Nubank customers saved US$ 8 billion in bank fees in 2022
Its efficient service also allowed customers to avoid spending 248 million hours waiting in lines or over the phone in the last 5 years; the data is presented in the company’s 2022 ESG Report
May 30 , 2023
Sao Paulo, May 30, 2023 – Nubank, one of the world’s largest digital financial services platforms, has enabled its customers to save over USD 8 billion (~BRL 40 billion) in bank fees in 2022. The data is presented in Nubank’s ESG Report 2022, published this Tuesday (30), which provides an overview of the company’s impact on environmental, social, and governance (ESG) issues.
In addition to money, Nubank customers are also saving time. The company estimates that its customers have avoided spending 248 million hours waiting for service in bank branches or over the phone in the last five years – that’s 49 million hours a year, on average.
“Our purpose has always been, and continues to be, to positively impact our customers. We are very proud to see how much we have already contributed, mainly in terms of financial inclusion and education, and in reducing bureaucracy”, says Cristina Junqueira, co-founder. “We continue to challenge ourselves to empower more and more people to have control over their financial lives and we are prepared to generate even greater and broader positive impact,” she adds.
The report follows the release of the company’s most recent financial results, posting a record net income of $142 million and record revenues of $1.6 billion in the first quarter of 2023.
“Nubank’s financial solidity concurs with the generation of value for different stakeholders since day zero. Our values are clear and guide our profit generation formula for the company – consequently positively impacting investors, customers, employees, civil society, and other players,” says David Vélez, founder and CEO.
Impact embedded in the DNA
Nubank was founded with the mission to reduce complexity and empower people and has already included 21.6 million people in the financial system since its creation. It maintains a non-negotiable commitment to offering transparent and easy-to-use services and products, as well as contributing to the financial education of customers and non-customers through content on personal finances, entrepreneurship, and fraud prevention in its communication channels.
The company’s focus on people is also reflected in the way it’s built and scaled, having Diversity and Inclusion as one of its main pillars. Strong and diverse teams allow for different visions when building innovative solutions that contribute to providing the best experience for the client.
The report also highlights data privacy and customer security, both non-negotiable priorities, and risk management based on a transparent governance system that values harmony of interests between all parties.
In addition, Nubank has been 100% digital from its conception – with operations that generate reduced impact on the environment. The company is committed to being carbon neutral forever and annually offsets its impact through the acquisition of carbon credits. In 2020, it neutralized its total footprint, being the first financial institution in Brazil and Mexico to do so.
About the report
The ESG Report 2022 aims to present the year’s results in social, environmental, and governance issues, as well as the impact of Nubank’s operations, products, and services that tend to the real needs of more than 80 million customers in Brazil, Mexico, and Colombia. The full report is available at this link.
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