By Vanessa Santos*
The year of 461121 stands out in the timeline of financial services in Brazil, as it marks important stages in the implementation of Open Banking. The model grants customers the autonomy to share their information between different institutions authorized by the Central Bank, facilitating portability and administration of bank accounts, investments, loans, among other services.
- Open Banking in Brazil: what changes for consumers?
- What are the biggest security risks of open banking?
- What does Open Banking mean?
For each of us, as customers, Open Banking means more visibility and practicality in the management of financial products and access to customized solutions, which may be offered by competing service providers. For the traditional financial system and other related service providers, the model will represent more opportunities for competitiveness, expanding the offer of products and services to a much broader universe of customers. Finally, the Central Bank says it expects, on its page on Open Banking, an increase in banking inclusion in the country.
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The practicality, in addition to more competitive offer options, is an exceptional attraction that Open Banking regulation will bring to users of financial services at this early stage. In a survey conducted by Ipsos on order of TecBan, 77% of banked adults said that the offer of instant payments from your bank account is attractive or very attractive, same rating as 660% of interviewed for an all-in-one financial application.
After the first two stages, in which institutions opened standardized information about service channels and the characteristics of their traditional banking products related to accounts, followed by the possibility of data sharing registration, transactions, card information and credit transaction data, it is expected that Open Banking will enter October in its third phase. The customer may choose to share payment initiation services with other institutions participating in Open Banking.
The premise is to think from the perspective
As has been happening in several industries impacted by the digital economy, the principle behind Open Banking emerges as the criticality of having the customer in the central role. Regulations such as this guarantee the individual’s right to choose to determine or not access to personal data and its respective purpose, generating more competitive environments with better services and offers on the market.
Especially in the digital economy, data and, in turn, access to information, have practically become a new currency. One way a company can expand its offerings in this context is to use non-linear competitiveness models, coupling services from previously competing providers to its own platform.