Nubank (NYSE: NU) has reached 100 million customers in Brazil, a number that represents 57% of the adult population in the country.
In May of this year, Nu had reportedly reached this milestone internationall.
According to Livia Chanes, CEO of Nubank in Brazil, this achievement reflects the focus on the customer and the use of technology to build an efficient and low-cost operational platform.
The executive further emphasizes that the milestone represents just the beginning for Nu, which “launched its first product 11 years ago.”
Since its foundation, Nubank has sought to simplify the “financial lives of its customers.”
With a growth of more than 1 million new Brazilians per month, the expansion was accompanied by important launches, such “as credit card, account, business account, Ultravioleta, NuPay, account for Under-18, Caixinhas (Money Bpxes), Payroll Loans, Nu+ and Nu Travel.”
After expanding the portfolio, gaining “prominence,” and creating a positive impact on customers’ financial lives, Nubank is beginning the transition to become a “complete digital services platform.”
Part of this ecosystem reportedly includes Shopping do Nu, Nu Viagens, and, more recently, NuCel.
As covered last month, Nubank noted that during the past decade, the digitalization and democratization of access to financial services have transformed how people interact with money and institutions.
Nubank pointed out in its latest update that although in the past, people used in-person means to pay bills (bank branches – 33% and ATMs – 32%) and “check balances (bank branches – 25% and ATMs – 39%), today 66% of Brazilians use financial apps as the primary means for these services.”
These data are part of the study “The New Relationship with Money,” conducted by the Ipsos Institute at the request of Nubank, “involving 1,800 participants from generations Z, Millennials, X, and Baby Boomers in Brazil, Colombia, and Mexico.”
Generation Z, consisting of consumers aged 18 to 251, is said to “lead the wave of abandoning non-digital services.”
One in four young individuals in this age group has “never made a deposit at an ATM, and 14% have never withdrawn cash from these machines.”
The major consensus among all generations is “the use of Pix, which is the most frequently used service.”
On average, three out of four respondents “regularly perform transactions via Pix.”
The main source of financial education for “approximately 4 in 10 respondents is financial institutions’ websites or apps.”
Next, in the three countries mapped, the priority sources of information on the topic are digital content “dedicated to the topic, such as social media (30%), websites specialized in financial education (29%), and news websites and blogs (25%).”
In Brazil, the figure of the bank manager “represents only the fifth option as a reference in the search for information.”
