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Consumers > Open Finance: Nubank now allows customers to access their balance from other institutions in the app

Open Finance: Nubank now allows customers to access their balance from other institutions in the app

New functionality allows the user to view the balance of all bank accounts without leaving the Nu application

São Paulo, January 16, 2023 – Nubank launches this Monday (16) a new functionality that allows customers to view, within the Nu application, the balance of all their bank accounts linked to Open Finance. The tool is still in the testing phase, and will initially be offered to 300,000 customers that are part of NuCommunity. It will be gradually released to the entire user base of the institution in this first quarter.

Throughout its trajectory, Nubank has created products and services that offer real solutions for users. Therefore, in September 2022, it anticipated and integrated Open Finance even before it became mandatory for the company. The new balance aggregation functionality, offered shortly after the integration of Nubank to Open Finance, is the result of the company’s ongoing work to democratize access to efficient financial products that, above all, restore control of customers’ financial lives.

Nubank’s Open Finance

Nubank joined Open Finance in September 2022 and, to date, has already reached more than 3 million user consents for data sharing. In November, the company also launched a solution integrated with Open Finance that notifies customers when one of their bank accounts goes into overdraft, allowing the balance of other accounts to be used to replenish the amount and reduce interest charges. Personalized recommendations like this can help customers better manage their finances and avoid unnecessary costs, such as those linked to overdraft interest.

It is important to remember that, in order to access the Open Finance functionalities, the user must authorize the sharing of data from the chosen institutions with Nubank. Customers can also determine how long their information will be shared, as well as unsubscribe at any time.

How to be part of NuCommunity

It is not necessary to be a Nubank customer to participate: the platform is open to everyone – just register on the community page (https://comunidade.nubank.com.br) to be able to leave comments and interact with other members. NuCommunity is yet another space for the community of customers and people interested in Nubank to exchange ideas and have access to first-hand information. Learn more about NuCommunity on the Nubank blog.

For media inquiries, please reach out to press@nubank.com.br and events@nubank.com.br.

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