Brazilian banks invested US$5billion in technology in 2020 – Febraban survey

RIO DE JANEIRO, BRAZIL – The Febraban Bank Technology Survey, released Thursday morning, shows that banks in Brazil invested R$25.7 (US$5) billion in technology last year, an 8% growth over 2019

Investments in software increased 15% in 2020, to R$14.4 billion. Among executives at 21 banks consulted, 93% cite artificial intelligence as an investment priority. Coming in second place, with 80% of responses, comes process automation.

Experts say that this result shows that the country is in line with the investments made around the world.

The survey pointed out that 10% of the investments in technology are destined to cybersecurity, linked to the sector’s scalable growth, compliance with new regulations such as Pix and open banking, and remote work.

The survey also showed that 60% of employees in the internal areas of banks are working remotely.

Another highlight of the survey is that 87% of banks have partners in the innovation ecosystem, whereas in 2019 that percentage was 69%. This innovation is in the wake of credit, payment methods, and opening accounts.

Source: Valor

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