Open banking, already a reality in other regions of the world, such as the European Union and the United Kingdom, has just entered its second phase of implementation in Brazil, in which the data sharing registration and transactional information on banking services, like accounts and credit.
All sharing is done only with the customer’s approval. This process will only be completed in 2022. The last phase will include a “fillet” of information sharing between investment products.
In this new competitive environment, executives from large banks highlight security among their differentials, in addition to credit capacity.
At Itaú Unibanco, according to director Marcos Cavagnoli, responsible for open finance at the financial institution, by 2022 the bank’s digital transformation will continue to evolve, with more and more information in the cloud.
“This means more speed and an elastic infrastructure, characteristics usually attributed to a fintech”, he comments.
In this more competitive environment, he reinforces that, in addition to the shelf of products and services, credit is one of Itaú’s assets.
“I would say that we have a combination of factors in our favor: expertise in security, privacy, data analysis and artificial intelligence, for example. With the increase in information traffic, security becomes something even more relevant, and the customer begins to realize the value of this attribute.”
Leader of Banco do Brasil’s open banking project, Karen Machado says that, for customers who have an account in more than one bank, sharing data will help banks better understand their customers’ financial lives and offer more tailored products. profile.
“We can be more assertive in credit. Open banking would not only be an opportunity for large banks if they weren’t looking at it,” he says.
According to Machado, the bank will also be able to draw the profile of a client who does not have proof of income, but who has income from other institutions.
With this, you can start offering – or improving – your credit profile. She emphasizes that, in addition to credit and the complete basket of products, security is a strength for large banks.
The proposal of open banking is to provide a level playing field for financial institutions in terms of offers, which should increase competition between them and ensure better opportunities for consumers.
According to the Brazilian Federation of Banks (Febraban), “customers will have greater convenience and facilities and will be able to opt for better offers and opportunities for credit and services on the market, as has already happened with other tools, such as mobile banking and internet banking. “Competition is fundamental for the banking sector. We encourage it at all levels.”