Open Banking: Data Sharing Promises to Expand Offer of Investment Services | open banking

Since the beginning of August, the second phase of open banking has been in place, a system in which Brazilians can share data to receive offers on banking products and services, such as account and credit card. It is in the fourth stage, however, that the scope of opportunities will be expanded: users will be able to share information about investments, foreign exchange, insurance and pensions.

Scheduled to be implemented in December, phase four of open banking will be divided into two cycles: on December 15, institutions will be able to share information on products and services offered.

Data from the user’s personal transactions involving exchange, investments, insurance and pensions, in turn, will only enter open banking from May 31, 2022.

According to the Central Bank, with the authorized sharing of information between banks and customers, “new solutions for offering and contracting financial products and services that are more integrated, personalized and accessible” may emerge.

Open Banking in Brazil — Photo: Arte/G1

In the assessment of Bruno Diniz, professor of new financial solutions at USP, open banking has the potential to increase both the offer of financial services offered by banks and the number of investors in the country.

“The platform will create instruments so that people can switch to alternatives that are more and more suited to their profile,” explained Diniz, who is also a partner at Spiralem consultancy.

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With open banking, users will be able to assess whether their investments continue to meet their needs, better manage their assets and compare contracted services with those of competing companies.

“In the fourth phase, the platform will provide an aggregated view of investments. It will demystify finances. Today, there are fintechs that are working on this path, but with open banking, it will be easier,” said the professor.