Consumer Survey: 60 Percent of Brazilian Mobile Financial Services Market Still Untapped — Innovative Services Will Drive the Next Phase of Growth

Loans, savings, insurance, and omni-channel payment solutions are key applications that would fuel growth in the next 12 months

FUTURECOM 2015 – Amdocs, the leading provider of customer experience solutions, today revealed the results of new global research around mobile financial services (MFS) which revealed over 60 percent of Brazilian respondents have yet to use mobile financial services, and that new innovative solutions for savings, loans, and, insurance and shopping across all retail channels will drive the next phase of mobile financial services growth in Brazil. The survey findings also included the fact that low transaction fees, increased security, ease of use, and the ability to use the service anywhere (including online and in-store), are key enablers for encouraging mobile financial services usage and adoption in Brazil.

Conducted by analyst and consultancy firm Ovum on behalf of Amdocs, the survey focused on both users and non-users of mobile financial services in Brazil.

“The small base of active MFS users in Brazil are looking to adopt more advanced applications such as loans, savings and insurance products. This is encouraging, and service providers must ensure they have a well-drawn product road map to carry users along the adoption curve, from simple to more advanced MFS”, said Eden Zoller, principal analyst with Ovum. “Brazilian users are also drawn to m-commerce applications, notably m-coupons. Service providers need to offer these types of applications alongside more established MFS, if they have not done so already.”

Key survey findings include:

Market education and more targeted marketing critical for driving adoption and usage:
More than 50 percent of the total Brazilian respondents are either unaware about the existence of mobile financial services, or are aware but still don’t use them. Twelve percent of them have downloaded the application but have not used it. However, when it comes to the respondents without any bank accounts, a staggering 75 percent of them are still not using mobile financial services as an alternative. While 32 percent of the unbanked Brazilian respondents are aware of mobile financial services but don’t plan to use them, 43 percent of the unbanked respondents are not aware of them at all.

Loans, savings, and insurance, omni-channels payments, and mobile coupon redemptions are the top applications that people would like to use in the next 12 months: The research found that 14 percent of Brazilian respondents would like to use mobile financial services within the next year for loans, savings, and insurance, 19 percent for redeeming mobile coupons, and 17 percent for online and in-store shopping paying, restaurants etc. While buying tickets for transport and payments for shopping across all channels are more pronounced among current mobile financial users, the idea of receiving wages via their mobile was more prominent for non-users of mobile financial services. Nine percent would also like to use mobile financial services for paying for education and medical treatment.
Top three factors that will increase overall adoption and usage of mobile financial services are identified as: greater security (37 percent) low fees (30 percent) and ease of use (30 percent). Other factors that respondents said would encourage adoption and usage are low transaction charges (33 percent ) and ease of use (28 percent).
“Driving the next phase of growth is the biggest challenge for mobile financial services providers in Brazil,” said Renato Osato, customer business executive for the Caribbean and Latin America region at Amdocs. “The market still has a vast majority of unbanked population along with growing middle class who need compelling value propositions and advanced solutions to address this challenge. Amdocs’ integrated mobile wallet solution with seamless payment processing capabilities, along with expert deployment and managed services, enable mobile financial services providers to deliver new, exciting services, which encourages active usage and drives loyalty.”

About Ovum

Ovum was founded in 1986 and has its HQ in the UK with further offices across all regions. Ovum is comprised of two core business areas: consultancy along with research and analysis (R&A) teams. R&A is organized around key practices that together cover the whole of the communications; media, digital commerce and IT value chains. Ovum’s expertise includes market sizing and forecasting, surveys, trend analysis, competitor, product and strategy assessment. Clients include retail banks, online players, advertising agencies, broadcast and media companies, telecom operators, technology and software vendors, device manufacturers, regulators and enterprises.

For more information, visit Ovum at

About Amdocs

Amdocs is the market leader in customer experience software solutions and services for the world’s largest communications, entertainment and media service providers.  Our portfolio powers The New World of Customer Experience™, where a wide array of innovative and personalized services are delivered seamlessly to end users, regardless of device or network. For more than 30 years, Amdocs solutions, which include BSS, OSS, network control and optimization, coupled with our professional and managed services, have accelerated business value for our customers by streamlining complex operating environments, reducing costs and speeding time to market for new products and services.  Amdocs and our more than 24,000 employees serve customers in over 90 countries. Listed on the NASDAQ Global Select Market, Amdocs had revenue of $3.6 billion in fiscal 2014.

Amdocs: Embrace Challenge, Experience Success. For more information, visit Amdocs at


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