Not long ago we received news about the Nubank That ended up making a lot of people curious. After an announcement made by Branco himself to his Brazilian customers, many users ended up creating high expectations due to the implementation of a new tool.
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The novelty of the bank concerns a very important update, which came to change the face forever of many fintechs out there and also how account holders will carry out their financial operations. Below we will talk a little about the announcement made by the bank, how the new tool came about and what would be the advantages of using it.
First of all, it is quite interesting to give an overview of the bank in general.
Nubank was founded on May 6, 2013, is of Brazilian origin and has become a pioneer in the field of digital financial services. Currently, this company has been considered the fourth most valuable financial institution in Latin America, even ahead of one of the best known banks in the country, Banco do Brasil.
Now, returning to the subject of Nubank's novelty, it is nothing more than Open Finance, which has just arrived on the platform. For those who did not know this tool yet, it serves to be able to share the financial history of account holders at several banks, which has made it easier when it comes to getting credit or loans, for example.
In March of this year, the Central Bank of Brazil published a resolution that would officially create the Open Finance model in our financial system. For conventional banks, adherence to this system was mandatory. Now, for digital banks, fintechs and also other financial companies, this adoption of the system was optional.
But after all, what would be the benefits of using the service? According to information from Nubank itself, the advantages of the tool are divided into two very specific parts. One of them would be customer autonomy and also market competition. This autonomy concerns the fact that customers are able to share their financial history with other account holders and also financial institutions.
Due to this option of sharing information, Nubank users can obtain credit in a simpler way, either through loans or an increase in the credit card limit. Now, talking about competitiveness in the market, the comment made by Nubank says more or less how it will work.
“If bank A's loan option has very high interest rates, the customer can choose to take the entire history and ask institution B for a better proposal, to compare interest rates. In other words, Open Finance stimulates competition between institutions”. It is also important to highlight that Open Finance at Nubank is still in the testing phase, but very soon the system will be operating at full speed.
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