Doctor Finance: The role of literacy in the life of the largest credit intermediary

Doctor Finance is a Fintech personal finance specialist, having been born in 2014 to help people renegotiate their credits. The context was adverse. We lived under the bailout of the troika, the level of bad debt among families was above 4%, the unemployment rate was close to 14%. On the other hand, in 2022, bad debt among families is at the lowest value ever, representing 0.4% of total credit granted; the unemployment rate is less than half compared to 2014.Despite the difference in context, the commitment is the same: help people make better financial decisions. And in order to improve our financial well-being, it is essential to have access to information and personalized support. This is the role of Doctor Finance: to accompany you from the beginning. From the sharing of information and tools, through the portal, to the identification of solutions that help to reduce charges, whether in terms of credit, insurance or energy efficiency solutions. And this always with a technological base that simplifies and streamlines processes. Over the last eight years, Doutor Finanças has expanded its scope of action to reach more people and in a more comprehensive way. “In 2014, we aimed to help people recover from a financial crisis that, for our generations, , was unprecedented. The awareness that the help needed went far beyond that period led us to bet on a broader project, which involves more comprehensive solutions and works on financial literacy”, emphasizes Rui Bairrada, CEO of Doutor Finanças.

Financial literacy as a mission

At a time when international reports show that Portugal remains at the tail of Europe in terms of knowledge of financial literacy As far as the work developed by the Doutor Finanças team is concerned, it plays a decisive role. “Knowledge is always the best weapon. A more informed society is a healthier society, let us have no doubts. All of us, whether on a personal or collective level, stand to gain from a population with higher levels of knowledge. That’s why financial literacy has been a commitment of Doutor Finanças since the beginning of time”, emphasizes Rui Bairrada, CEO of Doutor Finanças. The commitment to financial literacy thus plays a fundamental role. Through the Doutor Finanças portal, articles, guides, tools are developed and solutions are shared to promote the financial well-being of families. In this mission, Doctor Finance is releasing a book on personal finance, which hits stores on November 3rd.“Ganhar, Poupar, Investir” is the name of the book that results from the contribution of each of the Doctors that every day seek and share solutions and strategies to help customers, partners and readers. This is yet another knowledge-sharing vehicle, which includes many useful articles, tools and simulators to help people make better financial decisions. The objective of the book is, therefore, to demonstrate that, in terms of managing personal and family finances, there is much that can be done, which can naturally represent significant savings in the short, medium and long term. up solidified with the help of a multidisciplinary team and that has online as a basis for sharing. In 2022, Doctor Finance went further. He left digital and went offline. “At a time marked by doubts, due to the context of rising inflation and interest rates, Doutor Finanças decided to leave the exclusively digital space, explaining how he can help the Portuguese with their mortgage. 8 years after our birth, we considered that it was time to go out and be present with a national coverage campaign taking the brand and the services we provide to more people”, comments Ricardo Santos, Chief Brand Officer (CBO), of Doutor Finance.

A Fintech with a human touch

One of the pillars that distinguishes Doutor Finanças is its technological component. being a Fintech that does credit intermediation. Focused on the customer, the personal finance specialist has developed a personalized and fully digital experience, in a user-friendly environment, combining the knowledge and experience of technology, marketing and financial specialists. communication between customers and partners, the “Clínica” was developed. This state-of-the-art CRM for credit intermediation is a powerful hub that connects all process stakeholders: financial experts, customers and business partners, who have a national network with thousands of local bank branches. Aware that “big financial decisions, such as buying a home, are complex and have an associated emotional charge, we designed an experience that merges technology with humans – our Doctors – in a process that is both automated and hyper-personalised. Our secret lies in the fact that we managed to develop technology that allows us to work at scale, without losing the human touch”, highlights João Saleiro, Chief Technology Officer (CTO) of Doutor Finanças.

From 5 to over 200, in eight years

In 2014, when Doutor Finanças was born, the team consisted of five elements. Eight years later, growth is exponential. The personal finance specialist currently has more than 200 Doctors to wear the coat. The specialists accompany customers and partners, develop solutions to respond more quickly, simply and efficiently, answer questions and share information and tools with those who seek them with the most diverse financial needs. fantastic work, with a multidisciplinary team. We are more than 200 Doctors working to find the best solutions for the well-being of others. And this thinking about customers, partners and each of the Doctors who work every day for those who seek us. This last point is fundamental, because well-being has to start with the internal team. And this is a job that we do not neglect”, emphasizes Irene Vieira Rua, Chief People Officer (CPO).

PPR: awareness of the future

2022 is also marked by the launch of a Retirement Savings Plan (PPR). The PPR SGF Doutor Finanças was designed in partnership with the investment consultant Dolat Capital and is managed by SGF (Sociedade Gestora de Fundos de Pensões). interest close to 0%, the PPR SGF Doutor Finanças presents itself as a medium/long-term savings/investment solution with the objective of annual returns between 7% and 9%. Subscribing to it is free of charge. “When we think about making better financial decisions, we cannot neglect the future. Doctor Finance decided to go ahead with this savings solution, alerting people to the need to think about their retirement. This, at a time when data from the European Commission show that, in 2024, pensioners will live on just over half of their last salary”, says Nuno Leal, Chief Investment Officer (CIO) of Doutor Finanças.

Doctor Finance, the largest credit intermediary

With more than 500 million euros of mortgage loans intermediated per year, the Doctor Finance is the largest individual credit intermediary.Whether in terms of credit intermediation or insurance mediation, Doutor Finanças annually responds to around 200,000 requests for help, accompanied by Doctors in the various areas of activity. “This year, the economic and financial context has undergone some changes. People are more aware that it is necessary to act as soon as possible to anticipate the impact of rising interest rates on their credit. This is what we have been feeling throughout this year: an increase in demand for solutions that help deal with inflation and rising interest rates”, says Cláudio Santos, Chief Commercial Officer (CCO) of the credit intermediary.

And the future?

In a period marked by some doubts and fears, the Combating financial illiteracy takes many forms. Portugal needs to get out of the European cause with regard to this issue and the investment in training must be successful. Knowing how to deal with the rise in interest rates, what to do to contain the impact of the generalized rise in prices, how to improve the managing our finances? Economic cycles and paradigm shifts will continue to exist and demand more knowledge and greater sharing. The coming months have identified challenges, such as the impact of rising interest rates on our lives. If in the last eight years the focus has been on helping people make better financial decisions, the next ones will be no different. Sharing information and creating tools that help to uncomplicate and promote people’s financial well-being has been the DNA of Doctor Finance since its inception.Aware that we are in a marathon, we know that the goal is still far away.