Starting July 1, major players that were not part of the Open Finance system in Brazil, such as banks and credit card issuers, will be required to share their customers’ data with the entire ecosystem. This is according to the multinational technology company Sensedia, responsible for enabling the open system for several financial institutions in Latin America, in compliance with regulations.
Provided for in Joint Resolution
f the Central Bank of Brazil, the measure phone number database applies to all institutions with more than 5 million financial services customers and also to those with more than 500 thousand active accounts that participate in Pix.
With this change, the Central Bank expects the potential customer base benefiting from Open Finance to reach 95% of users of the National Financial System, which is currently 85%. Furthermore, if an institution chooses to be a voluntary participant in Open Finance for data sharing purposes, the other institutions within its conglomerate must also become participants.
Sensedia a trusted advisor for the initial
Open Finance structure with the Central Bank how not to lose a client at every stage and specialized in enabling Open Finance for financial institutions in countries such as Brazil, Colombia and, more recently, Chile, points out that regulatory compliance is beneficial for both institutions and consumers, as it should further boost the supply of products and services.
“Sharing data with the Open
Finance ecosystem opens the door to creating. Products and services with a level of customization and customer. Focus that is Institutions required to unprecedented in the market.” Says Rafael Isquierdo, Group Product Manager at Sensedia. “This resolution will not only increase. Competitiveness among financial institutions. But also improve the business opportunities offered to users,” he says.
Expected benefits
According to Sensedia. With the inclusion of new fresh list players in the data sharing ecosystem through Open Finance. Aome of the main benefits for users and the market will be:
Improved personalization: products and services. more aligned with customer needs, with more assertive offers compared to what customers have already contracted (lower interest rates, for example).
lass=”yoast-text-mark” />>Integrated offerings: connected ecosystems that allow core business to be integrated with digital partner experiences, including credit, investment, insurance and pension services.
>Technological innovation: application of Artificial Intelligence, cloud computing, blockchain and tokenization to modernize systems, making them more agile, flexible, scalable and connected.
Enhanced security: advanced solutions
protect sensitive data in transactions and data sharing, ensuring compliance with regulations such as the LGPD (General Personal Data Protection Law).
According to Sensedia, another major benefit of the measure is the advancement of PFM (Personal Financial Manager). This solution helps consumers manage their finances more effectively and is directly aligned with the best practices of the ESG agenda, by assisting in financial education and the responsible use of money.
“With the continuous advancement of Open Finance in Brazil. We are not only becoming a reference for other countries. But we are also driving a more competitive and beneficial market for users. Institutions, in turn. Go beyond the regulatory compliance of the Central Bank. As they Institutions required to expand their offering of products and services in a more strategic and assertive way. Highlights Gabriela Santana, Product Manager at Sensedia.