Now the old Open Bank is Open Finance, and the change goes beyond the name. After all, the Central Bank allowed financial institutions to search customer records to offer lines of credit with special conditions.
In this way, it is expected to benefit even more people who are looking for better installment options, interest rates and payment terms. However, it will be necessary for the customer to authorize the dissemination of his personal information to guarantee any credit offer from the open finance.
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What are the advantages of Open Finance?
Banks benefit most from this new possibility, as they will now have a much wider range of contacts than before. On the other hand, competition is getting bigger, and this can generate better credit conditions for customers.
Thus, the expectation is that with this new incentive, banks will be able to offer loans with better payment terms and a greater number of installments.
In this way, sharing personal data on the platform can also be an interesting initiative for the customer.
For example, the bank itself could try to make new negotiations with the bank using values, rates and terms from other institutions as arguments. Therefore, the chances of getting a loan that fits in your pocket are much greater.
Can I entrust my data to Open Finance?
The decision to share or not the data will be exclusive to each of the customers. However, many are concerned about exposing their data too much.
In this case, it is always important to remember that Open Finance works under the approval of the Central Bank, and that data sharing always involves a level of risk.
After all, there may be an invasion of data including banks, so the risk will always be present. This means that each person will have to consider how much is a risk and how much is an advantage.