Unpublished, the Bank of Brazil (BB) announced last week that, together with the WhatsApp messaging platform, it will offer adherence to the open financial system, known as “open finance”. O Whatsapp will mediate the option without any human interaction, just typing the keyword and under user consent, allowing fintech to share your data with other institutions.
The system derives from an “open” bank concept created in the European Union and popularly known in the most developed countries of the world, such as Australia and the United Kingdom.
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Open finance is a voluntary data sharing system between institutions. The system aims to promote the development of mobile payments and decentralize the data information, allowing the client to control the information itself, and no longer the institution linked.
Open finance allows the collection and sharing of data without restrictions on privacy rules and rights, which control the information. Anyone who chooses to open their financial life is guaranteed by the LGPD Act (General Data Protection Act) and can choose which information they want to share or not.
“The offer of consent on WhatsApp is a way to offer even more convenience to the customer in a channel that is used more and more on a day-to-day basis to carry out various transactions” informs Fausto Ribeiro, president of Banco do Brazil.
Membership, which can now be done with just a few taps on your smartphone, proposes the chained return of benefits to customers. Industry specialists, supporters of the concept, claim that sharing data on the consumer's financial life makes the market more competitive and fair, enabling other institutions to offer products and services that are more advantageous and consistent with the lifestyle of consumers who adhere to the open system.
Fausto Ribeiro elucidates revealing that, among the customers who opted for open finance, 90% report having already benefited in some way. Of this percentage of benefited customers, 77% state that the benefit offered was personalized and met some financial need. In addition, the open system has an integrated information network that updates registration data automatically.
BB offers WhatsApp service for Debt Renegotiation and all Pix maintenance functions through a specialized virtual assistant, without the need to leave your home. Joining open finance is part of a set of innovations designed by the institution.
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