Brazil is expected to see a 229 percent increase in the number of entirely digital bank accounts by the end of 2017, recent research suggests.
There are currently 1 million online bank accounts in the country and the number is expected to reach 3.3 million by year end, according to the Brazilian Banking Federation (FEBRABAN).
Banking organizations remain unscathed in Brazil when it comes to IT investment, according to the trade body.
Banks represent 14 percent of all IT investment in the country, with 18.6 billion reais ($ 5.8 billion) invested in 2016.
According to FEBRABAN investment levels in banking technology remained the same compared to 2015 despite the economic instability seen in Brazil over the last few years.
"Facing these challenges demanded a lot of innovation power from banks within their business offerings. This is proven by the levels of investment seen last year," said FEBRABAN president Murilo Portugal.
"Brazil has always taken advantage of tough times. At the end of this challenging period, I am sure that Brazil will be stronger than before and banks will be a crucial part of that recovery," Portugal added.