Year: 2020

Winner: Banco Bradesco

Banco Bradesco is synonymous with innovation

It is increasingly difficult to keep track of the innovative changes underway at Brazil’s Banco Bradesco.

If a customer is looking for an online mortgage, investment platform or even an account designed specifically for children Bradesco is the go-to bank.

Bradesco partnered with the OLX Group, which operates an online marketplace, to create a fully digital mortgage services offering. It ranges from credit analysis to contact signing.

It rolled out Agora, a digital service for customers to create an online portfolio that allows them to start investing. In conjunction with Disney World, it launched Next Joy, an account for kids under the age of 17. The fee-less account is part of a long-term financial education strategy.

If this were not enough to earn Bradesco the Bank of Year award in Brazil, there is Brain, the bank’s business intelligence program that designs and operates credit products. Brain maps real-time events and responds with products tailored to each client.

For customers searching the internet to buy a car, for example, Brain can provide an instant personalized quote. The same is true for customers needing to withdraw or transfer funds and suddenly realizing they do not have the cash immediately available. Brain can provide an immediate loan to cover the gap.

“We see opportunities emerging from partnerships and new ecosystems, collaboration with partners from other businesses to create an end-to-end journey for customers,” said André Cano, Bradesco’s vice president.

The bank also went the extra mile when the pandemic hit, with a host of options for customers.

“The objective of Bradesco is to let clients breathe in this moment of crisis, allowing them to rearrange their accounts under sustainable conditions,” said Cano.

The bank created new credit alternatives on its app and web site. These include extending loan installments, offering financial reorganization, payroll financing, and emergency lines of working capital for micro, small and medium-sized enterprises, through programs with government subsidies.

Cano said that while the bank has been responding to advances in technology the pandemic accelerated the way customers are adapting to changes.

“We have noticed changes in overall societal behavior. People have started to interact more with technologies, which is illustrated in the increase of transactions though digital channels and e-commerce operations. Digital preparedness and resilience were critical during this period,” said Cano.

He said that changes in behavior, combined with progress being made with 5G technology and blockchain, are leading to new solutions every day.