Large banks react to fintech provocation that took dinosaur to branch door – 09/16/2021 – Panel SA

Febraban (the federation that brings together the largest banks in the country) was irritated by the Mercado Pago campaign, which took a person dressed as a dinosaur to the door of branches of traditional financial institutions on Thursday (16) in São Paulo.

According to fintech, the scene was a marketing action to show consumers’ difficulties in accessing large banks.

Febraban says that this is a shallow marketing strategy for “those fintechs who have gained a lot of weight in recent years, with face, size, risk and bank products, becoming FATtech, which now pays courtesy with other people’s hats from enviable tax and regulatory competitive advantage”.

The Mercado Pago campaign dinosaur also tried to enter through the revolving doors of the agencies. For Febraban, the criticism is offensive to security regulations, which require the measure to protect bank customers.

“Banks employ half a million workers in more than 3,000 Brazilian cities, including thousands of bank employees in branches. The Mercado Pago, which pays much less taxes, offers how many jobs in Brazil?” says Febraban in a statement.

with Mariana Grazini and Andressa Motter

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