Nubank’s Open Finance solutions generate savings and benefits for customers

São Paulo, January 31, 2024 – Since joining Open Finance, Nubank, one of the world’s largest digital financial services platforms, has been introducing new features and advancements in its solutions to simplify and ensure a positive impact on its customers’ financial lives. The institution closed 2023 with the highest number of external data consents in Open Finance, reaching a milestone of 13 million active consents, which represents over 30% of the total market and more than double that of the second-place participant.

“Nubank has been actively involved in the development of Open Finance, which is celebrating its three-year anniversary this February. This is an important tool to support our customers, as it provides freedom of choice and aggregates various products and layers of services in a single environment,” says Luciana Kairalla, General Manager of Open Finance at Nubank.

With a focus on providing greater control and better efficiency in account management, Nubank currently offers customers an overdraft alert feature. It notifies those who have enabled the function when any of their accounts, even in other financial institutions, enter overdraft. Through this experience, individuals can choose to regularize their negative balance and avoid or reduce fees. In 10 months, this tool has allowed customers to save R$ 6.44 million in interest by reducing the duration of negative balances.

Another solution that has positively impacted the financial lives of Nubank’s customers is the idle cash alert. This solution notifies customers about situations where there is idle money in their account, allowing them to reallocate those funds into products that offer higher returns. So far, 1.4 million customers have received this alert, and according to a survey conducted by the company with its user base, 88% of them have expressed great satisfaction.

Moreover, the Nubank app features a function that displays the balances of external accounts and allows users to perform transactions with those funds through the Nu app via Open Finance. This can be done by using the “Deposit” or “External Account Aggregation” functionalities.

“The potential of Open Finance is enormous, and as the market evolves and the population’s participation increases, we will be able to further expand its benefits for our customers,” says Luciana. With more data on hand, the institution can better understand its customers and their needs, enabling them to implement new solutions.

In addition, Nubank stays at the forefront by offering innovations in the system, such as the Overdraft Alert. “We work with technology to innovate established practices and we always revisit our own processes to continue improving. We listen to the customer and adapt very quickly based on their feedback. All of this with security as a non-negotiable point, as in everything we do at Nu,” the executive adds.

Customer satisfaction

To understand customers’ perception and evolve their experience, Nubank conducts surveys with its user base. Internal surveys indicate that 77% of customers who use or have used Open Finance products are “very satisfied” or “satisfied,” and 47% of customers stated that they would be very disappointed if the product ceased to exist, while another 30% would be disappointed if the product ceased to exist.

Market recognition

The perception of the benefits offered by Nubank in the Open Finance environment is not limited to customers. In 2023, the institution received external recognition with the Payment Institution of the Year award at the Open Summit Awards for its positive impact on the ecosystem, both in building Open Finance-based solutions and in the self-regulation front and presentation of improvement proposals.