In an effort to cut costs, large Brazilian banks like Banco do Brasil SA, Banco Bradesco SA and Itaú Unibanco Holding SA are working to migrate thousands of their clients to fully digital platforms, O Globo reported.
Both Itaú and Bradesco reportedly have each migrated 100,000 account holders to their respective digital platforms. Bradesco hopes to have some 300,000 clients shifted by year-end. Banco do Brasil, meanwhile, is looking to bring 1.8 million clients to a digital platform launched in November 2016, with some 350,000 already having moved over.
According to João Augusto Salles, an economist at consulting firm Lopes Filho, large banks accelerated their digital approach amid the launch of Banco Original SA in early 2016 and several Fintechs in the Brazilian market, the Jan. 22 publication noted.