Awards for Excellence 2019
Digital banking brings opportunities – especially so for startups. Unencumbered by bricks and mortar branches – as well other fixed costs associated with the traditional banks – many purely digital firms have achieved impressive growth.
Bradesco’s Next, this year’s best digital bank, shows what can be achieved when the traditional banks give their digital banks free rein. Under the leadership of chief executive Octavio de Lazari, Bradesco has allowed its bank to push aggressively for organic growth.
And it has worked. Next has been adding around 8,000 account holders a day, is approaching one million customers and currently processes more than 1.3 million transactions every day.
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| Octavio de Lazari |
In a resounding justification for the digital strategy, approximately 80% of those new customers were not previously Bradesco clients. The bank expects that Next will have two million customers by the end of this year and be opening 10,000 accounts per day.
Growth has been so rapid that Bradesco is studying strategies to best realize the value of Next – either through an IPO or a strategic partnership with a technology partner.