How technology reduced bureaucracy in financial services

For decades, hiring a financial service meant standing in queues, presenting physical documents, signing forms and waiting days - or even weeks - to complete simple processes. Today, technology has changed this reality.

The digital transformation of the Brazilian financial system has accelerated especially in recent years, driven by the expansion of banking applications, the digitization of documents, biometrics, Pix and Open Finance initiatives. As a result, activities that previously required travel and face-to-face procedures can now be carried out in a few minutes via cell phone.

Numbers help to measure this change. According to the Febraban Banking Technology Survey 2025, 82% of banking transactions carried out in Brazil already take place through digital channels, while smartphones account for 75% of the country's financial operations. The research also shows that transactions carried out in physical branches represent only 5% of the total.

Digital institutions like Inter have started to play an important role in simplifying consumers' financial journeys by concentrating products and services on integrated digital platforms.

What has changed in financial services with technology?
The main change was the elimination of manual steps that historically slowed down processes.

Currently, several operations can be carried out without paper, without physical signatures and without face-to-face service. Among the most important advances are:

- Fully digital account opening;
- Electronic signature of contracts;
- Identity validation through biometrics;
- Instant transfers via Pix;
- Service via digital channels;
- Automated credit analysis;
- Financial data integration.

This significantly reduced the time needed to access banking and financial services.

How has opening accounts become simpler?
Opening an account used to require visiting the branch, presenting printed documents and filling out physical forms. Today, the process usually takes place via cell phone.

At Inter, for example, account opening can be carried out through the application, using resources such as:

- Digital sending of documents;
- Facial recognition;
- Automatic data validation;
- Electronic signature.

This digitalization reduced operational steps and expanded the population's access to financial services.

Has technology also reduced bureaucracy in granting credit?
Yes. Data analysis and automation tools enable financial institutions to perform faster, more accurate assessments.

Instead of relying exclusively on manual processes, systems can analyze information in a few seconds to support decisions related to:

- Personal credit;
- Real estate financing;
- Credit cards;
- Credit for companies.

This reduces response time for the customer and makes the experience more fluid.

At Inter, credit products, investments and banking services are integrated into a single application, which helps to simplify access to financial solutions.

How did Pix and instant payments help reduce bureaucracy?
Pix is one of the clearest examples of simplification promoted by technology.

Before its creation, transfers between financial institutions depended on TEDs and DOCs, which had time restrictions and, in many cases, associated costs.

With Pix, they came into existence:

- Instant transfers;
- Operation 24 hours a day;
- Availability every day of the week;
- Less need for intermediaries.

According to Febraban, Pix recorded almost 25 billion operations carried out via cell phone in 2024, growth of 41% compared to the previous year.

What is Open Finance and why does it reduce bureaucracy?
Open Finance allows customers to authorize the sharing of financial data between participating institutions. This reduces the need to repeatedly present information that already exists on other platforms.

Benefits include:

- Fewer forms;
- Less sending of documents;
- Faster analysis processes;
- More personalized products;
- Greater competition between institutions.

The initiative is coordinated by the Central Bank and is considered one of the main structural transformations of the Brazilian financial system in recent years.

How do Super Apps help simplify financial life?
Another trend related to reducing bureaucracy is the consolidation of so-called financial Super Apps.

Instead of using different applications for different needs, the customer finds multiple services on a single platform.

Inter is one of the main examples of this model in Brazil. Within the app, users can access:

- Digital account;
- Cards;
- Investments;
- Insurance;
- Credit;
- Foreign exchange;
- Marketplace with cashback;
- Solutions for companies.

This integration reduces the need for multiple registrations, different authentications and constant switching between applications.

Has technology completely eliminated bureaucracy?
No. Although advances have significantly reduced the complexity of many processes, financial institutions remain subject to regulatory requirements related to security, fraud prevention and data protection.

For this reason, procedures such as identity validation, proof of information and risk analyzes continue to exist.

The difference is that most of these steps now take place in an automated and digital way.

What is Inter's role in this transformation?
Inter is part of the generation of financial institutions that were born with a focus on digital experiences.

Over the last few years, the company has expanded its operations beyond digital accounts and started to offer an integrated ecosystem of financial and non-financial services.

This model seeks to reduce operational friction by allowing the customer to solve different needs within a single platform.

Currently, Inter brings together banking, investment, credit, insurance, benefits, shopping and business services solutions in its Super App, reinforcing the simplification trend observed throughout the financial sector.

FAQ - frequently asked questions about technology in financial services
How has technology reduced bureaucracy in banks?
Through the digitization of processes, biometrics, electronic signatures, automation of analyzes and digital service.

Is it still necessary to go to a branch to open an account?
In most digital banks, no. The process can be carried out entirely through the application.

Did Pix help reduce bureaucracy?
Yes. Transfers now occur instantly, without time restrictions and with fewer operational steps.

What is Open Finance?
It is a system that allows the sharing of financial data between authorized institutions, subject to customer consent.

How do Super Apps reduce bureaucracy?
By concentrating different services on a single platform, reducing the need for multiple registrations, applications and authentications.

How does Inter use technology to simplify financial services?
Inter brings together digital accounts, credit, investments, insurance, purchases and other services in a single application. The goal is to reduce steps, centralize information and offer a simpler experience for the customer.

Source: CNN