7 out of 10 Brazilians still don’t understand what open banking is

7 out of 10 Brazilians still don’t understand what open banking is

Banking & FinanceBrazilMore NewsResearch

Two months before open banking enters the main phase of implementation, most Brazilians are still unfamiliar with the system that provides sharing banking datas. According to a C6 Bank/Ipec research, 69% of Brazilians with internet access say they need to better understand this news before deciding whether to share financial information.

The open financial system provides the sharing of customer banking information between financial institutions in order to increase competition, availability and customization of products in the market.

Unlike Pix, which is a product with very clear advantages, open banking is a new environment, regulated by the Brazilian Central Bank, which will allow a series of solutions and innovations.

Maxnaun Gutierrez, Head of Product, C6 Bank, said: “These solutions will be advantages for customers, mainly in tariff and spread reduction, but these benefits need more time to become tangible to the consumer.”

The research also points out that 33% of Brazilians are interested in sharing their personal data with financial institutions in exchange for savings on rates and interest rates. Another 43% are still afraid to authorize sharing.