São Paulo, July 25, 2024 – Open Finance has seen exponential growth in users in just one year. Today, there are over 45 million consents for financial data sharing between institutions through the self-regulated system authorized by the Central Bank of Brazil. With a customer-focused and innovation-driven approach, Nubank is already leading this sector in Brazil, holding 33% of the country’s active consents.
The most recent episode of Nu Videocast, a corporate series that addresses Nubank’s strategic themes with the company’s top leadership, discussed Nu’s role in this landscape.
For this episode, Jörg Friedemann, the Senior Director of Investor Relations and Market Intelligence, welcomed Luciana Kairalla, the General Manager of Open Finance at Nubank.
Luciana addressed the regulatory scenario of Open Finance in Brazil, highlighting that the system is opt-in, based on customer consent: “This is very important. The user is in control and decides what to do with their data,” she explained.
Luciana highlighted that Nubank honors this trust and stands out by creating innovative and personalized products that empower customers to make better financial decisions.
Among the products Nubank offers based on shared Open Finance data, Luciana spotlighted the success of the Overdraft Alert, a pioneering solution that helps customers avoid paying additional interest by sending proactive notifications when it detects that a customer has gone into overdraft at another institution. “On average, we’ve managed to reduce the time in overdraft by 2.5 days. The satisfaction rate of customers who have benefited from this alert is close to 90%,” she says.
According to the General Manager, the high number of consents reflects customer recognition of Nu’s high security standards and the offering of products that bring real benefits. “Before we launch a product to the market, we test it with a small base of our customer population. With over 100 million customers, we can have many samples and test different things, receiving direct feedback.”
Priorities for 2024
In the final part of the episode, Luciana explained that the more Nubank knows about its customers based on their data, the better it can develop customized products and, more accurately, offer those already in its portfolio, thus advancing the company’s business objectives in Brazil for 2024.
This applies, for example, to the priority of advancing secured lending. “With Open Finance, we know what customers are looking for at other banks. And that’s great because we can develop specific products for this profile.”
To grow in the Supercore and High Income segments, Luciana explains that Open Finance is key for the institution to learn more about these profiles, enabling it to offer services that better fit these customers’ expectations.
This is also replicated in the consolidation of the Money Platform, a concept that Nu aims to materialize for its customers in 2024. The platform’s objective is to customize services such that Nu becomes a “private banker” for each of its 100 million customers.
“Nubank is a data-driven company. So we do see that, with Open Finance, we are going to get to the next steps for Nu and the next leaps of the Money Platform.”
About the Project
The Nu Videocast is a monthly program in which Nu executives present in-depth strategic themes and topics of interest to the company. The series is hosted by the company’s Investor Relations team, with support from the New York Stock Exchange (NYSE).