Technology is an essential factor for changing society's behavior

Who has never had a hard time asking for a transfer from one bank to another? Or did you complain about the high fees for banking services and products that you don't even use? Or did you have a hard time not being able to transfer money over the weekend to someone in need? These are some problems faced by Brazilians due to the bureaucratization of the country's banking system.

However, a new scenario presents itself to consumers. The entry into force of the General Data Protection Law, the PIX and the start of the implementation of Open Banking, scheduled for February 1, 2021, show us that technology is an essential factor for changing society's behavior, especially in relation to knowledge and sharing of financial data.


One of the big changes for the economic sector is the arrival of PIX in Brazil, the new instant payment service from the Central Bank, which entered on 16/11 and allows banking transactions 24 hours a day, from Sunday to Sunday, in a way free of charge. Since the registration process started on 6/10/2020 until 31/12, the Central Bank has received over 125 million records of identification “keys” for the use of PIX, which can be the cell phone number, CPF or CNPJ, email or a random code. In values, this represents more than R $ 121,4 billion traded by PIX, until the end of last year.

Tenants will also be affected by these new payment structures. Today, to receive amounts paid on debit and credit cards, they pay fees ranging from 1,62% to 2,62%, according to German consultancy Roland Berger. With PIX, for example, payment can be made by scanning the QR Code and the cost will be limited to cents.

PIX is an integral part of the Open Banking implementation model in Brazil, where the receiving API (Program Communication Interface) was considered by the Central Bank to be the first Open Banking Open API. The institution created a new security model, through a flow between the recipient, payer, receiving institution, paying institution and data rules that are only known to the participants in the process. This model valued by international markets will bring lessons for data sharing in the APIs of the Open Banking model in Brazil.

In the financial market, APIs allow bank information to appear on the application or website, through standardized APIs. This means that the “Open Financial System” comes to facilitate the competitiveness of the financial market, including the migration of a customer from one bank to another, without the need to purchase a new service or product from a competing institution. Obviously with the consent of the data subject, as established by the General Law of Protection of Personal Data, which regulates the activities of processing of personal data, guaranteeing the data transparency and allowing the authorization of the use or not of the data exclusively for this purpose. financial operation.


With all these changes in 2020, the consumer is the winner, who, in addition to the agility of being able to make bank transactions, will also be able to pay water, electricity and energy bills and some taxes through digital wallets and fintechs, which even so they were not able to offer the option to this type of ticket, since the cost of joining the concessionaires is high.

Another important point is that, with the integration of PIX, Open Banking and General Data Protection Law, it will be possible to have better advisory and financial management services, a very important issue to be dealt with in the country where more than 60 million people are indebted, according to data from Serasa Experian. This process will allow the democratization of the financial market for different social classes and generate a new macroeconomic context that will reposition Brazil as one of the international potentials along the lines of the most populous countries in Asia.

LGPD, PIX and Open Banking are essential for the digital transformation of the financial system and create a space for new, more competitive solutions, inclusive and adapted to the profile of each client, inserting financial services in more complete journeys and preserving conscious use of data.

Text written by Paloma Martin de Soto, head of Business Consulting at GFT Brasil

** This text does not necessarily reflect the opinion of the Olhar Digital