Implementation of Open Banking in Brazil

Abstract

Goal: To provide an overview of the implementation of Open Banking in Brazil from the perspectives of financial sector professionals and specialists. Design / Methodology / Approach: A systematic literature review was conducted on three databases: Scopus, Web of Science, and BDTD. This led to the selection of 15 articles discussing the implementation of Open Banking in Brazil based on key variables from international literature. Questionnaires were used to investigate divergences and additions to the theoretical findings among a group of 150 specialists. The results obtained in the questionnaire were analyzed through the application of multivariate statistical techniques, in addition to qualitative techniques. Practical Implications: The main benefits and difficulties faced by countries that have already experienced Open Banking implementation were identified. The perception of respondents from different groups was investigated regarding the implementation of this system in Brazil and potential business models stemming from this phenomenon. Thus, this study offers an overview of Open Banking implementation in Brazil from the perspectives of financial sector specialists. Originality / Value: The overview of Open Banking implementation in the Brazilian banking sector is highly connected to investments in technology. This process has been disruptive, requiring banks to adopt a client-centric strategy instead of one based on products and services. As for the regulatory aspects, despite the country possessing a favorable environment for the development of new products and services stemming from Open Banking, banks are facing challenges to fulfill the implementation schedule established by the Brazilian Central Bank.