Brazil Retail Banking Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

The Retail Banking Market in Brazil is segmented by Product (Transactional Accounts, Savings Accounts, Debit Cards, Credit Cards, Loans, and Other Products) and Channel (Direct Sales and Distributor). The report offers market size and forecasts for Brazil Retail Banking Market in value (USD Million) for all the above segments.

Brazil Retail Banking Market Size

Brazil Retail Banking Market Summary
Study Period: 2019-2028
CAGR: 7 %

Major Players

Brazil Retail Banking Market Major Players

*Disclaimer: Major Players sorted in no particular order


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Brazil Retail Banking Market Analysis

Brazil Retail Banking Market has generated a revenue of USD 400 billion in the current year and is poised to achieve a CAGR of 7% for the forecast period.

Retail banking or consumer banking, is the provision of services such as savings accounts, transactional accounts, mortgages, debit and credit cards, and others, provided by banking institutions to the general population. The COVID-19 pandemic accelerated the use of technology in the Brazilian financial system. This trend is growing through the years and will also continue to grow in 2023 as part of the government’s plan to boost competition in the banking industry and support fintech development.

Online banking has improved the penetration rate of banking services in Brazil. With increasing internet access, people can perform financial transactions on their mobile devices. This initiative has been prioritized to bring the financial system closer to the population. Retail banking is less sensitive to price competition, exhibiting considerably higher returns than corporate banking. Brazil has the highest representation of digital adventurers in banking compared to the global average. In recent years, Brazil observed low housing loan penetration and a very low level of household debt.

Brazil Retail Banking Industry Segmentation

The scope of the report includes a complete background analysis of the Brazilian retail banking market, an assessment of the parent market, emerging trends by segment and region, significant changes in market dynamics, and a market overview. The Retail Banking Market in Brazil is segmented by Product (Transactional Accounts, Savings Accounts, Debit Cards, Credit Cards, Loans, and Other Products) and Channel (Direct Sales and Distributor). The report offers market size and forecasts for Brazil Retail Banking Market in value (USD Million) for all the above segments.

By Product
Transactional Accounts
Savings Accounts
Debit Cards
Credit Cards
Other Products
By Channel
Direct Sales

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Brazil Retail Banking Market Trends

This section covers the major market trends shaping the Brazil Retail Banking Market according to our research experts:

Digital Payments Are Driving a Profound Change in Brazil's Banking Sector

Digital payments are causing a seismic shift in Brazil's banking sector. Over the last decade, a silent revolution in Brazil has resulted in increased competition, greater financial inclusion, and lower banking fees. The explosion of digital payments in Brazil has resulted in the development of an innovative financial ecosystem that benefits ordinary people. This advancement is the result of a combination of changes to the payments regulatory framework, extensive use of technology, entrepreneurship, and a focus on developing products that meet the needs of Brazilian customers.

Brazil Retail Banking Market : Transaction Values of Digital Payments in Brazil, In USD Billions, 2017-2022

Open Banking in Brazil is Driving the Market

Open Banking and Open Finance were adopted in Brazil through four stages. Phase 3 involved payment transaction initiators starting Pix transactions, the Brazilian immediate payment system, and Phase 4 saw the launch of Open Finance.

In order to facilitate the development of cutting-edge new services, Open Banking enables banks to securely share customer data with third parties on a consent-driven basis. The next step is called "Open Finance," which opens up the possibility of data sharing for the mortgage, savings, pension, insurance, and other industries.

Statistics from the Central Bank of Brazil show the ecosystem has now processed a total of 8.5 million customer data-sharing consents. There are an average of 286 million API calls per week - amounting to more than five billion API calls since April 1, 2022. Brazil has over 5.6 million Open Finance customers and more than 800 participating institutions.

Open banking is a positive initiative that encourages innovation and brings greater convenience and a better customer experience with financial services. It also tends to intensify customer value propositions with new products and services. Several experts anticipate the transparent sharing of client data to boost competition and reduce the interest rates that banks charge their customers.

Brazil Retail Banking Market : Share Of Internet Users Who Conducted Financial Consultations, Payments Or Other Transactions Online In Brazil From 2017 To 2022

Brazil Retail Banking Industry Overview

The report covers major players operating in the Brazilian retail market industry like Caixa Economica Federal, Banco do Brasil, Itau Unibanco Holding, Banco Bradesco, and Santander Brasi, among others. In terms of market share, few major players currently dominate the market. However, with technological advancements and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and tapping new markets.

Brazil Retail Banking Market Leaders

  1. Caixa Economica Federal

  2. Banco do Brasil

  3. Itau Unibanco Holding

  4. Banco Bradesco

  5. Santander Brasil

*Disclaimer: Major Players sorted in no particular order


Brazil Retail Banking Market News

  • May 2022: CAIXA inaugurated a new unit in Rio das Ostras (RJ). Located at Rodovia Amaral Peixoto, 4170, Balneário Remanso Rio das Ostras -RJ, the unit will offer the entire portfolio of CAIXA products and services and operate the social programs of the federal government.
  • May 2022: CAIXA inaugurates a new unit in Alenquer (PA). Located at Rua João Ferreira S/N, Centro, the unit will provide relationship customers with a complete service of CAIXA's portfolio of products and services.
  • March 2022: CAIXA inaugurated new facilities in the Ariquemes (RO) branch located in the municipality of the same name, in Rondônia. The unit offers the entire portfolio of CAIXA products and services, in addition to operating the Federal Government's social programs.
  • March 2022 - Banco do Brasil reopened the CDC Anticipation IRPF with attractive interest rates, which vary according to the client's profile, starting at 1.99% per month. BB customers can advance up to 100% of the Individual Income Tax refund amount, up to a limit of BRL 20 thousand.
  • March 2022 - Itaú Unibanco inaugurated a center for specialized service for corporate clients in the West Zone of São Paulo (SP), especially small and medium enterprises. It is the sixth hub opened by the bank, and the first in São Paulo, with a new service model for customers in the segment. Itaú Empresas, as part of Itaú's Retail Transformation project, is located in the Pinheiros neighborhood. By April, the bank will have 15 units in different regions of the country.

Brazil Retail Banking Market Report - Table of Contents


    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study




    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Other Key Market Trends and Key Performance Indicators of Retail Banking Space in Brazil

    5. 4.5 Porter's Five Forces Analysis

    6. 4.6 Impact of Government Regulations on the Market

    7. 4.7 Impact of Fintech and Other Technologies on the Market

    8. 4.8 Impact of COVID-19 on the Market


    1. 5.1 By Product

      1. 5.1.1 Transactional Accounts

      2. 5.1.2 Savings Accounts

      3. 5.1.3 Debit Cards

      4. 5.1.4 Credit Cards

      5. 5.1.5 Loans

      6. 5.1.6 Other Products

    2. 5.2 By Channel

      1. 5.2.1 Direct Sales

      2. 5.2.2 Distributor


    1. 6.1 Banco do Brasil

    2. 6.2 Itau Unibanco Holding

    3. 6.3 Caixa Economica Federal

    4. 6.4 Banco Bradesco

    5. 6.5 Santander Brasil

    6. 6.6 BNP Paribas

    7. 6.7 BTG Pactual

    8. 6.8 Banco Votorantim

    9. 6.9 JP Morgan

    10. 6.10 Banrisul *



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Brazil Retail Banking Market Research FAQs

The Brazil Retail Banking Market is studied from 2019 - 2028.

The Brazil Retail Banking Market is growing at a CAGR of 7% over the next 5 years.

Caixa Economica Federal, Banco do Brasil, Itau Unibanco Holding, Banco Bradesco, Santander Brasil are the major companies operating in Brazil Retail Banking Market.

Brazil Retail Banking Industry Report

Statistics for the 2023 Brazil Retail Banking market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Brazil Retail Banking analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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