Banco Bradesco ,one of the largest banking and financial services firms in Brazil, views banking mobility solutions as a means to create business viable over time with more appeal for virtual services, Trabuco and other executives said at a conference with shareholders in São Paulo, Brazil. Chief Executive Officer Luiz Carlos Trabuco said “Banco Bradesco SA will consume three years improving existing banking technology platforms to attract juvenile consumers and stem potential competition from financial technology startups that are becoming more tempting”. Bradesco will target on obtaining the greatest amount savings possible from the annexation of HSBC Bank and Brasil Banco Múltiplo SA for the next three years, while modifying products enhanced by creative financial startups, acclaimed as fintech, to the platform of Bradesco.
The three-year duration that is about to begin will symbolize the revolution of a traditional banking player into one that embodies technology as a main progressive tool. His ideas highlight how the biggest Brazilian banks are searching to ride a wave which caught peers in more mature markets off-guard over the past decade. While fintech in Brazil serve as a very little part of banking services, growth in segments such as credit cards or consumer lending is developing swiftly. Bradesco and bigger private-sector rival Itaú Unibanco Holding SA adapted to fend off the competitive threat that fintech could pose in coming years than, for instance, state-controlled banks. Still, traditional, bulge-bracket lenders bear larger market risks, more oversight and ample fixed amounts like payroll or their subsidiary networks.