During a panel at the Business Management Forum of the Federation of Commercial and Business Associations of the State of Paraná (Faciap), the president from the Central Bank (BC), Roberto Campos Neto, shared exciting perspectives on the future of the banking system in the country.
He highlighted a possible innovative initiative that could transform the way people interact with their financial institutions. The core idea involves creating a comprehensive “superapp” that would serve as a centralized environment.
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In this single space, users would be able to access and manage all information relating to the banking institutions where they have accounts.
This would mean a significant change in the banking experience, bringing together a variety of services and data previously distributed across different applications and platforms.
The concept presented by Campos Neto aims to
simplify and enhancethe interaction of individuals with their financial activities.By offering a place where information from different banks can be accessed and managed in an integrated manner, the “superapp” promises greater convenience and efficiency for users, as well as a potential positive impact on how people handle their finances on a daily basis to day.
BC plans a “superapp”; how would it be?
Temporarily named "financial aggregator", this emerging tool seeks to gather all banking information within a single service, remarkably amplified by the feasibility of transferring data through the concept known as open banking.
With this approach, the need to have a separate application for each banking institution disappears. dissipates, eliminating distinct interfaces and the fragmentation of information concerning their finance.
Through the practical application of open banking, this financial aggregator aims to create a cohesive platform in which all relevant data and details of your bank accounts converge.
Such an integration would be a more fluid and effective experience for users, as it would centralize key aspects of their finances in a single space.
It would no longer be necessary to navigate through different applications, each with its own interface and design. However, Campos Neto did not specifically address whether a strategy of this caliber is already being developed.
He expressed the hope that, by the end of 2024, the initial stages of implementing this technology, comparable to an official “digital wallet”, will be underway.
For the president of the Central Bank, the concept not only aims to establish a centralized platform, but also to promote fiercer competition between financial institutions and fintechs.
This, in turn, could generate advantages for consumers, such as direct competition for more advantageous interest rates, all available on the same screen.
In addition, the competition for offering the most promising investments for the clients' resources would also be at stake.
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