Financial System Infrastructure in Brazil Emerging Consumption Needs Analysis

Impact of Behavior Changes

Significant ongoing behavior changes are reshaping the landscape of the Brazilian Financial System Infrastructure, impacting both Business-to-Consumer (B2C) and Business-to-Business (B2B) customer segments. These changes are largely driven by technological advancements, regulatory initiatives, and evolving customer preferences for digital interactions and enhanced financial inclusion.

A primary behavior change is the widespread and increasing adoption of digital payment methods, most notably Pix. Brazilian consumers and businesses have rapidly embraced Pix due to its instant settlement, 24/7 availability, and often zero transaction fees for individuals. This has led to a substantial increase in the volume of digital transactions, with total digital payment transactions reaching 138.2 billion in 2024, and Pix transactions exceeding 6 billion monthly in Q4'24. [Value Chain Analysis, 4, 10] The financial volume transacted via Pix also saw a significant 52% increase in 2024 compared to 2023, reaching over R$ 26.4 trillion. [Value Chain Analysis] This indicates a clear shift away from traditional payment methods like cash and even a potential replacement of a significant portion of debit card transactions. The adoption of mobile wallets and contactless payments is also gaining momentum.

Another crucial behavior change is the growing demand for digital banking services and the increasing preference for digital interactions across both B2C and B2B segments. [Value Chain Analysis] This is particularly evident among younger, tech-savvy consumers. The rise of neobanks like Nubank, with its substantial customer base, highlights this shift. [Value Chain Analysis, 9] In the B2B sector, businesses are increasingly prioritizing digital interactions and self-service options for financial management and transactions.

The Open Finance initiative is also fostering a change in how customers interact with financial services by giving them more control over their financial data and enabling its secure sharing with third parties. This is expected to lead to more personalized products and services and increased competition. Open Finance has seen significant uptake, with over 50 million integrated accounts as of January 2025. [Value Chain Analysis]

Furthermore, there is a growing interest among retail investors in Brazil to diversify their investments beyond traditional low-yield options, seeking higher returns. [Value Chain Analysis] This is reflected in the increasing number of retail investor accounts on B3 and the evolution of the investment fund industry with the implementation of CVM Resolution 175. [Value Chain Analysis, 20]

Within the B2B segment, there is a growing category of Individual Micro-entrepreneurs (MEIs) and a significant portion of Small and Medium Enterprises (SMEs) that are increasingly seeking accessible and low-cost financial solutions, often through digital channels and fintechs. The B2B payment volume has also seen substantial growth, exceeding R$ 1 trillion in December 2024, marking a 56% year-over-year increase in transaction volume via Pix.

Finally, economic factors such as economic growth and a heated labor market have influenced consumer behavior, contributing to solid consumption and supporting the demand for financial products, although rising household debt and higher interest rates are expected to moderate household consumption growth in 2025.

Impact of these Changes on the Value Chain

These ongoing behavior changes have a profound impact across the different stages of the Brazilian Financial System Infrastructure value chain:

Value Chain Stage	Impact of Behavior Changes
Origination & Structuring	Increased demand for digital channels for accessing investment products driven by growing retail investor interest. [Value Chain Analysis] Potential for new forms of asset origination based on data available through Open Finance. [Value Chain Analysis, 4] Growth in securitization of digital receivables. [Value Chain Analysis]
Trading & Execution	Shift towards digital brokerage platforms due to increased retail investor participation. [Value Chain Analysis] Potential for increased trading volumes in diversified assets as investors seek higher yields. [Value Chain Analysis] Increased competition driven by fintechs.
Clearing	Increased volume of digital payment transactions (especially Pix) puts higher processing demands on clearing systems like Nuclea. [Value Chain Analysis, 5]
Settlement	Significant increase in real-time settlements driven by Pix. [Value Chain Analysis, 4, 10] Requires robust and scalable settlement infrastructure (SPI, STR). [Value Chain Analysis, 5] Potential for DREX to further impact settlement processes in the future.
Custody & Asset Servicing	Growing volume of digital assets and diversified investments may increase demand for custody services beyond traditional securities. [Value Chain Analysis] Potential for fintech custody solutions to emerge. [Value Chain Analysis]
Registry	Increased volume of electronic receivables from digital payments (cards, boletos, Pix) drives the importance and activity of registrars like Nuclea and CERC. [Value Chain Analysis]
Payments Processing	Massive growth in Pix transactions is transforming this stage, challenging traditional card and boleto networks. [Value Chain Analysis, 4, 5, 10] Increased demand for integrated and seamless payment solutions across channels. Rise of B2B digital payments.
Risk Management	Increased transaction volumes and digital interactions necessitate enhanced fraud detection and cybersecurity measures, particularly for Pix. [Value Chain Analysis, 2] Open Finance requires sophisticated data governance and risk assessment models. [Value Chain Analysis, 4, 7] Increased demand for RegTech solutions.
Regulation & Supervision	Regulators (BCB, CVM) need to adapt frameworks to accommodate new technologies (Pix, Open Finance, DREX, crypto assets) and business models (fintechs, BaaS). [Value Chain Analysis, 15] Focus on ensuring stability, security, and competition in a rapidly evolving digital environment. [Value Chain Analysis, 8] Implementation of new consumption taxes will also impact businesses.
Technology & Innovation	High demand for innovative technological solutions to support digital payments, Open Finance, and enhanced customer experiences. [Value Chain Analysis] Growth of the fintech ecosystem, particularly in B2B solutions and Banking-as-a-Service (BaaS). Increased investment in AI, blockchain, and cloud computing. [Value Chain Analysis, 7] Development of financial management software for SMEs.

Detailed report on emerging consumption needs.

Based on the analysis of ongoing behavior changes, several key emerging consumption needs are evident within the Brazilian Financial System Infrastructure:

• Seamless and Instant Digital Payment Experiences: The rapid and widespread adoption of Pix demonstrates a strong need for payments that are immediate, available 24/7, and user-friendly. This includes a growing expectation for contactless payment options, as evidenced by the planned implementation of contactless Pix. Consumers and businesses prioritize speed, convenience, and low or no transaction costs for individuals.
• Personalized Financial Products and Services: Open Finance is driving a demand for financial solutions that are tailored to individual and business financial profiles, leveraging shared data to offer more relevant credit, investment, and insurance products. This includes better credit scoring for individuals and informal MSMEs based on their transaction data.
• Integrated Digital Financial Management Tools: Customers, both B2C and particularly B2B (including MEIs and SMEs), require comprehensive digital platforms that allow them to manage various financial activities – payments, banking, investments, and potentially accounting – from a single interface. There is a need for "one-stop-shop" financial solutions, especially for smaller businesses.
• Accessible and Diversified Investment Opportunities: Retail investors are increasingly seeking to move beyond traditional savings accounts and explore a wider range of investment products with potentially higher returns. [Value Chain Analysis] This necessitates easier access to diverse asset classes through user-friendly digital investment platforms and guidance, as well as a regulatory framework that facilitates this diversification. [Value Chain Analysis, 20]
• Enhanced Security and Fraud Protection: With the increase in digital transactions, particularly Pix, there is a heightened need for robust security measures and effective fraud detection and prevention mechanisms to build and maintain customer trust. [Value Chain Analysis, 2]
• Financial Inclusion through Digital Channels: There is a continuing need to bring unbanked and underbanked populations, including MEIs and SMEs, into the formal financial system through accessible, low-cost, and easy-to-use digital financial services. Pix has been instrumental in driving financial inclusion.
• Transparent and Cost-Effective Financial Services: The desire for lower costs, particularly in payment processing for merchants, is a significant driver of Pix adoption. Customers are increasingly seeking transparency in fees and charges across all financial services.
• Embedded Finance Solutions: The growing trend of integrating financial services directly into non-financial platforms and applications reflects a need for frictionless access to financial tools at the point of need, enhancing the customer experience. This is driving growth in the embedded finance sector.

Table of potential impact of these needs.

Emerging Consumption Need	Potential Impact on FSI Value Chain Stage(s)
Seamless and Instant Digital Payment Experiences	Payments Processing: Increased demand for real-time processing capacity, innovation in payment methods (contactless Pix). Clearing & Settlement: Higher transaction volumes necessitate scalable and efficient infrastructure. [Value Chain Analysis, 5]
Personalized Financial Products and Services	Origination & Structuring: Development of tailored financial instruments. Risk Management: Need for sophisticated data analytics and AI for credit scoring and risk assessment. [Value Chain Analysis, 4, 7] Technology & Innovation: Growth in platforms enabling data-driven product development. [Value Chain Analysis, 7]
Integrated Digital Financial Management Tools	Technology & Innovation: Development of comprehensive financial management platforms and BaaS solutions. Payments Processing: Integration of payment functionalities into broader business/personal finance tools.
Accessible and Diversified Investment Opportunities	Origination & Structuring: Creation of a wider variety of accessible investment products. [Value Chain Analysis] Trading & Execution: Increased activity on digital brokerage platforms. [Value Chain Analysis] Custody & Asset Servicing: Potential for new custody solutions for diverse asset classes. [Value Chain Analysis] Regulation & Supervision: Adaptation of regulatory frameworks to support diversification.
Enhanced Security and Fraud Protection	Risk Management: Increased investment in cybersecurity, fraud detection, and RegTech solutions. [Value Chain Analysis, 7] Technology & Innovation: Development of advanced security technologies. [Value Chain Analysis]
Financial Inclusion through Digital Channels	Payments Processing: Continued growth of Pix and mobile payment solutions. Technology & Innovation: Development of accessible and user-friendly digital platforms. Regulation & Supervision: Focus on regulatory frameworks supporting inclusion.
Transparent and Cost-Effective Financial Services	All Stages: Pressure on fees and pricing models across the value chain, driving efficiency and competition. [Value Chain Analysis, 8] Payments Processing: Continued shift towards lower-cost payment methods like Pix.
Embedded Finance Solutions	Technology & Innovation: Growth of BaaS and API-based financial services. Payments Processing: Integration of payment solutions into various digital platforms.

References

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