The Director of Relationship, Citizenship and Conduct Supervision of the Central Bank, Maurício Moura, said this Tuesday (15) that open finance allows citizens to own their own data, thus being able to obtain personalized products and more advantageous rates. .
“The portability [do histórico financeiro] it is a fundamental issue because it gives freedom to citizens to be the owner of their finances and their data”, he said, at an event organized by Zetta (an association that brings together companies such as Nubank, Mercado Pago and others).
Moura recalled that, last Thursday (10), Congress enacted the PEC (proposed amendment to the Constitution) that includes data protection as a fundamental right.
Implemented on December 15, 2021, open finance is an evolution of open banking, that is, it proposes to expand the sharing of personal, banking and financial data between institutions –with prior authorization from the citizen– for various sectors, including insurance companies, brokers investment, foreign exchange and pensions.
“The great gain of open finance in the coming months and years is to bring differentiated solutions to different audiences, allowing the citizen or the customer to get the best out of the financial system for themselves”, said Moura.
The BC director pointed out that open finance can present different facets depending on the user’s degree of familiarity with the financial system.
In the case of a client with a more basic level of knowledge, the system presents itself as a possibility to migrate from one institution to another depending on the proposals offered. More “advanced” users, on the other hand, can use solutions proposed by different institutions to make their own decisions.
Those who master the subject can “build their own bank”, using the most advantageous services of each institution, which will be synchronized due to the authorization of data sharing, taking better advantage of the providers’ offers.
Moura also said that, by reducing the asymmetry of information between institutions, open finance opens up new business model opportunities.
His presentation dialogues with the study “The revolution of new entrants: competitiveness and financial inclusion”, organized by Zetta, which analyzed how the fintech business model has contributed to expanding access to financial products and services.
According to the BC director, fintechs have brought new value and competitiveness proposals to the Brazilian financial system. Moura also stated that the regulatory role of the monetary authority must ensure the solidity and efficiency of the market, without losing focus on the citizen.
For Rafaela Nogueira, chief economist at Zetta, the new study shows that fintechs have been able to gradually enter the country, reducing costs and bureaucracy and facilitating the provision of services to consumers, based on a strategy that has technology and users. as central points.
Among the analyzed data, based on the Household Budget Surveys (POFs) for the years 2008/2009 and 2017/2018 by the IBGE (Brazilian Institute of Geography and Statistics), it was observed that more Brazilians are failing to pay annuity on their credit card. , jumping from 62% to 66% in the period.
According to Nogueira, this movement was driven by the annuity exemption proposed by fintechs, bringing competitiveness to the sector and benefits even for those who are not clients of a particular institution.
“When fintechs introduce products at zero cost, they manage to generate financial inclusion in Brazil”, he says, referring to the growing access of the low-income population to financial services.
Between 2011 and 2017, there was an increase in Brazilians with an account in a financial institution, jumping from 38% to 57% in the share of the poorest 40%.
The specialist also highlighted that, in addition to products, what generates financial inclusion is citizen education and consumer independence, which is promoted through actions such as the development of simpler interfaces. “More than the products, it’s the way to deliver these products, and fintechs are succeeding”, she analyzed.
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