One of the most popular payment methods in Brazil, Pix has been increasingly winning the hearts of Brazilians. With the recent record of 227 million transactions in a single day, according to Central Bank data, the platform has the capacity to promote financial inclusion in the country, being responsible for bringing over 71 million citizens into the market, according to the agency. However, another point worth highlighting is that this tool also helps banks to increase their service offerings. To give an idea, a recent study by ACI Worldwide indicates that real-time methods will contribute to 2.8 million new account holders, representing potential profits of $8.9 billion for Brazilian financial institutions by 2028.
According to Igor Castroviejo, commercial director of 1datapipe, an AI-based consumer insights platform, Pix was responsible for democratizing the way people conduct transactions in Brazil. This method made things more practical, as now it is possible to make payments without having to carry a wallet around. With a cellphone and a data plan, the user can make payments in various locations without incurring bank fees. Because of this, the platform gained great popularity, with about 42 billion transactions in the last year, according to Central Bank data.
Due to the widespread use of Pix in Brazil, banks now have an additional source of data when offering products, especially those related to credit. "For a long time, the municipalities relied on very superficial information when making an assessment, such as whether the person has a bank account or a formal job. However, in Brazil, there are more than 4 million people without a bank account, according to the Locomotiva Institute, and 38% are working informally, according to the PNAD. So, how to include these people?"
The fact is that a Central Bank study revealed that the states with the fewest bank branches are the ones with the highest Pix transaction volumes, with the North region standing out the most, with 21 transactions per person. "All of this turns into gold for banking institutions. Through the use of Artificial Intelligence solutions combined with data analysis, banks can access a broader layer of information about potential clients, such as online purchase history, internet behavior, and payments for bills or services made via Pix. Thus, without the previous limitation, more people are covered by the institutions and have access to credit. At the same time, the agencies are able to close more deals," he explains.
For November, for example, the launch of Pix by Proximity is scheduled, a mode in which the payment method can be registered in digital wallets, making life easier for the consumer, who can make a transaction without accessing the bank's app. In this way, a banking institution can leverage the data from this platform to assess customer behavior patterns, identifying usage trends, peak activity times, and channel preferences. This information can feed into credit or fraud prevention models, evaluating payment capacity and financial behavior based on their usage, concludes Igor Castroviejo.
