Febraban Tech: Open finance advances, but security is a concern
While security has always been a priority investment for financial institutions, with open finance, its relevance is greater than ever. The implementation of open finance will require cyber governance and resilience, with an emphasis on data security and preventing attacks.
This was a major talking point among Brazilian industry leaders this week at Febraban Tech, an event organized by the Brazilian Federation of Banks. “The big challenge is security, because different institutions and companies have different levels of
“Cybersecurity is a pillar for protecting open finance. Open finance cannot be allowed to fall into disrepute because of security issues,” said Wellington Menegasso, leader for the southern cone at Dell Technologies.
In addition to these
The sharing of data, meanwhile, will improve processes for acquiring new clients. “With data in your hand, you can see the entire operational strategy. This opens a large window of opportunity that will allow us to get to know our customers better,” said BB’s president.
Brazil is leading the way with the implementation of open finance in the region. According to a report by Febraban, almost 700,000 account holders have consented to data sharing in order to receive products and services from competing banks. The vast majority are individuals: only 4,000 companies have signed up to open finance.
Other themes discussed at the event included the growing adoption of cloud computing among banks, the advance of cryptoassets, the impact of artificial intelligence and, of course, the role that security plays in every area. For more detail on these topics see our feature story on Monday.
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