Brazil’s Open Finance has made significant strides in the last year. Numbers divulged during Febraban Tech, an event focused on technology and innovation within the financial field, point to around 15 million unique customers and 22 million unique consents.
According to data disclosed by the Brazilian Federation of Banks (Febraban) during the event, there was an increment of 971% in the quantity of individuals who agreed to the sharing of their personal data. In 2021, consents were given by 612 thousand customers of financial institutions. However, in 2022, the total amount hiked to 6.5 million customers.
The data was gathered by the second volume of the 31st edition of Febraban’s Research for Banking Technology, announced during Febraban Tech 2023. The research indicates a trend of increasing consents in the measure that banks evolve within their digital journeys and provide the consumers with new benefits.
The idea is to hyper customize services
One of the most discussed topics during Febraban Tech in regards to the customer was the hyper customization of services. For Open Finance experts, consumers make their data available with the expectation of receiving an exclusive service or experience. Leandro Vilain, partner of the Finance Service Practice at Oliver Wyman Brazil, highlights that Open Finance has placed the customer as the main focus of their data.
During the discussion panel “The customer in control of financial decisions: in search of the best access channels,” during the first day of Febraban Tech 2023, Lessandro Werner Thomaz, executive director of Caixa’s customer acquisition, affirmed that the customer needs to perceive the added value in order to renew their consent. Thomaz observed that among the use cases developed by Caixa, which make the customer perceive this value, are financial planning applications.
Another focal point when it comes to customer relations in Open Finance is security. On the same panel, Aldo Barretella, senior head of Santander’s Digital Channels, brought attention to security requirements that allow the customer experience to feel more fluid and comfortable. For the executive, the process of data sharing within an application could possibly not be an easy journey for the customer and, therefore, the feeling of safety is a factor which must be present.
Increased competition
Febraban’s Research of Banking Technology further shows that Open Finance has increased competitiveness within the financial industry, originating from the sharing of customer data. In accordance with the research presented by Febraban, the expectation for 2023 is that 53% of banks have 10% of their client base who are willing to share their data, and 20% of banks have more than 20% of clients who present the same behavior.
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