Open Banking: an innovation in the Financial System

• Autor(a) principal: Silva, Elisângela Freitas da
• Data de Publicação: 2023
• Outros Autores: Freitas Junior, Nilton, Tavares, Leandra Vieira Viana, Machado, Marilia Costa, Medeiros, Rayane Rossini Resende, Oliveira, Erik da Silva
• Tipo de documento: Artigo
• Idioma: por
• Título da fonte: REVES - Revista Relações Sociais
• Texto Completo: https://periodicos.ufv.br/reves/article/view/16168
• topic: Financial System; Competition; Open Banking; Innovation; Sistema Financeiro; Concorrência; Open Banking; Inovação

Open Banking is a recent tool that aims to reduce entry barriers and increase competition among financial institutions, providing users with lower fees and better conditions in their transactions. This is possible because it is an open system, where banks share their products and services, as well as their charged fees, and customers gain the ability to authorize the sharing of their banking data and history. Thus, even if someone has an account only with one institution, other institutions will have knowledge about the customer, and if they have a good banking relationship, they will be offered the best conditions to meet their needs and, consequently, attract that customer to their institution. For this reason, the present study sought to investigate the level of knowledge and utilization of this tool among some companies, aiming to contribute, in some way, to the sharing of relevant data, encouraging its use and advancement among users. To collect data, a questionnaire with 4 quantitative questions was created and applied to 15 entrepreneurs from a city located in the Zona da Mata of Minas Gerais - MG. Based on the data and documents exposed during the execution of this study, it was possible to observe that the entrepreneurs did not have a complete understanding of Open Banking and how this new tool works. Regarding its advantages, not only for customers but also for financial institutions, in terms of sharing information such as rates, services, and products from different banks. Therefore, this topic lacks awareness to educate entrepreneurs and users about the benefits of Open Banking.