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Open banking breaks barriers in the banking and financial sectors, says expert

The fourth phase of Open Banking, which begins this Wednesday (15th), “breaks barriers in the banking, financial and world sectors, as it allows data sharing even with other countries”, in the assessment of Leandro Pupe Nóbrega, who he is Belvo’s operations leader in Latin America and manager of Comunidade Open Finance Brasil.

In an interview with CNN Rádio, the specialist says that this is a “marking moment”: “The launch of the last phase, breaking barriers of banking services and products, going into the area of ​​exchange, insurance, pensions, accounts and deposits, allows data sharing far beyond savings, checking accounts, credit cards.”

At this stage, users will have more options for institutions to share types of personal finance and will not be subject only to banking.

Everything depends, however, on people’s consent to the service offered.

Leandro noted that more than 1 million users have allowed data sharing, which demonstrates “trust in open banking.”

He also praised the staggered implementation of the Central Bank, which allows for “preparation of institutions, including the issue of security and cultural change in the population, to know how the data sharing process works so as not to fall prey to scams.”

From the authorization of data, institutions will be able to assess which are the best options, for example, in terms of rates and profitability, for investments.

Thus, there will be customized proposals for the consumer, who can opt for portability and transit between banking institutions.

Reference: CNN Brasil

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