew 24 percent over the previous year.
Mobile apps became the preferred channel for Brazilians to handle their banking affairs beyond simply checking statements, with the number of transactions performed through that channel including a financial element - such as money transfers - up by almost 80 percent in 2018.
According to the study, the increase was prompted by the growth in bills that can be paid through that channel - some 1,6 billion bills were paid in Brazil via mobile devices in 2019. Money transfers across bank accounts via smartphones reached 862 million last year, up 119 percent.
Brazilians are also using the mobile channel for operations such as loan applications: some 359 million loan applications were made through smartphones in Brazil in 2018, an increase of 60 percent over the previous year.
According to the FEBRABAN study, the developments are a result of the practicality, security and convenience offered by the channel, which accounted for 40 percent of all banking operations carried out last year in Brazil.
By comparison, mobile banking accounted for only 10 percent of operations in 2014.
Appetite for digital banking services in Brazil is way superior to the rest of the world, with consumers in the Latin country demanding a consistent experience across different service channels, according to a separate study by Deloitte.
The percentage of Brazilian banking users that are actively looking for new digital offerings, is 51 percent, compared to a global average of 28 percent.
There is a clear opportunity for companies providing better services, as the satisfaction level of Brazilian banking users in relation to the rest of the world is lower, with 53 percent of those polled by Deloitte saying they are happy with the services their bank offers, versus 63 percent globally.