The data suggests that Open Finance in Brazil is achieving its objectives. Not only is it increasing in relevance, with a growing number of consents and API usage, but it is also becoming more effective.
When Open Finance was launched, four main goals were defined. Let’s analyze each of them:
1️⃣ Encouraging Innovation
The Open Finance environment in Brazil has become a catalyst for the rise of startups and fintechs, creating innovative solutions tailored to the needs of this new ecosystem. A clear example of this was seen at the Open Summit Awards 2023, where various projects from financial institutions were highlighted, showcasing the creative and disruptive potential of the sector.
2️⃣ Promoting Competition
There has been an increase in the number of payment institutions, diversifying and expanding the range of services available for both individuals and businesses. This growth is a clear indicator of the promotion of competition, one of the fundamental pillars of Open Finance in Brazil’s financial system.
3️⃣ Enhancing the Efficiency of the Financial System
A true digital transformation is underway within financial institutions. Modern systems are being implemented to enable instant data sharing and real-time payment transactions, significantly improving efficiency and responsiveness in the financial sector.
4️⃣ Financial Citizenship
Although more difficult to measure directly, financial citizenship is part of a broader set of initiatives aimed at expanding access to financial services and improving financial literacy. This ensures that consumers can make more informed and suitable financial decisions.
Are We Measuring the Right Indicators?
Currently, the success of Open Finance is often measured by the number of consents (which has already surpassed 42 million) and API calls (which have exceeded 51 billion).
However, these numbers alone do not tell the full story. Are we truly analyzing how Open Finance is impacting consumers’ lives? Are we ensuring that the system is aligned with its original goals?
Moving forward, it is essential that we continue monitoring these indicators while also evaluating new metrics that reflect the real benefits and challenges of Open Finance in Brazil.
📌 Article originally published in Época Negócios.