The challenge of trust: Open finance vs. user security
1. Open finance allows financial institutions to share user data with authorized third parties, always with their consent, boosting competition, product customization and modernization of the sector.
2. The Ministry of Finance proposes to amend Decree 2555 of 2010 to make the participation of financial entities in this system mandatory, aligning it with financial inclusion and data use policies.
3. Institutions can expand their product offerings, improve their efficiency and monetize their technology, while users have access to more personalized and competitive services.
4. Data exchange entails risks such as cyber-attacks and misuse of information, so institutions must guarantee the security, accuracy and confidentiality of personal data.
5. The trust of users is key: their consent must be prior, express and informed, with clear and auditable mechanisms for its management.
6. Open finance can revolutionize access to financial services, but its success will depend on balancing innovation with solid protection of information and privacy.
