Nubank registers 2 million consents to Open Finance data sharing and starts to offer personalized recommendations

São Paulo, December 1, 2022 – Your finances, your control. Two months after releasing data sharing from other financial institutions to its entire customer base in Brazil, Nubank already has more than 2 million consents via Open Finance. Now, the company  announces that it’s starting to test the first feature integrated into the Brazilian Central Bank’s system. Through personalized and contextual recommendations, the user of the Nubank app will receive suggestions and relevant information to assist in decision-making about managing their money.

Gradually made available over the next few weeks for customers who transferred data from other financial institutions through Open Finance, this experience  sends notifications when an account linked to a predetermined CPF goes into overdraft. The customers will be able to view the balance of each account and, if they have enough balance at Nubank, they will be able to transfer the necessary amount immediately. This can reduce the costs of the overdraft, whose interest today can reach up to 8% per month (or 150% per year), according to an internal survey.

“For different reasons, people may have accounts at more than one financial institution. For us here at Nubank, this cannot and does not need to be a problem and that is why we see Open Finance with very good eyes. Based on this and our intelligence, we want to deliver solutions that meet the individual needs of each of our customers to help them organize and make decisions about their finances”, says Livia Chanes, country manager of Nu Brazil.

The experience of notifications about overdrafts and the possibility of covering costs with the visibility of the balance in other accounts is the first step in this test stage of of the new feature. Nubank will continue to improve this resource to soon add other recommendations, aiming to help customers to control and have autonomy over their financial lives.

Those interested in having access to this first Open Finance integration experience, and others that will be implemented, need to consent to sharing their data from other financial institutions in the Nubank app, with just a few clicks.