Nubank is already present on the smartphones of over 75 million Brazilians
The challenge is enormous for the fintech: it ranges from launching products with greater appeal to this type of customer to a rebranding effort. Therefore, one of the options under consideration is mortgage credit.
The term caught the attention of journalists when it emerged during a presentation about what is still to come from the bank.
When questioned about the topic, Cristina Junqueira, Nubank’s co-founder, stated that mortgage credit is highly requested by customers and is of great relevance to the high-income audience.
“It’s something we would like to be able to offer. It involves processes we haven’t developed yet, but we will carefully consider it,” the executive declared during an event at the company’s headquarters on Thursday (18) to celebrate Nubank‘s ten-year anniversary.
With long terms and a considerable value, financing for home ownership is considered the ideal result to attract and retain banking customers.
Higher Income
The search for a higher-income audience is observed not exclusively at Nubank, but also at the major Brazilian banks that have a larger exposure to lower classes.
This “premium” type of customer is more resilient to crises and presents lower default rates, which has proven to be a valuable asset in the current circumstances.
Nubank’s major initiative to serve this audience was the launch of the black Ultravioleta card two years ago. According to Cristina, revenue from high-income segment card usage has grown the most within the fintech since its launch.
However, there are other products with potential to attract affluent individuals, which would solely require an improvement in the offered experience.
International transfers are an example of this, as they are currently conducted in partnership with third parties.
“The international market is important for the high-income audience. Without a doubt, it’s something we are paying a lot of attention to,” Nubank’s co-founder stated.
However, to attract this audience, it will require more than a card with benefits or currency exchange operations. Therefore, Nubank is heavily investing in a rebranding effort, which includes an evolution in the language used.
Previously, Nubank sought to convey a young and hip image, but now it wants to show that it has matured.
One of the initiatives to achieve this goal will be the launch of an advertising campaign on Jornal Nacional, a prime-time TV program in Brazil, starting on June 1st. Prime-time advertising on this program is one of the most expensive in Brazilian television.
According to information from Rede Globo’s own website, a 30-second ad with nationwide coverage on the news program, aired Monday to Friday, costs around R$ 920,6 thousand reais. On Saturdays, the price is R$ 690,8 thousand reais. These values are for May’s broadcasts.
International Nubank Digital Bank
In addition to expanding its presence in Brazil, Nubank aims to grow in the other two countries where it operates: Mexico and Colombia.
In these countries, the bank is replicating the successful strategy adopted in Brazil, where it initially launched a credit card and subsequently a digital account.
In just over three years after launching its card, Nubank became one of the largest card issuers in Mexico.
Cuenta Nu, the Mexican version of NuConta, began its gradual launch in November 2022 and already offers functionalities similar to the Brazilian account.
According to Nubank, 500 thousand accounts were opened in just two weeks.
According to Cristina, Mexico has the potential to become more relevant than Brazil in terms of results for Nubank.
“The financial system in Mexico is many years behind when compared to Brazil. The penetration of financial services is much lower than in Brazil.
Half of our customer base in Mexico has never had a credit card,” she exemplified.
In Colombia, the development pace seems to be slower, with only the launch of the credit card so far, but the expectation is to launch the digital account by the end of 2023.
In both countries, Nubank’s customer base has already exceeded 3.8 million.
How to Open a Digital Account at Nubank?
To open an account at Nubank, follow these steps:
Download the App: Access the app store on your device (Google Play Store for Android devices or App Store for iOS devices) and search for the “Nubank” app. Download and install the app on your device.
Start the Account Opening Process: Open the Nubank app and click on “Quero ser Nubank” or “Abra sua conta” (I want to be Nubank” or “Open your account”). Follow the on-screen instructions to fill in your personal information, which includes full name, CPF (Brazilian Taxpayer Registry ID), date of birth, mobile number, and email address.
Submit Your Documents: Nubank will ask you to take a photo of a valid identification document, which can be your RG (identity card) or CNH (driver’s license), along with a selfie for verification purposes. Follow the app’s instructions to take the necessary photos and submit them.
Wait for the Result: After submitting the documents, Nubank will review the information provided. This may take a few business days. You will receive updates on the status of your application through the app and email.
Receive Your Card and Activate the Account: If approved, you will receive a Nubank card at your registered address. Upon receiving the card, follow the instructions to activate it through the app.
Explore Account Features: Upon card activation, you will have access to your Nubank digital account. Through the app, you can perform banking operations, manage your balance, make payments, transfers, investments, and other features offered by Nubank.
Please note that the process of obtaining an account may vary according to Nubank’s current policies and procedures. It’s important to check the latest information on the official website or Nubank app for accurate guidance.
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