Banco Bradesco SA's digital banking arm, Next, reached 150,000 customers within seven months of its launch and hopes to grow that number to at least 500,000 by the end of 2018, Valor Econômico reported.

Meanwhile, the bank has registered 1.3 million downloads of the Next application, with around 55% of these representing an account being opened, Bradesco Vice President Mauricio Minas reportedly said. He hopes to bring that statistic to around 90%.

Speaking at an event for Brazil's banking association Febraban, the executive said Bradesco's strategy is to offer the application without cost to clients, counting instead on fees for banking products and investments.