Business

Santander Brazil is launching new services to tackle fintech competition

The bank announced new services in a press conference for showing quarter results

  • Santander’s profits have been on the rise for more than 10 years
  • Debt renegotiation, microcredit, and car insurances will be among the new services

In a press conference to present the quarter results, Santander Brazil announced new platforms to be launched in the next few months, seeking to compete with the fintech wave taking place in the country.  

Among the main new features, the bank plans to release services such as debt renegotiation, microcredit, and car insurances – all of them focused mostly on private individuals and consumption funding, as reported by Brazilian newspaper Exame.

Santander’s challenge goes beyond facing competition with other traditional players in the Brazilian market, such as Itaú and Bradesco. The company also has to deal with a new surge of fintechs, startups capable of cutting bureaucracy and offering more competitive costs to consumers.

To tackle this growing competition, Santander is aiming at private individuals and small to medium-sized businesses, in order to offer tailored services to these audiences. “I see Santander as a large incubator,” said Sérgio Rial, CEO of Santander Brazil during the press conference.

The bank has been growing for 49 straight quarters, reaching BRL 3,6 billion (about $958 million) in net profit this last quarter, 20% more than in the same period of 2018.