The beginning of a new era for financial services

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.

    List of benefits developed by the Central Bank of Brazil (Image: Disclosure/ Brazilian central bank)

    We can make an analogy when in Brazil, a few years ago, the National Telecommunications Agency (Anatel) determined the rules for the portability of fixed and mobile telephone lines, called number portability. If the customer understands that another operator offers more interesting solutions at that time, they just need to get in touch with them, inform their data and within three business days the migration is completed, without having to change the number. This new scenario brought more autonomy and power of choice for consumers in relation to financial services, in addition to intensifying competition in the sector.

    Open Baking as an Ecosystem

    To offer innovative and customized services and, consequently, to succeed in the open financial system, no organization can be an island . Having a digital and dynamic IT infrastructure is essential for the company to take the next step: being part of ecosystems where it can quickly connect with different suppliers and partners, wherever they are. The more interconnected players, the greater the opportunity to quickly gather consumer insights and then customize the services offered without abandoning critical security aspects.

    With the use of dynamically evolving technological environments, as required in the digital economy, the organization has the bases to develop and evolve intelligent applications and services, increasingly personalized. In practice, this means:

    Scale the evolution capacity of products and services, in compliance with regulatory demands and the supply chain value

    Expand, with security and agility, transactions with participants of your value chain in digital ecosystems

    Deliver fluid and personalized experiences to customers at edge, where people and devices are

    As can be seen, the use of technology is crucial for the development of new businesses made possible by the regulation of Open Banking. Digital infrastructure is used as a means of enabling more dynamism, efficiency, cost reduction and transformation of the service offering, generating more value for the customer.

    Open Baking will change the way financial services are offered and consumed, and move the entire supply chain more quickly. For companies inside and outside the sector, there is no option: either enter or enter. Success will depend on the business strategy and the dynamic digital infrastructure that supports that strategy.


    *Vanessa Santos is the Segment Marketing Manager at Equinix Brasil

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