Banking institutions know the importance of offering innovative solutions to attract and retain customers. So, one of the most recent innovations in this sense is the Open Banking.
In short, it is a new model of relationships between customers and banks that is becoming a trend.
So, today we are going to explore more about this new feature, explaining what it is about and providing the most relevant information.
Follow along now!
In simple terms, the Open Banking refers to an open financial system, where the customer has greater control over their data and can share it with the financial institution that offers the best service and product options.
Portanto, todas as instituições bancárias autorizadas pelo Banco Central implementarão uma mesma tecnologia padrão.
So, this technology is called API (Application Programming Interface).
So, in case you don't know, APIs are programming standards used in applications, websites and other platforms on the internet.
Therefore, this means that, when the customer wishes, they can ask the bank to share their information with other institutions.
Imagine that for 15 years you had a bank account at bank X, where you carried out all your financial transactions, paid bills, made investments and obtained credit, without ever being late for a single payment.
So you're a great customer, right? Now, suppose you need to change financial institutions.
However, when migrating to bank Y, all your transactions and benefits achieved over the years disappear.
So, as Open Banking this situation is about to change. One of the great advantages of this system is the ease of portability between participating banks.
This way, when changing banks, all your history and previous relationships are transferred.
Therefore, the new bank will offer better products and services according to its profile.
The Open Banking concept has as its central focus improving the customer experience, offering a more flexible and innovative approach.
Therefore, see below the main benefits of this initiative!
The implementation of Open Banking provided greater freedom and independence to customers to search for and acquire financial products and services.
In this system, the customer is the center. Therefore, this means that you decide with which financial institution you want to share your personal information. Always choosing to share with whoever is most advantageous, of course!
Customer power increases. Now you can choose more financial services, one of them is open banking loan, for example.
Naturally there is competition with Open Banking, which leads financial institutions to offer better rates to their customers.
With data sharing between institutions, it is no longer necessary to register again to purchase products.
Therefore, this considerably reduces bureaucracy and brings greater agility to some services, from contracting to portability, for example.
The implementation of the Open Banking in Brazil it was divided into four stages by the Central Bank. Look!
The initial phase of implementing the Open Banking started on 1/02.
At this stage, participating institutions are opening their data and offering services such as:
From 07/15, this phase will begin in which customers will be able to share their registration data, such as:
It is important to highlight that this sharing will only occur with the customer's authorization.
As of 08/30, this phase is expected to begin in which it will be possible to make payments outside the banking environment.
Then, customers will also have the option to share their information history and will have access to services such as payments and credit proposals.
The final stage of implementing the Open Banking will start on 12/15 and will be when additional information about products and services will be shared, such as:
One of the main advantages of Open Banking is reciprocity in sharing information.
Therefore, this means that participating companies have the right to receive data from their competitors, but they must also share it when customers consent.
Furthermore, it is also worth mentioning that the customer will not pay to share their information.
Therefore, any request for payment or fees must be viewed carefully, as it could be a scam.
Therefore, like Pix, this system is revolutionary and brings many advantages to customers.