Cloud, customer service customization and the use of applications as communication sources with financial institutions, will allow more inclusion for Brazilians
In Brazil, according to Instituto Locomotiva, 34 million Brazilians do not have a bank account or use it little – totaling around 21% of the population. However, the digital transformation stimulated by the Open Finance movement in the country, with consolidation scheduled for September 2022 according to the Central Bank, should change the way in which this portion of the population interacts with institutions and has access to financial services and on credit.
In addition to Open Banking, Open Finance indicates the transformation of all verticals in the financial ecosystem, that is, insurance, foreign exchange and investment companies. According to Fabio Mittelstaedt, head of Microsoft's financial services industry in Brazil, from Open Finance it will be possible to create an ecosystem of digital innovation in which financial institutions, users who are already banking customers and the unbanked population in small municipalities, can benefit . "Someone who lives in a small town in the interior, for example, will be able to do everything he needs through a fintech and the use of an application via cell phone. Ten years ago, consumers needed to go to a bank to access credit and other banking products. Nowadays, even those who were already used to this operating model are leaving the agencies to resolve their disputes over the internet”, he comments.
Furthermore, the PIX digital payment model, implemented at the end of 2020, as well as the use of mobile applications by the population to make payments, transfers and purchases, are helping the country to build a digital culture that will be essential for the proper functioning of the Open Finance.
According to Febraban (Brazilian Federation of Banks), in 2020, more than 70% of transactions have already taken place via mobile and internet, and the PIX has consolidated itself as the main digital transaction channel. "The PIX will be integrated into Open Banking in phases 3 and 4 regulated by the Central Bank and this is part of a transformation agenda for us to evolve in Brazil to a digital currency – which is being called Real Digital. With this, the country will be able to meet a strong pillar of financial inclusion”, says Mittelstaedt.
For this transformation to be carried out, there is, therefore, a set of technologies that must be adopted in order to ensure the scalability of operations (since the ecosystem provides for the massive entry of new online users), data intelligence and, mainly, security.
According to Rafael d'Ávila, director for the Financial Services industry at Microsoft Brazil, the main resources and platforms involved in the Open Finance movement and which should shape demand in the coming months are: the cloud – as an environment that offers more scalability natively , speed, storage capacity, ease of collaboration and security; data analytics tools – enabling companies in the industry to customize their services to consumers and gain analytical insights for business model improvements; and Artificial Intelligence (AI), which optimizes the use of data for decision-making by managers and improves security and anti-fraud analysis during transactions – preventing money laundering crimes, credential theft and other types of cyber attacks.
In all spheres of the ecosystem, the biggest innovation will be from using data to personalize the experience of consumers. This will allow you to deliver financial advice recommendations that will promote intelligent financial management, as well as more accurately propose services according to individual needs and automatically identify anomalies in consumer behavior to block suspicious activity.
With a view to encouraging this transformation, Microsoft provides solutions such as the Cloud for Financial Services that have accelerators for the co-innovation model, provided for in Open Finance, which can reduce by more than 80% the adaptation time of companies and transformation of banks and fintechs. In addition, data analysis resources, Artificial Intelligence, anti-fraud, security, risk management, among others, are part of the scope of technologies that must support the entire operation. "We are committed to industry innovation in Brazil through the combination of new business models and the use of cloud analytics insights. We are confident that this will be the beginning of a journey of growth and benefits to the population through technology”, concludes Rafael d'Ávila.
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