March 30, 2023
Você já ouviu falar em Open Finance?

Have you ever heard of open funding? Learn all about the new banking practice

Banking institutions are increasingly associated with new financial methods, and this time the topic is about open financing. This is a practice aimed at further facilitating the relationship between banks and customers. Modernity, which is only obligatory for certain institutions, is already exercised voluntarily, even for those who would not have to comply.

Therefore, modernity goes hand in hand with open the bank, which consists of a set of rules for sharing data from customers who have an active relationship with a bank. That is, given the banks that have already joined the practice. Therefore, if you use a function available from banking institutions, it is worth a little better to understand what it is about.

Understand Practice / Photo: @jeanedeoliveirafotografia /

What is a file open financing

First of all, I am sure that you really need to use some of the services offered by some banking institutions. Among these services are checking account, salary account, savings account, paycheck, credit card, among many others. In addition, according to Digital Money, which is responsible for press areas focused on finance, each adult Brazilian has, on average, 3.6 accounts with different banks. This number was released in 2021.

Thus, until now, the institutions have proceeded individually in terms of controlling the funds of their clients. This, then, is the completely new change. a open financing It is specifically a practice aimed at sharing personal customer data, through bank income. That is, among the banks with which the user has an account. The goal is to facilitate communication between companies, with the aim of always having better options for customers.

This happens by analyzing options that target the customer’s interest. This means that the banks will be able to consider, through this data sharing, the best options and offers for the customer. For example, a bank offers a low limit to the same individual who has several credit options at another institution. The first company involved will be able to refer to that customer’s payment history, as well as information on expenses, thus, providing the best possible case, which will satisfy that individual.

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Banks that joined the method

First, it must be said that the exercise open financing It appeared through the central bank. BC is an entity directly related to the state. In other words, it is the gateway to new changes in many other institutions. Thus, the service became mandatory for banks that fall under category S1 – those responsible for 10% or more of a country’s gross domestic product (GDP) – and S2 – those responsible for more than 1% -.

Therefore, some examples of banks that have, indispensably, had to adopt this measure, are: Itaú Unibanco, Bradesco, Banco do Brasil, Santander, among others. However, the nubank, although it is not mandatory for its adoption, it has decided to implement the new method in its services. This is because it fits into the S3 category, that is, its value is less than 1% of GDP.

According to Cristina Junqueira, CEO of the bank, the measure makes it possible to better get to know the customers of the platform, as well as better control the financial behavior of its users. Thus, the trend is that even in this year 2022, many other banks will also adopt turning off Finally, responsible banks insure their customers under a data protection guarantee. Therefore, no data may be disclosed without permission. Meaning, customers will be able to choose the type of information sharing.

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