Empresas que até então não tinham braços financeiros próprios caminham nessa direção

Por Filipe Pires

Mesmo em um ano que trouxe grandes desafios, investidores reforçaram suas apostas em empresas cujos negócios são, no mínimo, difíceis de prever. Com US$ 3,5 bilhões, 2020 se tornou o ano de maior investimento em startups no Brasil. Dentre os quatro principais unicórnios (empresas com mais de US$ 1 bilhão em valor) do ano, duas são fintechs: C6 Bank e Creditas.

Diante do apetite de investidores e espaço para crescimento, empresas que até então não tinham em suas estruturas braços financeiros próprios iniciam o caminho nessa direção, se aproveitando da proposta de ter seus próprios super apps.

Até o 3º trimestre de 2020, downloads de novas instituições bateram pela primeira vez os dos bancos tradicionais

Com o poder de ter serviços de diversos setores em um só aplicativo, plataformas chinesas como WeChat e AliPay introduziram o conceito de apps “faz-tudo”. Esse conceito ainda se encontra em fase inicial no Brasil, mas já começa a produzir efeitos de uma possível concorrência transversal e assimétrica, capaz de alterar o cenário dos setores bancários e financeiros com a entrada massiva de empresas que não atuavam nesse segmento.

Seguindo a tendência, o aplicativo de mobilidade 99 lançou em 2020 o 99Pay. Um serviço de carteira digital para o usuário (seja passageiro ou motorista) carregar celular, efetuar transações bancárias, receber cashbacks e descontos em viagens ou compras em delivery realizadas pela plataforma, sem a necessidade de uma conta corrente para isso. O usuário, depois de efetuar depósitos via débito, crédito ou boleto, acessa a aba do 99Pay no aplicativo da 99, o mesmo para chamada de táxi ou carro particular.

Outro exemplo de empresa que incluiu braço financeiro no business é o Rappi, empresa colombiana com conceito “delivery de tudo” que acaba de iniciar sua operação de crédito. É também um ótimo exemplo de concorrência transversal, que ocorre quando um segmento de mercado é invadido por players que não atuavam, necessariamente, neste.

Até pouco tempo banco só concorria com banco e empresa de entregas só concorria com empresa de entregas.

O Rappi é uma empresa de entregas que concorre com bancos ao oferecer serviços, como cartão de crédito, sistema de pagamentos e digital wallet.

O RappiBank, como é nomeado o banco digital e braço financeiro na estratégia multiplataforma da companhia, já tem um primeiro produto financeiro disponível: o crédito para capital de giro (chamado de RappiCapital), voltado para todas as companhias parceiras do aplicativo.

Nesse caso, é possível que a Rappi também alcance, ao longo do tempo, robustez para gerar concorrência assimétrica, ou quando o pequeno consegue concorrer com o grande – nesse caso, ao ganhar peso para concorrer com linhas de crédito PJ disponíveis nos grandes bancos.

Portanto, nada se tornou mais transversal do que os serviços financeiros.

Empresas de todos os setores, do Brasil e do mundo, entenderam que não precisam encaminhar seus clientes para fora dos seus domínios na hora de receber um pagamento ou gerar crédito. E que, ao fazer isso, podem explorar receitas recorrentes advindas de novas linhas de produtos financeiros.

A tendência, conhecida como embedded finance (ou finanças embutidas, em livre tradução) usa a estrutura “bank as a service” para unir operações financeiras às plataformas de outros segmentos de negócios e já é case de sucesso em grandes empresas pelo mundo.

Um exemplo é a Starbucks, que de cafeteria gourmet já é o sistema de pagamento móvel mais popular dos Estados Unidos, com 23,5 milhões de usuários.

Nessa linha, as Lojas Americanas e a B2W (com o Ame), além de empresas do porte de Via Varejo e Magazine Luiza (que adquiriram as fintechs BanQi e Hub Fintech, respectivamente), veem na adoção de braços financeiros próprios um reforço em suas estratégias de super app e de não deixar mais dinheiro na mesa de bancos e financeiras tradicionais.

O momento também favorece o crescimento desse segmento.

Com o isolamento social, mais pessoas precisaram adotar as operações bancárias à distância e o segmento digital ganhou ainda mais presença.

Enquanto empresas de outros setores fecharam as portas em meio à crise, segundo dados do Banco Central, quarenta instituições financeiras iniciaram suas operações em 2020. E os números reforçam o contexto de migração de clientes de instituições tradicionais para fintechs.

Uma pesquisa do UBS Evidence Lab mostrou que os downloads de novas instituições representaram 52% e ultrapassaram pela primeira vez os bancos tradicionais, que ficaram com 48% até o terceiro trimestre de 2020.

Portanto, ao ampliar o portfólio de serviços disponíveis em suas plataformas, muitos gestores buscam não só aproveitar o cenário favorável às fintechs em meio às restrições causadas pela pandemia, mas também diluir o risco de sua operação principal, a qual pode estar sendo impactada por esse mesmo cenário.

A flexibilidade regulatória é outro ponto fundamental para a virada de jogo.

O BC tem atuado para diminuir a concentração bancária no país, seja na adoção de resoluções que permitem a prestação de serviços antes restritos a bancos, por outros nichos de empresas (no setor de crédito, um marco é a Resolução 4.565/18, que regula a criação de SCD e SEP), seja na implantação de tecnologias próprias como o PIX, alterando, em definitivo, as estruturas segmentadas (e custosas) dos arranjos de pagamentos à vista e transferências bancárias tradicionais.

Para se ter uma ideia da concentração, quando se considera só segmento bancário, os cinco maiores bancos do país concentram 80,7% do mercado de crédito e 77,6% dos depósitos de clientes em conta corrente de todo o sistema financeiro.

O caminho ainda parece longo até a livre concorrência de fato.

Mas, com o reforço de grandes empresas e seus super apps, é possível que o atalho esteja logo à frente.

Filipe Pires é coordenador dos MBAs em Finanças do Ibmec/RJ.

Fonte: Valor Econômico

O post A fintechzação dos mercados apareceu primeiro em OasisLab.

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