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Digital transformation of the financial market

The financial market never stops: while Pix is the 3rd most used online payment method, open banking advances and is already heading towards the final stage of implementation.

Data from a survey conducted by MRM Commerce with MindMiners among one thousand consumers in all regions of Brazil points out the payment methods most used for online purchases in the financial market. Credit card ranks first (59%), followed by bank slip (boleto bancário) (15%), Pix (11%) and debit card (8%).

Besides the recently launched Pix, Open Banking appears more prominently within the Central Bank’s chain of actions. Translated as Banco Aberto, or Sistema Bancário Aberto, it is a term from the financial services area that regards a set of rules on the use and sharing of personal banking data and financial information among financial market institutions.

João Felipe Alves dos Anjos, Commercial Director of act digital, highlights one of the main advantages of the new financial market practice. “One of the that Open Banking offers for users is that instead of the consumer going after financial solutions, banks will be able to offer customized products and services. When, for example, we go to the bank to ask for a loan, there is no point in the bank offering us an investment portfolio. That’s where Open Banking comes in, bringing the concept of meeting needs in an assertive way, instead of offering a huge range of functions”, he comments.

Another interesting point is that all the customer’s bank credit history throughout his life, with all the financial institutions, is not forgotten. Both bills paid on time and salaries received, for example, become information that defines their profile as a customer – which makes the relationship process with any financial institution simpler.


Today’s challenges

According to João, we are at the stage where banks and the financial market are starting to standardize systems to exchange information. It is important to be careful to ensure a flawless process. Because of this, some simple errors in the exchange of data may occur. For the technicians on duty who are participating in a project like this, being attentive to the integration between APIs is a valuable tip.

When it comes to the financial market, João also reinforces what he believes to be the most important. “Reinventing the Internet banking for a more modern vision, which improves the user experience having in mind the Design Thinking and data analysis, is the great challenge from now on. Open Banking has arrived so that information may be better analyzed, delivering agility and quality to the customer,” he reinforces.

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