Brazilian banking network
Brazil is the country with the highest number of bank branches in Latin America, amounting to more than 21 thousand in 2017. However, in terms of accessibility, the South American country lags behind some regional counterparts. In that year, the density of bank branches in Brazil reached only 2.5 per 1,000 square kilometers; in comparison to 6.5 bank branches per 1,000 square kilometers in Mexico, or five branches per 1,000 square kilometers in Colombia.
Online banking in Brazil
With the use of financial technology increasing around the world, online banking is becoming ever more popular, and the Brazilian market is no exception. The number of mobile banking services in the country has shown significant growth rates between 2016 and 2019. In addition, the use of banking apps is spreading and taking over simple financial transactions like payments and transfers. However, there is still some skepticism about the use of these apps. One of the main reasons is that bank customers still prefer to go to physical branches to perform banking transactions.