Nobank announces its access to open financing

last monday 5th september, nubank chest Open Access Funding on your platform. The advantage of the system is that the financial history of customers can be shared between different institutions, and contribute to credit analytics.

The decision that created Open Finance was published by Brazilian Central Bank In March 2022 it decided that the big banks should stick to the system. Although, the open financing Optional for non-traditional institutions such as digital banking and finance.

For this reason, Nubank joined the system only in September 2022. According to Cristina Junqueira, Co-Founder and CEO of Nubank: “Through open funding, we will get to know our customers more, financial behavior Their credit limit needs, expenses and the products and services they use, which will allow us to incrementally optimize our portfolio for them, who are at the center of everything we do here at Nu.”

What is the advantage of the system?

According to an article on the Nubank blog, the main advantages of Open Financeira are: client independence and greater competition in the market. The system allows clients of a particular organization the freedom and independence to share their financial history with other users.

This means that organizations get more information about the user, which increases the chances of recommending more appropriate products and services, as well as the possibility of release credit.

When we talk about the biggest Market competitionNubank explains: “If Bank A loan option is available expenses Too high, the customer can choose to take the entire history and ask Institution B for a better offer, in order to compare rates. In other words, open funding encourages competition between institutions. If they want to retain their customers, they will have to offer more products and more competitive conditions.”

Learn how Open Finance works at Nubank

Like all services offered by Nubank, Open Finance has gone through a probationary period. That is, it was gradually released to its users. Although no specific deadline has been set, digital bank Note that the system will soon be available to all of its customers residing in Brazil.

It should be noted that although Nubank has access to the system, the data of its users will not be automatically shared with other institutions. This is because this work is voluntary.

Customers who want to use the system for the first time must access their profile, which is located in the upper left corner of the application and select “Open Funding”. Then click Continue and Share. The user must then choose the institution he wants to bring Dice And confirm the operation, so that you will be redirected to the application of the desired institution to confirm data exchange.

The process of sharing data for customers who are already using the system is slightly different. In these cases, it is necessary to open the Open Funding area, click on “New Participation”, “Share” and select the desired institution. Finally, just click “Confirm” in the Nubank app and also in the chosen institution’s app, the user will be automatically redirected.

After following the above steps, the nubank You must send confirmation that the data has been shared. It is worth noting that customers can also send Nubank data to other organizations.