Nubank joins Open Finance to give more autonomy to customers on their financial life
The system will allow the company to get to know its customers and their credit needs better, and offer increasingly innovative products
Sep 6 , 2022
São Paulo, September 6, 2022 – Nubank, one of the world’s largest digital financial services platforms, joins Open Finance, a Central Bank system that allows institutions to share among themselves customers’ financial data, with their voluntary consent.
The feature is still in its testing phase this week and will be released gradually. It will soon be available to all 62.3 million customers in Brazil.
By joining the Open Finance platform, Nubank seeks to offer its customers greater control over their financial lives through a transparent and accessible experience – allowing them to manage their finances and personal credit and account information autonomously.
“With Open Finance, we will get to know better our customers better, their financial behaviour, credit limit needs, expenses, products and services they use, which will allow us to increasingly improve our portfolio for them, who are the center of everything we do here at Nu”, says Cristina Junqueira, co-founder and CEO of Nubank in Brazil.
Through Open Finance, the customer decides on their own which data and can be shared with other financial institutions and for how long. This will be possible through a technology called API. In a simplified way, it is a technological mesh that allows different platforms to communicate with each other.
Nubank has been working with cutting-edge technology since the beginning, one of its significant differentials in the sector. In the case of Open Finance, it adds even more opportunities that will allow for innovations by the company.
Nubank’s sharing of banking and non-banking data provided through Open Finance will follow all the guidelines set by the LGPD law and will have the supervision and regulation provided by the Central Bank, to which only duly authorized institutions can adhere.
Open Banking is a novelty in the financial system that is being gradually implemented in the country. The term came to be called Open Finance in Brazil because, in addition to banks and fintechs, other payment services will also integrate into the system — such as insurance and investments.
Open Finance allows customers of a bank (or a fintech, broker, exchange company, pension fund, etc.) to have the freedom to gather their financial history and take it wherever they want. As a result, it is no longer necessary to start a relationship with a new financial institution from scratch.In practice, the idea is to make the financial system more transparent and for Brazilians to be free to take their information wherever they want. You can find more information on Nubank’s blog.
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