Consumer opinions on traditional and neobanks in Brazil 2022

According to a survey carried out in April 2022, respondents in Brazil generally have a positive attitude towards online banks for a variety of reasons. 67 percent of the respondents agreed that online banks have a better digital user experience, while 63 percent of the respondents said that they prefer online banks over traditional banks because of the lower fees. Based on the survey, common reasons for not using online banks include worrying about how to deposit cash into them and managing finances online, as well as mistrust over the usage of personal data. Nevertheless, with traditional banks closing, 64 percent of the respondents would consider switching to an online bank.