Banco do Brasil released a new function related to Open Finance: the bank’s customers started to share registration data from other institutions to BB in a simplified way through WhatsApp. To access the feature, the customer can type a phrase or just the term “open finance” on WhatsApp, and the entire process will take place without human interaction with the help of a digital tool.
With the tool launched today, customers will be able to make the entire journey to consent to the sharing of data from other accounts with Banco do Brasil (BB) through the messaging application, according to Broadcast.
According to the bank, the customer will be able to type terms such as „open finance” on WhatsApp and the entire process will take place without human interaction. Sharing customer data, done under consent, is one of the pillars of Open Finance’s operation, as it allows banks and other participants to have more details of the customer’s „financial life”, enabling more personalized product and service offerings.
According to the president of BB, Fausto Ribeiro, of the clients who authorized the sharing of data with the bank, 90% have already had some benefit. Of these, 77% received personalized offers based on the data and/or used solutions that make use of Open Finance data, such as a credit limit review or a card upgrade, and 13% had their registration information updated without the need to present documents or attend the agency.
By allowing banks to have more information and details of their “financial life”, consumers can receive more assertive offers of more personalized products and services.
For BB customers, from now on, data can be shared directly on WhatsApp. “The goal is to popularize adherence to Open Finance and the use of data. For now, it’s just the registration data”, says Rogerio Melfi, a member of ABFintechs and participant in the Open Finance working group at the Central Bank.
For banks, having access to customer data also represents a competitive advantage, as it is a sign that the consumer is willing, at least, to receive proposals, which can generate revenue for the institution.
Banco do Brasil was also the first to have the complete Pix journey in the messaging application, to offer Debt Renegotiation without human interaction and to have a virtual assistant specialized in companies. In Open Finance, BB was also the first large bank enabled to operate as a payment initiator.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
